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2347 Merlin Drive Grand Prairie, TX 75052

5 Beds 4 Baths 3,819 sqft Built 2005

$375,000

List Price

$2,580

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $98.19
  • 1 Days on Market
  • MLS # : 14462343
  • Updated Date : 11/02/2020 at 20:08
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,819 sqft
  • Baths : 3 full , 1 half
Listing Agent

Hz Realty Inc.

Listing Agent's Description

MOVE IN READY CONDITION OFFERING OVER 3800+ SQFT OF LIVING SPACE ON A OVERSIZED LOT. WITH AN OPEN FLOOR PLAN, 5 BEDROOMS, 3.5 BATHROOMS. 1ST FLOOR MASTER BEDROOM, 2ND FLOOR GAMEROOM AND MEDIA ROOM. CONVENIENTLY LOCATED NEAR 1-20, LOCAL AMENITIES, JOE POOL LAKE AND LOTS OF OUTDOOR RECREATION AREAS. DO NOT MISS OUT ON THIS EXCEPTIONAL OPPORTUNITY TO CALL THIS PROPERTY HOME.

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

Neighborhood: High Hawk at Martin's Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k333k

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

Neighborhood: High Hawk at Martin's Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9592495

* 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
West Elementary School Primary Regular 779 42 6
Barnett Junior High School Middle Regular 893 69 6
Bowie High School High Regular 3,053 194 5

West Elementary School

  • Education Level: Primary
  • # of students: 779
  • # of teachers: 42
6
GreatSchools Rating

Barnett Junior High School

  • Education Level: Middle
  • # of students: 893
  • # of teachers: 69
6
GreatSchools Rating

Bowie High School

  • Education Level: High
  • # of students: 3,053
  • # of teachers: 194
5
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,322$2,838$2,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,580
EXPENSES Loan Payment -$1,384
Property Tax -$838
Property Insurance -$248
HOA -$13
Property Management Fees -$99
CASH FLOW
-$1

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.

$375,000

PROJECTED PRICE

$2,580

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.3%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$18,852

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,530

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5003$2,5004$2,5505$2,580
$2,580
RENT COMPS ANALYSIS
  • 2347 Merlin Drive Grand Prairie, TX 5
    • 5 beds 4 baths ∙ 3,819 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,819 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.68
    •  
  • 5508 Lavaca Road Grand Prairie, TX 1
    • 4 beds 3 baths ∙ 3,789 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,789 Sqft ∙ Built 2004
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.66
    •  
  • 2107 Matagorda Lane Grand Prairie, TX 2
    • 5 beds 3 baths ∙ 3,902 Sqft ∙ Built 2007 5 beds 3 baths ∙ 3,902 Sqft ∙ Built 2007
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.64
    •  
  • 5275 Woodfield Drive Grand Prairie, TX 3
    • 5 beds 4 baths ∙ 3,830 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,830 Sqft ∙ Built 2007
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.65
    •  
  • 2340 Shackleford Trail Grand Prairie, TX 4
    • 4 beds 4 baths ∙ 3,638 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,638 Sqft ∙ Built 2006
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.70
    •  
PROPERTY LISTING DETAILS
Steven Robertson
Hz Realty Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462343
Last Updated: 11/02/2020
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