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2909 Lake Park Drive Grand Prairie, TX 75052

3 Beds 2 Baths 1,588 sqft Built 1980

$224,900

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $141.62
  • 3 Days on Market
  • MLS # : 14512711
  • Updated Date : 02/13/2021 at 14:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,588 sqft
  • Baths : 2 full
Listing Agent

Williams Trew Real Estate

Listing Agent's Description

This wonderful home in the heart of Grand Prairie is ideally located just minutes from I20, I30 and the toll road to get you where you want to go! It features an open floor plan with high ceilings in the living room flowing into a wonderfully updated kitchen complete with beautiful granite counter tops, timeless subway tile backsplash, and stainless steel appliances. A well appointed master suite includes an oversized vanity with dual sinks and large closet with plenty of storage space. Backyard has an open patio with mature trees for shade, all backing up to a large open green space behind the property. More 2017 updates include windows, appliances, roof, interior HVAC, ductwork, garage door, etc.

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: Lake Park Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $85k243k

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

Neighborhood: Lake Park Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8311734

* 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
Global Leadership Academy At Barbara Bush Elementary Primary Regular 603 36 4
Young Mens Leadership Academy At Kennedy Middle School Middle Regular 895 64 NA
Dubiski Career High School High Regular 1,486 86 8

Global Leadership Academy At Barbara Bush Elementary

  • Education Level: Primary
  • # of students: 603
  • # of teachers: 36
4
GreatSchools Rating

Young Mens Leadership Academy At Kennedy Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 64
NA
GreatSchools Rating

Dubiski Career High School

  • Education Level: High
  • # of students: 1,486
  • # of teachers: 86
8
GreatSchools Rating
 

$202,410$247,390$224,900

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$781
Property Tax -$548
Property Insurance -$119
Property Management Fees -$99
CASH FLOW
-$77

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.

$224,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$4,134

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,489

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4703$1,5994$1,6255$1,700
$1,700
RENT COMPS ANALYSIS
  • 2909 Lake Park Drive Grand Prairie, TX 2
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.93
    •  
  • 2609 San Sabastian Circle Grand Prairie, TX 1
    • 4 beds 3 baths ∙ 1,562 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,562 Sqft ∙ Built 1973
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
  • 3214 Greentree Drive Grand Prairie, TX 3
    • 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1972
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.90
    •  
  • 3417 Country Club Circle Grand Prairie, TX 4
    • 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 1983
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.93
    •  
  • 334 Blueberry Lane Grand Prairie, TX 5
    • 4 beds 2 baths ∙ 1,720 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,720 Sqft ∙ Built 1969
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Whitney Neal
Williams Trew Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512711
Last Updated: 02/13/2021
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