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224 Lake Drive Springtown, TX 76082

3 Beds 2 Baths 1,214 sqft Built 2006

$195,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $160.63
  • 3 Days on Market
  • MLS # : 14458524
  • Updated Date : 11/07/2020 at 14:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,214 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty-fm

Listing Agent's Description

Charming 3 bedroom 2 bath home with an open floor plan and lots of character. Custom cabinetry, parquet flooring, relaxing front and back patio, taller ceilings in living area with plenty of natural light. HUGE backyard, fully fenced with a custom iron gate. Home is on a quiet street while still within walking distance to city park and walking trails, dining, shopping, and community events on the square. This immaculate home has been loved and well taken care of and it shows. Roof replaced in 2016.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 76082

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 76082

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8791734

* 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
Springtown Elementary School Primary Regular 508 33 6
Springtown Middle School Middle Regular 530 35 6
Springtown High School High Regular 912 72 5

Springtown Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 33
6
GreatSchools Rating

Springtown Middle School

  • Education Level: Middle
  • # of students: 530
  • # of teachers: 35
6
GreatSchools Rating

Springtown High School

  • Education Level: High
  • # of students: 912
  • # of teachers: 72
5
GreatSchools Rating
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$719
Property Tax -$405
Property Insurance -$97
Property Management Fees -$99
CASH FLOW
$79

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$195,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$17,444

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,287

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,450
$1,450
RENT COMPS ANALYSIS
  • 224 Lake Drive Springtown, TX 1
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.15
    •  
  • 525 N Avenue B Springtown, TX 2
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 2004
    LEASED 05/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.06
    •  
PROPERTY LISTING DETAILS
Jeff Taylor
Keller Williams Realty-fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14458524
Last Updated: 11/07/2020
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