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2824 Lazy Creek Drive Grand Prairie, TX 75052

4 Beds 4 Baths 3,776 sqft Built 2011

$450,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $119.17
  • 4 Days on Market
  • MLS # : 14473472
  • Updated Date : 11/20/2020 at 08:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,776 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Truly a rare find! Spacious home on .68 acre lot backing to the Corp of Engineers property. The backyard is secluded and feels like there is a park in your backyard. 4 bedrooms, 3.5 baths, a study, and 3776 sq ft with 3 living areas including a 21x18 game room and a 20x19 media room upstairs. Island kitchen with granite counters and stainless steel appliances. The living room has a 2 story ceiling. The master bath has a large jetted tub and a huge walk-in closet. The roof replaced last year & gutter guards added and both HVAC systems replaced this month.

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: Heather Glen

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k336k

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

Neighborhood: Heather Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9592271

* 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
Louise Cabaniss Elementary School Primary Regular 588 38 9
James Coble Middle School Middle Regular 884 55 7
Mansfield Timberview High School High Regular 1,657 94 5

Louise Cabaniss Elementary School

  • Education Level: Primary
  • # of students: 588
  • # of teachers: 38
9
GreatSchools Rating

James Coble Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 55
7
GreatSchools Rating

Mansfield Timberview High School

  • Education Level: High
  • # of students: 1,657
  • # of teachers: 94
5
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$1,660
Property Tax -$987
Property Insurance -$245
HOA -$25
Property Management Fees -$99
CASH FLOW
-$347

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.

$450,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.2%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,992

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,332

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,2003$2,2954$2,3005$2,670
$2,670
RENT COMPS ANALYSIS
  • 2824 Lazy Creek Drive Grand Prairie, TX 5
    • 4 beds 4 baths ∙ 3,776 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,776 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $0.71
    •  
  • 2919 Westover Drive Grand Prairie, TX 1
    • 4 beds 3 baths ∙ 3,530 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,530 Sqft ∙ Built 2003
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.57
    •  
  • 5815 Windy Meadow Lane Grand Prairie, TX 2
    • 4 beds 3 baths ∙ 3,587 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,587 Sqft ∙ Built 2004
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.61
    •  
  • 3016 Cesareo Drive Grand Prairie, TX 3
    • 5 beds 3 baths ∙ 3,521 Sqft ∙ Built 2001 5 beds 3 baths ∙ 3,521 Sqft ∙ Built 2001
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.65
    •  
  • 3104 Pompi Drive Grand Prairie, TX 4
    • 5 beds 3 baths ∙ 3,575 Sqft ∙ Built 2001 5 beds 3 baths ∙ 3,575 Sqft ∙ Built 2001
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.64
    •  
PROPERTY LISTING DETAILS
Don Lawyer
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473472
Last Updated: 11/20/2020
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