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4054 Passage Way Lancaster, TX 75146

4 Beds 2 Baths 2,124 sqft Built 2016

$259,900

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $122.36
  • 2 Days on Market
  • MLS # : 14527258
  • Updated Date : 03/06/2021 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,124 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Urban Dallas

Listing Agent's Description

Newly remodeled home that is clean and move in ready in this sweet, family friendly Lancaster neighborhood! This 4 bedroom, 2 bathroom, 2,124 sqft home has been updated with some incredible features including a full interior 3 tone paint scheme, new carpet in all the bedrooms, new stainless steel appliances, new luxury fixtures, and much more! With plenty of curb appeal and a backyard waiting for your vision, you'll love the ample natural light in the main living area of this home. Not eligible for FHA loans until April 23, 2021.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Bear Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Bear Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Lancaster Elementary School Primary Regular 585 33 7
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Lancaster Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 33
7
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$903
Property Tax -$661
Property Insurance -$150
HOA -$33
Property Management Fees -$99
CASH FLOW
-$6

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.

$259,900

PROJECTED PRICE

$1,840

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$8,828

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,789

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7754$1,8005$1,840
$1,840
RENT COMPS ANALYSIS
  • 4054 Passage Way Lancaster, TX 5
    • 4 beds 2 baths ∙ 2,124 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,124 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.87
    •  
  • 1617 Ambercrest Drive Lancaster, TX 1
    • 3 beds 2 baths ∙ 2,244 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,244 Sqft ∙ Built 2005
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.76
    •  
  • 1779 Eagle River Trail Lancaster, TX 2
    • 3 beds 2 baths ∙ 2,162 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,162 Sqft ∙ Built 2006
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
  • 1455 Carsen Way Lancaster, TX 3
    • 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2014
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.92
    •  
  • 1774 Pioneer Way Lancaster, TX 4
    • 3 beds 3 baths ∙ 1,970 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,970 Sqft ∙ Built 2015
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
PROPERTY LISTING DETAILS
Alexa Anderson
Keller Williams Urban Dallas
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14527258
Last Updated: 03/06/2021
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