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3940 Fairlakes Circle Dallas, TX 75228

4 Beds 3 Baths 2,914 sqft Built 1983

$394,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $135.21
  • 3 Days on Market
  • MLS # : 14499487
  • Updated Date : 01/15/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,914 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Bright and beautiful! Lots of natural light and an updated white kitchen with white quartz counters. All bathrooms have been updated with high end finishes. The principal bath has an amazing see through fireplace to enjoy while soaking in the free standing tub. Oversized principal bedroom with cedar closet and fireplace. Sliding barn door to main closet in bathroom. Second living or game room near kitchen gives plenty of space to watch tv or a play area. Enjoy a formal dining and breakfast area with separate laundry room. Adjacent to the prestigious Dallas Athletic Club where you can enjoy the spectacular 4th of July fireworks show from your spot by the golf course. This property checks all the boxes.

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: Fairway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $88k427k

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

Neighborhood: Fairway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9452271

* 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
 

$354,600$433,400$394,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,369
Property Tax -$934
Property Insurance -$196
Property Management Fees -$99
CASH FLOW
-$167

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.

$394,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 13.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,160

INVESTMENT

$110,160

Down Payment
$98,500
Rehab Estimate
$5,750
Closing Costs
$5,910

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,369

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,500
Loan Amount $295,500
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,483

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,244

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4303$2,500
$2,500
RENT COMPS ANALYSIS
  • 3940 Fairlakes Circle Dallas, TX 2
    • 4 beds 3 baths ∙ 2,914 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,914 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $0.83
    •  
  • 11331 Glen Cross Drive Dallas, TX 1
    • 5 beds 3 baths ∙ 2,969 Sqft ∙ Built 1966 5 beds 3 baths ∙ 2,969 Sqft ∙ Built 1966
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.74
    •  
  • 525 Candlewood Lane Garland, TX 3
    • 4 beds 3 baths ∙ 3,110 Sqft ∙ Built 1974 4 beds 3 baths ∙ 3,110 Sqft ∙ Built 1974
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.80
    •  
PROPERTY LISTING DETAILS
Gretchen Williams
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14499487
Last Updated: 01/15/2021
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