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215 Red Oak Drive Fate, TX 75087

5 Beds 4 Baths 3,059 sqft Built 2021

$409,990

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $134.03
  • 3 Days on Market
  • MLS # : 14504660
  • Updated Date : 01/22/2021 at 17:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,059 sqft
  • Baths : 4 full
Listing Agent

Re/max Proadvantage

Listing Agent's Description

This home won't last long as it is the popular model home floor plan with 5 bedrooms, 4 full baths PLUS media room and study. Soaring ceilings in the large living room that is open to the kitchen creating tons of entertaining space! Looking for 2 bedrooms down? this has it with the other 3 upstairs including 1 bed that has a private bath. oversized covered patio that is equally great for entertaining and enjoying the backyard space. come and see the views, you are sure to enjoy! Est completion April 2021

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8882171

* 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
Billie Stevenson Elementary School Primary Unknown 526 35 NA
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Billie Stevenson Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 35
NA
GreatSchools Rating

Herman E. Utley Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 40
8
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$368,991$450,989$409,990

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,424
Property Tax -$742
Property Insurance -$204
HOA -$47
Property Management Fees -$99
CASH FLOW
-$116

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$409,990

PROJECTED PRICE

$2,400

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,647

INVESTMENT

$110,647

Down Payment
$102,498
Rehab Estimate
$2,000
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,498
Loan Amount $307,493
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,626

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,317

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1453$2,2004$2,3255$2,400
$2,400
RENT COMPS ANALYSIS
  • 215 Red Oak Drive Fate, TX 5
    • 5 beds 4 baths ∙ 3,059 Sqft ∙ Built 2021 5 beds 4 baths ∙ 3,059 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.78
    •  
  • 421 Hackberry Drive Fate, TX 1
    • 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.73
    •  
  • 111 Gaines Court Fate, TX 2
    • 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 2007
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.73
    •  
  • 308 Chinaberry Lane Fate, TX 3
    • 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2005
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 204 Campbell Court Fate, TX 4
    • 4 beds 4 baths ∙ 2,970 Sqft ∙ Built 2013 4 beds 4 baths ∙ 2,970 Sqft ∙ Built 2013
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,325
    • $0.78
    •  
PROPERTY LISTING DETAILS
Ginger Weeks
Re/max Proadvantage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14504660
Last Updated: 01/22/2021
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