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2463 Lakeland Drive Grand Prairie, TX 75054

3 Beds 2 Baths 2,009 sqft Built 2002

$293,300

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $145.99
  • 3 Days on Market
  • MLS # : 14481430
  • Updated Date : 12/04/2020 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,009 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

SPECTACULAR SINGLE-STORY HOME WITH 3 BEDROOMS AND 2 BATHROOMS IN THE HEART OF GRAND PRAIRIE! Your family will love this stylish home graced with extensive plank floors, decorative lighting, and a cozy stone fireplace. Cooking is a breeze in the pristine kitchen showcasing a breakfast bar, walk-in pantry, and tons of countertop space. Retreat to the primary suite at the end of the day featuring dual sinks, a garden tub, and two walk-in closets. Spend summer evenings on the open patio or in the massive backyard. This home is located near Joe Pool Lake and Anna May Daulton Elementary School! Buyer & Buyer Agent to verify all info including, but not limited to, room dimensions, features, schools.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Landing at Grand Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k336k

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

Neighborhood: Landing at Grand Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100220023002400Rent in $9592419

* 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
Anna May Daulton Elementary School Primary Regular 665 41 8
Danny Jones Middle School Middle Regular 843 51 9
Mansfield Lake Ridge High School High Unknown 2,085 113 NA

Anna May Daulton Elementary School

  • Education Level: Primary
  • # of students: 665
  • # of teachers: 41
8
GreatSchools Rating

Danny Jones Middle School

  • Education Level: Middle
  • # of students: 843
  • # of teachers: 51
9
GreatSchools Rating

Mansfield Lake Ridge High School

  • Education Level: High
  • # of students: 2,085
  • # of teachers: 113
NA
GreatSchools Rating
 

$263,970$322,630$293,300

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,082
Property Tax -$644
Property Insurance -$143
HOA -$58
Property Management Fees -$99
CASH FLOW
-$146

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.

$293,300

PROJECTED PRICE

$1,880

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.7%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

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$83,475

INVESTMENT

$83,475

Down Payment
$73,325
Rehab Estimate
$5,750
Closing Costs
$4,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,082

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,325
Loan Amount $219,975
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$5,217

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,878

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8803$1,9504$1,9755$2,100
$2,100
RENT COMPS ANALYSIS
  • 2463 Lakeland Drive Grand Prairie, TX 2
    • 3 beds 2 baths ∙ 2,009 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,009 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.94
    •  
  • 5732 Derek Way Grand Prairie, TX 1
    • 3 beds 2 baths ∙ 1,975 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,975 Sqft ∙ Built 2006
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.91
    •  
  • 2937 Fontana Grand Prairie, TX 3
    • 3 beds 3 baths ∙ 2,135 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,135 Sqft ∙ Built 2010
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.91
    •  
  • 2840 S Serrano Grand Prairie, TX 4
    • 3 beds 2 baths ∙ 2,105 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,105 Sqft ∙ Built 2006
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.94
    •  
  • 2476 Harbour Drive Grand Prairie, TX 5
    • 3 beds 2 baths ∙ 2,147 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,147 Sqft ∙ Built 2008
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.98
    •  
PROPERTY LISTING DETAILS
Wendy Galloway
Berkshire Hathawayhs Penfed Tx
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481430
Last Updated: 12/04/2020
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