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3007 Crimson Clover Drive Lancaster, TX 75134

4 Beds 2 Baths 2,049 sqft Built 2003

$245,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $119.57
  • 4 Days on Market
  • MLS # : 14506388
  • Updated Date : 01/28/2021 at 21:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,049 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Nice Lancaster Texas home! Featuring an open concept with large living area, wood burning fireplace, crown moulding, and split master. The master bedroom includes a garden tub with a separate shower, tile in master bath, and walk in closet. The kitchen features Samsung appliances, tile backsplash and fresh paint. Large walk in laundry room with pantry shelving. The backyard is equipped with an extended patio for entertaining and solar screens on all windows to reduce energy costs. Roof replaced in 2019, water heater replaced in 2020 and new security system with updated keypad installed by ADT.

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: Meadowview

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Meadowview

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
Houston Elementary School Primary Regular 681 37 5
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Houston Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 37
5
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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$851
Property Tax -$624
Property Insurance -$146
Property Management Fees -$99
CASH FLOW
-$79

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.

$245,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.8%
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$200k$400k$600k$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$4,373

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,649

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,549
1$1,5492$1,5993$1,6404$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 3007 Crimson Clover Drive Lancaster, TX 3
    • 4 beds 2 baths ∙ 2,049 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,049 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.80
    •  
  • 1508 Honey Bee Lane Lancaster, TX 1
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 2003
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $0.80
    •  
  • 1445 Bumble Bee Drive Lancaster, TX 2
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 2002
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.83
    •  
  • 1813 Chapman Drive Lancaster, TX 4
    • 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 2005
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 2206 Midbury Drive Lancaster, TX 5
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2005
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.79
    •  
PROPERTY LISTING DETAILS
Matthew Brown
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506388
Last Updated: 01/28/2021
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