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2438 Meadowgate Lane Lancaster, TX 75134

3 Beds 3 Baths 1,831 sqft Built 2001

$229,999

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $125.61
  • 1 Days on Market
  • MLS # : 14465769
  • Updated Date : 11/07/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,831 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

A beautifully maintained (3) three-bedroom, 2 and 1 half bath home with mature trees just waiting for you! This charming home showcases a fantastic floorplan with a large teenage suite with a large walk-in closet. A large family room area that will allow you to interact with guests effortlessly while hosting gatherings. The kitchen boasts tons of storage and counter space. Come home and relax in your very own garden tub after a long day at work or unwind with a barbeque in the fenced-in backyard! The possibilities are endless for this delightful sanctuary located in Lancaster, TX, just minutes from I35 and a short 2-mile drive to dining, shopping, and entertainment. Don't let this one slip away!

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: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Houston Elementary School Primary Regular 681 37 5
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Houston Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 37
5
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$206,999$252,999$229,999

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$849
Property Tax -$585
Property Insurance -$133
HOA -$11
Property Management Fees -$99
CASH FLOW
-$117

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.

$229,999

PROJECTED PRICE

$1,560

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.8%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,499
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$3,292

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,694

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5953$1,6494$1,6755$1,725
$1,725
RENT COMPS ANALYSIS
  • 2438 Meadowgate Lane Lancaster, TX 1
    • 3 beds 3 baths ∙ 1,831 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,831 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.85
    •  
  • 2982 Marquis Lane Lancaster, TX 2
    • 4 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.87
    •  
  • 2337 Bonnywood Drive Lancaster, TX 3
    • 3 beds 2 baths ∙ 1,817 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,817 Sqft ∙ Built 2005
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.91
    •  
  • 2443 Mallory Lane Lancaster, TX 4
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 2001
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.95
    •  
  • 2615 Frederick Street Lancaster, TX 5
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.97
    •  
PROPERTY LISTING DETAILS
Felicia Allen Grace
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465769
Last Updated: 11/07/2020
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