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3023 Summerview Drive Grand Prairie, TX 75052

4 Beds 2 Baths 2,414 sqft Built 2011

$295,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $122.20
  • 2 Days on Market
  • MLS # : 14465303
  • Updated Date : 11/08/2020 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,414 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Lynne Creek*One story beauty with tons of upgrades*Living-Dining combination left of entry, with engineered hardwood floors*There are engineered hardwoods in all bedrooms, family room, formal living & formal dining*Cute backyard with extended patio, tile at patio with wood-look*White picket fencing around patio with lifetime warranty-brick column accents*Brick paver walk leads to custom woodshed with electric built 2019*Corner lot*Renovated the kitchen with high-end granite counters, GE stainless appliances, huge skylight over island*Built in display shelves on each side of oven*Open to family room with fireplace*Upgrading lighting through the entire home*Built in speakers at family room*Roof replaced in 2016

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: Lynn Creek Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k336k

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

Neighborhood: Lynn Creek Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9592171

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,088
Property Tax -$647
Property Insurance -$167
HOA -$23
Property Management Fees -$99
CASH FLOW
-$44

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.

$295,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,910

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,979

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9503$1,9504$1,9805$2,030
$2,030
RENT COMPS ANALYSIS
  • 3023 Summerview Drive Grand Prairie, TX 4
    • 4 beds 2 baths ∙ 2,414 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,414 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.82
    •  
  • 5916 Crestview Drive Grand Prairie, TX 1
    • 4 beds 2 baths ∙ 2,235 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,235 Sqft ∙ Built 2008
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.85
    •  
  • 7200 Wind Elm Court Arlington, TX 2
    • 4 beds 3 baths ∙ 2,512 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,512 Sqft ∙ Built 1999
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.78
    •  
  • 2927 Marco Drive Grand Prairie, TX 3
    • 3 beds 3 baths ∙ 2,418 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,418 Sqft ∙ Built 2000
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.81
    •  
  • 2218 Bantry Lane Arlington, TX 5
    • 4 beds 3 baths ∙ 2,429 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,429 Sqft ∙ Built 1999
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.84
    •  
PROPERTY LISTING DETAILS
Sharon Hodnett
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465303
Last Updated: 11/08/2020
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