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2839 Florence Road Southlake, TX 76092

4 Beds 3 Baths 2,490 sqft Built 1982

INVESTimate

$649,000

List Price

$3,100

$2,850 - $3,350

Rent Est.

$678,335  ( +4.52%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $260.64
  • 7 Days on Market
  • MLS # : 14416338
  • Updated Date : 08/20/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,490 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

One story beautiful home is tucked on a 1.6 acre lot with mature trees, circle drive and great views. Wonderful location and eligible for Carroll ISD open enrollment. The home features 2 living areas, one with a gorgeous stone fireplace, 4 bedrooms, 3 full baths and neutral paint throughout, The opportunity for this property is limitless, remodel or build new. The property includes two outbuildings, one redone in 2017 which has 2850 feet, 2 air conditioning units & 14 car capacity, or could be used as a workshop or for a business. The second is 1800 feet, 4 car garage & workshop & separated space with full bath could be used as a guest house, office space or numerous other options. Additional details available

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

Zip Code: 76092

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $123k722k

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

Zip Code: 76092

ZipNIR Market*CityMarket2010Year20002019 Q2150020002500300035004000Rent in $11264415

* 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
Florence Elementary School Primary Regular 500 35 10
Bear Creek Intermediate School Middle Regular 781 42 9
Keller High School High Regular 2,645 145 10

Florence Elementary School

  • Education Level: Primary
  • # of students: 500
  • # of teachers: 35
10
GreatSchools Rating

Bear Creek Intermediate School

  • Education Level: Middle
  • # of students: 781
  • # of teachers: 42
9
GreatSchools Rating

Keller High School

  • Education Level: High
  • # of students: 2,645
  • # of teachers: 145
10
GreatSchools Rating
 

$584,100$713,900$649,000

PURCHASE PRICE

$2,790$3,410$3,100

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,100
EXPENSES Loan Payment -$2,395
Property Tax -$1,310
Property Insurance -$171
Property Management Fees -$99
CASH FLOW
-$874

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.

$649,000

PROJECTED PRICE

$3,100

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 4.52%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,735

INVESTMENT

$177,735

Down Payment
$162,250
Rehab Estimate
$5,750
Closing Costs
$9,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$2,395

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,250
Loan Amount $486,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$136

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,100

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,714

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,7754$3,1005$3,500
$3,500
RENT COMPS ANALYSIS
  • 2839 Florence Road Southlake, TX 4
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.24
    •  
  • 156 S Pearson Lane Keller, TX 1
    • 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 1972
    property image
    LEASED 03/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.02
    •  
  • 613 Overland Trail Southlake, TX 2
    • 4 beds 3 baths ∙ 2,299 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,299 Sqft ∙ Built 1975
    property image
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.07
    •  
  • 950 Randol Mill Avenue Keller, TX 3
    • 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 1996
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,775
    • $1.02
    •  
  • 1502 Irion Court Southlake, TX 5
    • 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 1991
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.25
    •  
PROPERTY LISTING DETAILS
Kathy Lakatta
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416338
Last Updated: 08/20/2020
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