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313 Strain Lane Lucas, TX 75002

4 Beds 4 Baths 3,944 sqft Built 2012

INVESTimate

$749,000

List Price

$3,100

$2,850 - $3,350

Rent Est.

$812,066  ( +8.42%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $189.91
  • 8 Days on Market
  • MLS # : 14416414
  • Updated Date : 08/24/2020 at 16:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,944 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

Fall in love with this beautiful estate home in coveted Lovejoy ISD & enjoy 2 acres of luxurious country living with city conveniences. This 1 story home offers an open floor plan designed for flexibility with 4 beds and 3.5 baths. Study has a closet & can be a 5th bed. Home offers lots of entertaining space with 3 living & 2 dining areas. Enjoy quiet evenings in the living rm by the beautiful stone gas fireplace that is open to the spacious chef’s kitchen that features a large island. The master retreat is separate from the other bedrms for privacy and boasts a large ensuite. Large covered back porch for year-round entertaining. This home boasts thoughtful design and fabulous details that are sure to delight!

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: 75002

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $123k623k

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

Zip Code: 75002

ZipNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263467

* 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
Hart Elementary School Primary Regular 447 32 9
Sloan Creek Intermediate School Middle Regular 679 43 10
Lovejoy High School High Regular 1,259 90 10

Hart Elementary School

  • Education Level: Primary
  • # of students: 447
  • # of teachers: 32
9
GreatSchools Rating

Sloan Creek Intermediate School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 43
10
GreatSchools Rating

Lovejoy High School

  • Education Level: High
  • # of students: 1,259
  • # of teachers: 90
10
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,790$3,410$3,100

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,100
EXPENSES Loan Payment -$2,763
Property Tax -$1,335
Property Insurance -$255
HOA -$149
Property Management Fees -$99
CASH FLOW
-$1,501

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.

$749,000

PROJECTED PRICE

$3,100

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.42%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$55

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,100

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,761

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,9003$3,100
$3,100
RENT COMPS ANALYSIS
  • 313 Strain Lane Lucas, TX 3
    • 4 beds 4 baths ∙ 3,944 Sqft ∙ Built 2012 4 beds 4 baths ∙ 3,944 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $0.79
    •  
  • 1813 Camo Court Allen, TX 1
    • 4 beds 4 baths ∙ 3,671 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,671 Sqft ∙ Built 2016
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.68
    •  
  • 6006 Dumont Court Parker, TX 2
    • 4 beds 4 baths ∙ 4,019 Sqft ∙ Built 2006 4 beds 4 baths ∙ 4,019 Sqft ∙ Built 2006
    LEASED 02/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.72
    •  
PROPERTY LISTING DETAILS
Christine Hughes
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416414
Last Updated: 08/24/2020
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