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248 Allerton Lane Lancaster, TX 75146

3 Beds 2 Baths 1,609 sqft Built 2015

$214,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $133.00
  • 4 Days on Market
  • MLS # : 14465157
  • Updated Date : 11/08/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,609 sqft
  • Baths : 2 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

EXCEPTIONAL HOME FOR THE PRICE in LANCASTER!!~OWNER'S PRIDE TRULY SHINES IN THIS BEAUTIFUL SPOTLESS HOME!!~Great open floor plan with extended tiled entry,arched openings,numerous window seats,art Niche & wide plant or decor ledge in front Dining*Lrg Chef's Kitchen with Island,wide Breakfast Bar,additional side serving-storage bar,diagonal tiled back splash,stainless steel appliances with B-I Microwave,Dishwasher & smooth top electric Stove*Spacious Living with corner cast stone WB Fireplace & window seat*Lrg Primary Bedroom with big walk-in closet,two separate vanities,Garden tub & shower*Tiled Wet areas,Hall Linen Closet & full sized Laundry *Lrg 14x10 covered back Patio,two car rear entry Garage & much more!

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: Tribute at Mills Branch

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $89k243k

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

Neighborhood: Tribute at Mills Branch

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
Rosa Parks-millbrook Elementary Primary Regular 559 31 6
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Rosa Parks-millbrook Elementary

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 31
6
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
 

$192,600$235,400$214,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$790
Property Tax -$545
Property Insurance -$120
HOA -$6
Property Management Fees -$99
CASH FLOW
-$40

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.

$214,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 11.3%
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$100k$200k$300k$400k$500k$600k$700k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,460

INVESTMENT

$62,460

Down Payment
$53,500
Rehab Estimate
$5,750
Closing Costs
$3,210

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$790

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,500
Loan Amount $160,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$7,677

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,577

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,520
1$1,5202$1,6003$1,6004$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 248 Allerton Lane Lancaster, TX 1
    • 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.94
    •  
  • 1818 Cross Oaks Drive Lancaster, TX 2
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2019
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.98
    •  
  • 1905 Jasmine Drive Lancaster, TX 3
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2020
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.98
    •  
  • 1805 Cross Oaks Drive Lancaster, TX 4
    • 4 beds 3 baths ∙ 1,731 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,731 Sqft ∙ Built 2019
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
  • 1821 Cross Oaks Drive Lancaster, TX 5
    • 4 beds 3 baths ∙ 1,731 Sqft ∙ Built 2020 4 beds 3 baths ∙ 1,731 Sqft ∙ Built 2020
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
PROPERTY LISTING DETAILS
Stephen Kahn
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465157
Last Updated: 11/08/2020
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