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2429 W Northgate Drive Irving, TX 75062

5 Beds 2 Baths 2,758 sqft Built 1980

$255,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $92.46
  • 5 Days on Market
  • MLS # : 14473644
  • Updated Date : 11/21/2020 at 12:19
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,758 sqft
  • Baths : 2 full
Listing Agent

Listing Spark

Listing Agent's Description

Motivated to sell!! Great investment opportunity to flip, rent or live.

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: Castle Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $88k346k

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

Neighborhood: Castle Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9452305

* 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
Townsell Elementary School Primary Regular 898 56 4
Houston Middle School Middle Regular 925 66 5
Macarthur High School High Regular 2,759 179 5

Townsell Elementary School

  • Education Level: Primary
  • # of students: 898
  • # of teachers: 56
4
GreatSchools Rating

Houston Middle School

  • Education Level: Middle
  • # of students: 925
  • # of teachers: 66
5
GreatSchools Rating

Macarthur High School

  • Education Level: High
  • # of students: 2,759
  • # of teachers: 179
5
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$941
Property Tax -$586
Property Insurance -$187
Property Management Fees -$99
CASH FLOW
$488

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.

$255,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.90%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.8%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$87,575

INVESTMENT

$87,575

Down Payment
$63,750
Rehab Estimate
$20,000
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$61,862

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,629

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,3003$2,4954$2,695
$2,695
RENT COMPS ANALYSIS
  • 2429 W Northgate Drive Irving, TX 2
    • 5 beds 3 baths ∙ 2,758 Sqft ∙ Built 1980 5 beds 3 baths ∙ 2,758 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.83
    •  
  • 1128 Janell Drive Irving, TX 1
    • 4 beds 2 baths ∙ 2,496 Sqft ∙ Built 1971 4 beds 2 baths ∙ 2,496 Sqft ∙ Built 1971
    LEASED 06/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.84
    •  
  • 809 W Northgate Drive Irving, TX 3
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 1965
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.02
    •  
  • 2366 Hill N Dale Drive Irving, TX 4
    • 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 1977
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.00
    •  
PROPERTY LISTING DETAILS
Aaron Jistel
Listing Spark
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473644
Last Updated: 11/21/2020
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