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214 Richard Lane Red Oak, TX 75154

3 Beds 2 Baths 1,745 sqft Built 2004

$216,995

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $124.35
  • 4 Days on Market
  • MLS # : 14492494
  • Updated Date : 01/01/2021 at 15:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,745 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

***********MULTIPLE OFFERS RECEIVED. PLEASE SUBMIT BEST & HIGHEST BY SUNDAY 1.3.21 AT 5PM********* Spacious 3 bedroom 2 bath home with open floor plan living area, large master suite with attached spacious bathroom with a huge walk-in closet and sprinkler system in front and back. Established neighborhood in the well sought after Red Oak ISD. This home is priced to sell! Kitchen refrigerator will stay with a full price offer.

SEE MORE

MARKET HIGHLIGHTS

  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10151734

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Eastridge Elementary School Primary Regular 408 24 7
Red Oak Junior High School Middle Regular 872 52 6
Red Oak High School High Regular 1,794 115 5

Eastridge Elementary School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 24
7
GreatSchools Rating

Red Oak Junior High School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 52
6
GreatSchools Rating

Red Oak High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 115
5
GreatSchools Rating
 

$195,296$238,695$216,995

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$801
Property Tax -$473
Property Insurance -$128
HOA -$10
Property Management Fees -$99
CASH FLOW
$209

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$216,995

PROJECTED PRICE

$1,720

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,254

INVESTMENT

$63,254

Down Payment
$54,249
Rehab Estimate
$5,750
Closing Costs
$3,255

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$801

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,249
Loan Amount $162,746
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$32,332

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,720

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,723

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,7203$1,8464$1,8505$1,950
$1,950
RENT COMPS ANALYSIS
  • 214 Richard Lane Red Oak, TX 2
    • 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.99
    •  
  • 206 Cobblestone Circle Red Oak, TX 1
    • 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,696 Sqft ∙ Built 2002
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
  • 106 Anthony Lane Red Oak, TX 3
    • 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2014
    property image
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,846
    • $0.94
    •  
  • 217 Troy Lane Red Oak, TX 4
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 2013
    property image
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.05
    •  
  • 204 Winters Edge Drive Red Oak, TX 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2013
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.05
    •  
PROPERTY LISTING DETAILS
Julie Thompson
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14492494
Last Updated: 01/01/2021
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