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322 Orchard Place Red Oak, TX 75154

4 Beds 3 Baths 2,230 sqft Built 2013

$299,900

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $134.48
  • 6 Days on Market
  • MLS # : 14516236
  • Updated Date : 02/09/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,230 sqft
  • Baths : 2 full , 1 half
Listing Agent

Beacon Real Estate

Listing Agent's Description

This spacious four bedroom home in Harmony is a must see! Great curb appeal! Entertaining is easy with this floorplan! The kitchen is open to the living room. The kitchen has black appliances, cooktop, built in oven and microwave, a walk in pantry, butlers pantry and an oversized breakfast area! The common areas have tall ceilings and tile floors! The master is large with sitting area, dual vanities, separate shower, and soaking tub! Large walk in closet. Split bedrooms allow for privacy! Three additional bedrooms with large closets! Red Oak is growing! Home is moments away from I35 and great schools, shopping, and entertainment. Neighborhood has a pool and room to play! Don't miss this great opportunity!!!

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

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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,042
Property Tax -$654
Property Insurance -$156
HOA -$38
Property Management Fees -$99
CASH FLOW
$112

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.

$299,900

PROJECTED PRICE

$2,100

PROJECTED RENT

0.70%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$21,332

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,063

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9503$2,0954$2,1005$2,145
$2,145
RENT COMPS ANALYSIS
  • 322 Orchard Place Red Oak, TX 4
    • 4 beds 3 baths ∙ 2,230 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,230 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 629 Azalea Drive Glenn Heights, TX 1
    • 3 beds 2 baths ∙ 2,114 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,114 Sqft ∙ Built 2005
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.88
    •  
  • 527 Azalea Drive Glenn Heights, TX 2
    • 3 beds 2 baths ∙ 2,177 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,177 Sqft ∙ Built 2005
    LEASED 02/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
  • 222 Jacob Court Glenn Heights, TX 3
    • 4 beds 2 baths ∙ 2,266 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,266 Sqft ∙ Built 2002
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.92
    •  
  • 627 Green Mound Drive Glenn Heights, TX 5
    • 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 2018
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $1.00
    •  
PROPERTY LISTING DETAILS
Eric Cates
Beacon Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14516236
Last Updated: 02/09/2021
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