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2623 Cove Drive Grand Prairie, TX 75054

4 Beds 3 Baths 2,622 sqft Built 2005

$369,900

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $141.08
  • 5 Days on Market
  • MLS # : 14493908
  • Updated Date : 01/06/2021 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,622 sqft
  • Baths : 3 full
Listing Agent

Dave Perry Miller Real Estate

Listing Agent's Description

Stylish updates and a striking view! This home showcases a remodeled kitchen with large island and breakfast bar, white shaker cabinets, stone countertops, gas range, and lots of pull out drawer storage! Flooring throughout the living areas has been replaced with a beautiful wood-look tile. Enjoy movie night with a 1st floor media room conveniently located just off the kitchen and outfitted with snack bar and built-in wine fridge. Enjoy expansive views from the four-season back yard with a heated pool, spill-over spa and gas fire pit. Perfectly appointed to entertain or simply stay at home in style! Home also features a second downstairs bedroom and full bath, upstairs office or game space and 2-car garage.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: The Cove at Grand Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k336k

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

Neighborhood: The Cove at Grand Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9592376

* 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
 

$332,910$406,890$369,900

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,285
Property Tax -$864
Property Insurance -$179
HOA -$58
Property Management Fees -$99
CASH FLOW
-$135

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.

$369,900

PROJECTED PRICE

$2,350

PROJECTED RENT

0.64%

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

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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,774

INVESTMENT

$103,774

Down Payment
$92,475
Rehab Estimate
$5,750
Closing Costs
$5,549

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,475
Loan Amount $277,425
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,443

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,314

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,999
1$1,9992$2,2003$2,3504$2,3505$2,400
$2,400
RENT COMPS ANALYSIS
  • 2623 Cove Drive Grand Prairie, TX 4
    • 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,622 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.90
    •  
  • 6868 Shoreview Drive Grand Prairie, TX 1
    • 4 beds 2 baths ∙ 2,312 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,312 Sqft ∙ Built 2004
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $0.86
    •  
  • 7232 Roble Grand Prairie, TX 2
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2015
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
  • 7044 Bethlehem Drive Grand Prairie, TX 3
    • 3 beds 2 baths ∙ 2,612 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,612 Sqft ∙ Built 2006
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.90
    •  
  • 2565 Marina Drive Grand Prairie, TX 5
    • 4 beds 3 baths ∙ 2,703 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,703 Sqft ∙ Built 2004
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.89
    •  
PROPERTY LISTING DETAILS
James Farias
Dave Perry Miller Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14493908
Last Updated: 01/06/2021
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