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3502 Edgewood Street Dallas, TX 75215

4 Beds 2 Baths 1,866 sqft Built 2019

$219,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $117.85
  • 3 Days on Market
  • MLS # : 14485253
  • Updated Date : 12/11/2020 at 18:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,866 sqft
  • Baths : 2 full
Listing Agent

Gregorio Real Estate Company

Listing Agent's Description

GORGEOUS home located in South Dallas-Fair Park area. This new 4 bedroom 2 bath home come equipped with an open floor plan concept that is perfect for entertaining. Home has two dining room areas, laminate wood flooring, granite countertops with waterfall island that include a veggie sink, 42 inch expresso cabinets, oversized master bedroom, double vanity, spacious walk in closet and stainless steel appliances (range, microwave and dishwasher). Minutes from Downtown, Fair Park and Deep Ellum. This house is a must see. Home is currently tenant occupied; however, tenant is in the process of moving out by end of month.

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: Bertrand

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240kPrice in $53k243k

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

Neighborhood: Bertrand

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400150016001700Rent in $6851734

* 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
Martin Luther King Jr. Learning Center Primary Regular 502 33 2
Billy Earl Dade Middle School Middle Regular 888 68 2
James Madison High School High Regular 464 42 2

Martin Luther King Jr. Learning Center

  • Education Level: Primary
  • # of students: 502
  • # of teachers: 33
2
GreatSchools Rating

Billy Earl Dade Middle School

  • Education Level: Middle
  • # of students: 888
  • # of teachers: 68
2
GreatSchools Rating

James Madison High School

  • Education Level: High
  • # of students: 464
  • # of teachers: 42
2
GreatSchools Rating
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$811
Property Tax -$521
Property Insurance -$135
Property Management Fees -$99
CASH FLOW
$33

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.

$219,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 3.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,274

INVESTMENT

$60,274

Down Payment
$54,975
Rehab Estimate
$2,000
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$13,308

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4503$1,4504$1,600
$1,600
RENT COMPS ANALYSIS
  • 3502 Edgewood Street Dallas, TX 4
    • 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 2019 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 3219 Goldspier Drive Dallas, TX 1
    • 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 2019 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 2019
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 2829 South Boulevard Dallas, TX 2
    • 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 2011
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
  • 3518 Frank Street Dallas, TX 3
    • 4 beds 2 baths ∙ 1,567 Sqft ∙ Built 2019 4 beds 2 baths ∙ 1,567 Sqft ∙ Built 2019
    property image
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
PROPERTY LISTING DETAILS
Reginald Deloatch
Gregorio Real Estate Company
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14485253
Last Updated: 12/11/2020
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