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3337 Garrett Drive Irving, TX 75062

4 Beds 3 Baths 2,509 sqft Built 2002

INVESTimate

$465,000

List Price

$2,880

$2,630 - $3,130

Rent Est.

$479,043  ( +3.02%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $185.33
  • 2 Days on Market
  • MLS # : 14419544
  • Updated Date : 08/25/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,509 sqft
  • Baths : 3 full
Listing Agent

Nicole Andrews Group

Listing Agent's Description

Over $100K in improvements since 2014! Beautiful home with 3 bedrooms downstairs in coveted University Park Estates. Updates include travertine in living, dining, Guest room and powder, new granite & backsplash in kitchen, plantation shutters, frameless glass showers in master and upstairs and new carpet in master and upstairs. Large master suite sits at back of home for privacy. Upstairs 4th bedroom is as large as master suite and can be converted to a game room if desired. Beautiful deck and side yard is an oasis for relaxation. Plenty of grass for pets or to play. Conveniently located across from community pool, basketball, playground and tennis courts. Walk this home with Virtual Reality 3D tour online!

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: University Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $107k457k

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

Neighborhood: University Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $10433548

* 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
Farine Elementary School Primary Regular 777 54 5
Travis Middle School Middle Regular 997 72 5
Macarthur High School High Regular 2,759 179 5

Farine Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 54
5
GreatSchools Rating

Travis Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 72
5
GreatSchools Rating

Macarthur High School

  • Education Level: High
  • # of students: 2,759
  • # of teachers: 179
5
GreatSchools Rating
 

$418,500$511,500$465,000

PURCHASE PRICE

$2,592$3,168$2,880

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,880
EXPENSES Loan Payment -$1,716
Property Tax -$1,028
Property Insurance -$172
HOA -$192
Property Management Fees -$99
CASH FLOW
-$327

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.

$465,000

PROJECTED PRICE

$2,880

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.02%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,729

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,880

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $3,117

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,880
1$2,8802$3,0003$3,1504$3,1955$3,195
$3,195
RENT COMPS ANALYSIS
  • 3337 Garrett Drive Irving, TX 1
    • 4 beds 3 baths ∙ 2,509 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,509 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,880
    • $1.15
    •  
  • 2715 Amistad Drive Irving, TX 2
    • 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2019
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.23
    •  
  • 1924 Rayburn Court Irving, TX 3
    • 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 2019
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.25
    •  
  • 2627 Amistad Drive Irving, TX 4
    • 4 beds 4 baths ∙ 2,590 Sqft ∙ Built 2019 4 beds 4 baths ∙ 2,590 Sqft ∙ Built 2019
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.23
    •  
  • 2016 Livingston Road Irving, TX 5
    • 4 beds 4 baths ∙ 2,527 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,527 Sqft ∙ Built 2018
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.26
    •  
PROPERTY LISTING DETAILS
Nicole Andrews
Nicole Andrews Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14419544
Last Updated: 08/25/2020
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