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328 Edmund Lane Fate, TX 75087

3 Beds 3 Baths 2,060 sqft Built 2021

$295,631

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
December 01, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $143.51
  • 6 Days on Market
  • MLS # : 14479140
  • Updated Date : 12/01/2020 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,060 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready April 2021! Enjoy dinner outside on the Fitzhugh’s covered back patio. Indoors, the open concept kitchen flows seamlessly into the great and dining rooms. The versatile flex space makes a great office or game room and storage helps put everything in its place. Spend the weekends cooling off in Woodcreek’s community pool. With miles of trails, numerous playgrounds, and a well-equipped clubhouse, everything you need is just a short walk from home. Located just off I-30, Dallas is just over a half hour away. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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: Woodcreek

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8882171

* 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
Billie Stevenson Elementary School Primary Unknown 526 35 NA
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Billie Stevenson Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 35
NA
GreatSchools Rating

Herman E. Utley Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 40
8
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$266,068$325,194$295,631

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,091
Property Tax -$532
Property Insurance -$146
HOA -$47
Property Management Fees -$99
CASH FLOW
$165

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$295,631

PROJECTED PRICE

$2,080

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,342

INVESTMENT

$80,342

Down Payment
$73,908
Rehab Estimate
$2,000
Closing Costs
$4,434

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,091

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,908
Loan Amount $221,723
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$34,876

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,086

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9003$2,0804$2,0955$2,150
$2,150
RENT COMPS ANALYSIS
  • 328 Edmund Lane Fate, TX 3
    • 3 beds 3 baths ∙ 2,060 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,060 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $1.01
    •  
  • 575 Louder Way Fate, TX 1
    • 3 beds 2 baths ∙ 1,887 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,887 Sqft ∙ Built 2012
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.98
    •  
  • 576 Louder Way Fate, TX 2
    • 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2011
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.00
    •  
  • 611 Louder Way Fate, TX 4
    • 4 beds 2 baths ∙ 2,048 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,048 Sqft ∙ Built 2011
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.02
    •  
  • 917 Mcgehee Court Fate, TX 5
    • 3 beds 2 baths ∙ 2,039 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,039 Sqft ∙ Built 2018
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.05
    •  
PROPERTY LISTING DETAILS
Patrick Mcgrath
Meritage Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14479140
Last Updated: 12/01/2020
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