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303 Wisteria Way Red Oak, TX 75154

4 Beds 3 Baths 3,384 sqft Built 2016

$385,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $113.77
  • 2 Days on Market
  • MLS # : 14514611
  • Updated Date : 02/06/2021 at 21:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,384 sqft
  • Baths : 3 full
Listing Agent

Legacy Realty Group

Listing Agent's Description

Beautiful home that features 3 LIVING Areas, 4 bedrooms plus a study! Perfect entertaining home with a fabulous game room and media room! The floorpan on this home is really fabulous with three bedrooms downstairs, plus a study and upstairs we have another bedroom with full bathroom, a media room and a game room. This home has a very nice covered patio perfect backyard area for kids to play! Wonderful location and neighborhood close to awesome schools and great shopping plus awesome freeway access for the commuter into Dallas.

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: 75154

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10151734

* 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
D.t. Shields Elementary School Primary Regular 563 33 6
Red Oak Junior High School Middle Regular 872 52 6
Red Oak High School High Regular 1,794 115 5

D.t. Shields Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 33
6
GreatSchools Rating

Red Oak Junior High School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 52
6
GreatSchools Rating

Red Oak High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 115
5
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,337
Property Tax -$839
Property Insurance -$223
HOA -$56
Property Management Fees -$99
CASH FLOW
-$154

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$385,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$6,300

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,640

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,4003$2,700
$2,700
RENT COMPS ANALYSIS
  • 303 Wisteria Way Red Oak, TX 2
    • 4 beds 3 baths ∙ 3,384 Sqft ∙ Built 2016 4 beds 3 baths ∙ 3,384 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.71
    •  
  • 506 Azalea Drive Glenn Heights, TX 1
    • 4 beds 2 baths ∙ 3,147 Sqft ∙ Built 2008 4 beds 2 baths ∙ 3,147 Sqft ∙ Built 2008
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.67
    •  
  • 308 Moses Drive Glenn Heights, TX 3
    • 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2016 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2016
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.89
    •  
PROPERTY LISTING DETAILS
Leslie Majors
Legacy Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514611
Last Updated: 02/06/2021
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