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308 Splitrail Drive Kemp, TX 75143

3 Beds 3 Baths 1,857 sqft Built 2006

$289,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $155.63
  • 2 Days on Market
  • MLS # : 14481835
  • Updated Date : 12/05/2020 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,857 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ebby Halliday Realtors

Listing Agent's Description

Well maintained quality built home in the beautiful setting of Cedar Creek Lake Country Club area. Totally move in ready. Easy to care for tile floors throughout, no carpet! Screened in porch provides a peaceful place to relax to the sights and sounds of nature. HOA is voluntary. Cedar Creek Country Club offers reasonable membership rates. Amenities include 18 hole golf course, driving range, restaurant, pool, and tennis courts.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Cedar Creek Country Club

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Cedar Creek Country Club

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
Kemp Intermediate School Primary Regular 307 21 4
Kemp Junior High School Middle Regular 341 22 4
Kemp High School High Regular 405 33 4

Kemp Intermediate School

  • Education Level: Primary
  • # of students: 307
  • # of teachers: 21
4
GreatSchools Rating

Kemp Junior High School

  • Education Level: Middle
  • # of students: 341
  • # of teachers: 22
4
GreatSchools Rating

Kemp High School

  • Education Level: High
  • # of students: 405
  • # of teachers: 33
4
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,066
Property Tax -$554
Property Insurance -$135
HOA -$4
Property Management Fees -$99
CASH FLOW
-$138

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.

$289,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 3.3%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,066

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,001

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,597

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,720
$1,720
RENT COMPS ANALYSIS
  • 308 Splitrail Drive Kemp, TX 2
    • 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.93
    •  
  • 13024 Fairway Drive Kemp, TX 1
    • 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 2001
    LEASED 06/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.86
    •  
PROPERTY LISTING DETAILS
Kari Ellis
Ebby Halliday Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481835
Last Updated: 12/05/2020
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