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381 Myrtle Beach Garland, TX 75040

4 Beds 3 Baths 2,448 sqft Built 2021

$556,735

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $227.42
  • 4 Days on Market
  • MLS # : 14521933
  • Updated Date : 02/25/2021 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,448 sqft
  • Baths : 3 full
Listing Agent

Royal Realty, Inc.

Listing Agent's Description

New American Home by Grand Homes JULY Completion with open family room & upstairs gameroom. Spacious East facing home has wood floors thru main areas downstairs, thick 5 inch baseboards, wrought iron staircase railings, CAT 5, & fully sodded yard w sprinkler sys. 2 car garage. Open vaulted family room has wood floors & ceiling fan - 3 downstairs bedrooms - upstairs gameroom & bedroom suite! Open kitchen has 42 inch Shaker cabinetry, Omegastone slab tops, stainless steel appliances, gas cooktop, undermount sink & island. Master bath has garden tub, separate shower & dbl sinks. Covered Back Patio. Energy features for low bills include R38 insulation, radiant barrier roof & 16 SEER ac

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: Northeast Garland

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Northeast Garland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9402337

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$501,062$612,409$556,735

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,934
Property Tax -$1,309
Property Insurance -$169
HOA -$30
Property Management Fees -$99
CASH FLOW
-$1,570

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.

$556,735

PROJECTED PRICE

$1,970

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.1%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$149,535

INVESTMENT

$149,535

Down Payment
$139,184
Rehab Estimate
$2,000
Closing Costs
$8,351

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $139,184
Loan Amount $417,551
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$5,034

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,940

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8503$1,8504$1,9705$2,150
$2,150
RENT COMPS ANALYSIS
  • 381 Myrtle Beach Garland, TX 4
    • 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.80
    •  
  • 1118 Arbor Gate Drive Garland, TX 1
    • 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 2003
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
  • 1109 Arbor Gate Drive Garland, TX 2
    • 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2002
    property image
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.88
    •  
  • 1817 Cartman Road Garland, TX 3
    • 4 beds 3 baths ∙ 2,703 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,703 Sqft ∙ Built 2001
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.68
    •  
  • 1605 Audrey Drive Garland, TX 5
    • 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2001
    property image
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.79
    •  
PROPERTY LISTING DETAILS
Stephen Brooks
Royal Realty, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521933
Last Updated: 02/25/2021
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