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3102 Redcliff Lane Garland, TX 75043

5 Beds 5 Baths 4,319 sqft Built 2010

$500,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $115.77
  • 7 Days on Market
  • MLS # : 14417863
  • Updated Date : 11/02/2020 at 15:04
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,319 sqft
  • Baths : 5 full
Listing Agent

Re/max Generation

Listing Agent's Description

Spacious home located 2 blocks from the Eastern Hills golf course! Convenient to Firewheel Town Ctr. Gorgeous home with nail down hardwood floors. Dramatic entry with curved staircase featuring wrought iron balusters. Gameroom - Media wired for surround sound - Home Mgmt Ctr. Vaulted family open to kitchen perfect for entertaining. Gourmet kitchen with granite slab tops, GE stainless steel appliances, gas cooktop, and Butlers Pantry.

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: Keningston Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $99k370k

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

Neighborhood: Keningston Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9402361

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

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

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$1,845
Property Tax -$1,175
Property Insurance -$277
HOA -$29
Property Management Fees -$99
CASH FLOW
-$725

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.

$500,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.6%
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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

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 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$28

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,865

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,499
1$2,4992$2,7003$2,9504$2,975
$2,975
RENT COMPS ANALYSIS
  • 3102 Redcliff Lane Garland, TX 2
    • 5 beds 5 baths ∙ 4,319 Sqft ∙ Built 2010 5 beds 5 baths ∙ 4,319 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.63
    •  
  • 1622 Shadow Brook Trail Garland, TX 1
    • 4 beds 4 baths ∙ 4,257 Sqft ∙ Built 2003 4 beds 4 baths ∙ 4,257 Sqft ∙ Built 2003
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,499
    • $0.59
    •  
  • 3209 Redcliff Lane Garland, TX 3
    • 5 beds 4 baths ∙ 4,231 Sqft ∙ Built 2013 5 beds 4 baths ∙ 4,231 Sqft ∙ Built 2013
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.70
    •  
  • 4521 Hummingbird Lane Garland, TX 4
    • 5 beds 4 baths ∙ 4,262 Sqft ∙ Built 2016 5 beds 4 baths ∙ 4,262 Sqft ∙ Built 2016
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,975
    • $0.70
    •  
PROPERTY LISTING DETAILS
Ige Johnson
Re/max Generation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417863
Last Updated: 11/02/2020
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