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3024 Tea Olive Drive Heath, TX 75126

3 Beds 2 Baths 1,891 sqft Built 2020

$347,443

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $183.74
  • 4 Days on Market
  • MLS # : 14503783
  • Updated Date : 01/21/2021 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,891 sqft
  • Baths : 2 full
Listing Agent

Gehan Homes Brokerage, Llc

Listing Agent's Description

Amazing Single Story Gehan Home!! This 3 Bedroom, 2 Bathroom home, features Master Bedroom Bay Window, Upgraded Master Bathroom Shower Mud Pan to Ceramic Tile, Door to Utility Room from Master Bathroom Closet, Upgraded Kitchen Layout, Fireplace, and Premium Stone & Brick Elevation and is located on an Interior Home-site.

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: 75126

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k538k

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

Zip Code: 75126

ZipNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263246

* 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
Amy Parks-heath Elementary School Primary Regular 781 44 9
Amy Parks-heath Elementary School Middle Regular 781 44 9
Rockwall-heath High School High Regular 2,200 119 8

Amy Parks-heath Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 44
9
GreatSchools Rating

Amy Parks-heath Elementary School

  • Education Level: Middle
  • # of students: 781
  • # of teachers: 44
9
GreatSchools Rating

Rockwall-heath High School

  • Education Level: High
  • # of students: 2,200
  • # of teachers: 119
8
GreatSchools Rating
 

$312,699$382,187$347,443

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,207
Property Tax -$796
Property Insurance -$136
HOA -$60
Property Management Fees -$99
CASH FLOW
-$408

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$347,443

PROJECTED PRICE

$1,890

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,072

INVESTMENT

$94,072

Down Payment
$86,861
Rehab Estimate
$2,000
Closing Costs
$5,212

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,207

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,861
Loan Amount $260,582
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$94

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,896

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,8903$1,8954$2,0005$2,050
$2,050
RENT COMPS ANALYSIS
  • 3024 Tea Olive Drive Heath, TX 2
    • 3 beds 2 baths ∙ 1,891 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,891 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.00
    •  
  • 2007 Crosby Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2007
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.94
    •  
  • 2105 Hartley Drive Forney, TX 3
    • 4 beds 2 baths ∙ 1,895 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,895 Sqft ∙ Built 2014
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.00
    •  
  • 2003 Brazoria Drive Forney, TX 4
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 2012
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.01
    •  
  • 2017 Brazoria Drive Forney, TX 5
    • 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 2013
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.06
    •  
PROPERTY LISTING DETAILS
April Maki
Gehan Homes Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503783
Last Updated: 01/21/2021
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