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2407 Long Meadow Court Lewisville, TX 75056

3 Beds 4 Baths 2,719 sqft Built 2019

$539,000

List Price

$2,630

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $198.23
  • 2 Days on Market
  • MLS # : 14525633
  • Updated Date : 03/06/2021 at 14:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,719 sqft
  • Baths : 2 full , 2 half
Listing Agent

Reno Group Realty

Listing Agent's Description

Lennar Built Fairfield II floor plan with an elegantly arched entryway leads to a traditional foyer that opens to the formal dining room or can be used as a private study. Featuring three first-floor bedrooms . Conveniently on the first floor, the owner's suite provides lavish features along with a separate soaker tub and shower with his-and-hers vanities. Gourmet kitchen features a gas stove and oversized island. Family room with a fireplace and a wall of windows looking out onto the patio. Game-Room loft and media room upstairs along with a half bath. Enjoy the recently built arbor for outdoor dining and entertainment featuring electric shades. Recent Inspection Report upon request.

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

Zip Code: 75056

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75056

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Independence Elementary School Primary Regular 790 51 5
Killian Middle School Middle Regular 950 65 7
Hebron High School High Regular 2,458 138 7

Independence Elementary School

  • Education Level: Primary
  • # of students: 790
  • # of teachers: 51
5
GreatSchools Rating

Killian Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 65
7
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$485,100$592,900$539,000

PURCHASE PRICE

$2,367$2,893$2,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,630
EXPENSES Loan Payment -$1,872
Property Tax -$929
Property Insurance -$184
HOA -$47
Property Management Fees -$99
CASH FLOW
-$501

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.

$539,000

PROJECTED PRICE

$2,630

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
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$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,585

INVESTMENT

$148,585

Down Payment
$134,750
Rehab Estimate
$5,750
Closing Costs
$8,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,872

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $134,750
Loan Amount $404,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,373

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,630

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,658

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5003$2,6304$2,7505$2,870
$2,870
RENT COMPS ANALYSIS
  • 2407 Long Meadow Court Lewisville, TX 3
    • 3 beds 4 baths ∙ 2,719 Sqft ∙ Built 2019 3 beds 4 baths ∙ 2,719 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,630
    • $0.97
    •  
  • 320 Chester Drive Lewisville, TX 1
    • 4 beds 3 baths ∙ 2,573 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,573 Sqft ∙ Built 2009
    property image
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.97
    •  
  • 2331 Prairie Wind Path Lewisville, TX 2
    • 3 beds 3 baths ∙ 2,719 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,719 Sqft ∙ Built 2017
    property image
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.92
    •  
  • 323 Prairie Hill Trail Lewisville, TX 4
    • 4 beds 4 baths ∙ 2,695 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,695 Sqft ∙ Built 2015
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.02
    •  
  • 504 King Galloway Drive Lewisville, TX 5
    • 3 beds 3 baths ∙ 2,877 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,877 Sqft ∙ Built 2008
    property image
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $1.00
    •  
PROPERTY LISTING DETAILS
Irene Aleman
Reno Group Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14525633
Last Updated: 03/06/2021
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