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3080 Flamingo Circle Southlake, TX 76092

3 Beds 2 Baths 1,913 sqft Built 1990

$500,000

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $261.37
  • 3 Days on Market
  • MLS # : 14494987
  • Updated Date : 01/16/2021 at 11:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,913 sqft
  • Baths : 2 full
Listing Agent

The Michael Group Real Estate

Listing Agent's Description

Remodel in process. Open Sat & Sun 1-3. Oversized private backyd has carport in rear for boat or RV, 10 ft raised ceilings, newer hvac, gdo & water heater. NO popcorn, alabaster white paint thru out, NEW roof, front door, all lighting, both baths fully updated, hard surface floors thru out, tile floors in bathrooms, 2 toned accent color cabinets in kitchen, quartz countertops in kitchen and baths, new stainless appliances include gas range, microwave & dishwasher, tons of cabinet & counter space, turret ceiling in breakfast room. Walk to Grapevine Lake & Meadowmere Park around the corner off Burney with boat ramp, playground, soccer, boating & kayaking. spacious room dimensions & closets thru out, 14x11 patio,

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: Dove Estate

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $123k722k

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

Neighborhood: Dove Estate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2150020002500300035004000Rent in $11264415

* 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
Durham Intermediate School Primary Regular 628 42 10
Carroll Middle School Middle Regular 659 44 10
Carroll Middle School High Regular 659 44 10

Durham Intermediate School

  • Education Level: Primary
  • # of students: 628
  • # of teachers: 42
10
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 659
  • # of teachers: 44
10
GreatSchools Rating

Carroll Middle School

  • Education Level: High
  • # of students: 659
  • # of teachers: 44
10
GreatSchools Rating
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$1,737
Property Tax -$1,009
Property Insurance -$138
Property Management Fees -$99
CASH FLOW
-$472

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.

$500,000

PROJECTED PRICE

$2,510

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.5%
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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,516

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5003$2,5104$2,6505$2,850
$2,850
RENT COMPS ANALYSIS
  • 3080 Flamingo Circle Southlake, TX 3
    • 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $1.31
    •  
  • 1399 Flamingo Circle Southlake, TX 1
    • 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1992
    property image
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.33
    •  
  • 2941 Flamingo Circle Southlake, TX 2
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 1983
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.30
    •  
  • 2994 Lake Drive Southlake, TX 4
    • 3 beds 2 baths ∙ 2,083 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,083 Sqft ∙ Built 1985
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.27
    •  
  • 2960 Flamingo Circle Southlake, TX 5
    • 4 beds 2 baths ∙ 2,093 Sqft ∙ Built 1983 4 beds 2 baths ∙ 2,093 Sqft ∙ Built 1983
    property image
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.36
    •  
PROPERTY LISTING DETAILS
Kelly Barz
The Michael Group Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14494987
Last Updated: 01/16/2021
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