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3704 Lynchburg Drive Corinth, TX 76208

4 Beds 3 Baths 3,108 sqft Built 1982

$439,900

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $141.54
  • 2 Days on Market
  • MLS # : 14467352
  • Updated Date : 11/07/2020 at 07:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,108 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

HUGE OVERSIZED .75 ACRE LOT, 2 MASTERS, NICE POOL-SPA, NO HOA, 4 Car Garage-SHOP! 4 bed 3 bath includes incredible 4 car oversized garage(Could have awesome shop). Home features 2 dining and living areas and also boasts 2 master beds, quartz kitchen countertops, kitchen plumbed for gas, skylight in formal living, wainscoting, wet bar, and more. The exterior boasts beautiful curb appeal, wing walls on the front of the home, 2 water meters, beautiful Pool with heated spa and freeze guard, large covered patio with deck, and lots of mature trees. Roof, AC, furnace, hot water heater, sink, disposal, dishwasher, and cooktop less than 5 years old. Nice privacy! This home has it all come bring your personal touches!

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: Corinth Farms

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Corinth Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9532171

* 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
Shady Shores Elementary School Primary Regular 520 38 6
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Shady Shores Elementary School

  • Education Level: Primary
  • # of students: 520
  • # of teachers: 38
6
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$395,910$483,890$439,900

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,623
Property Tax -$889
Property Insurance -$207
Property Management Fees -$99
CASH FLOW
-$418

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.

$439,900

PROJECTED PRICE

$2,400

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.2%
Maintenance Year (1-5) 8.00%
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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,324

INVESTMENT

$122,324

Down Payment
$109,975
Rehab Estimate
$5,750
Closing Costs
$6,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $109,975
Loan Amount $329,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,493

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,497

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,4004$2,795
$2,795
RENT COMPS ANALYSIS
  • 3704 Lynchburg Drive Corinth, TX 3
    • 4 beds 3 baths ∙ 3,108 Sqft ∙ Built 1982 4 beds 3 baths ∙ 3,108 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.77
    •  
  • 1993 Hayden Lane Corinth, TX 1
    • 4 beds 4 baths ∙ 2,998 Sqft ∙ Built 2000 4 beds 4 baths ∙ 2,998 Sqft ∙ Built 2000
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.70
    •  
  • 2727 Windstone Way Corinth, TX 2
    • 4 beds 3 baths ∙ 2,899 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,899 Sqft ∙ Built 1997
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.72
    •  
  • 109 Palomino Court Shady Shores, TX 4
    • 5 beds 4 baths ∙ 2,822 Sqft ∙ Built 2001 5 beds 4 baths ∙ 2,822 Sqft ∙ Built 2001
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.99
    •  
PROPERTY LISTING DETAILS
Brad Mckissack
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14467352
Last Updated: 11/07/2020
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