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4070 Bishop Lane Farmers Branch, TX 75244

3 Beds 3 Baths 2,264 sqft Built 2012

$490,000

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $216.43
  • 3 Days on Market
  • MLS # : 14463956
  • Updated Date : 11/06/2020 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,264 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Immaculate detached home with stunning water views. This rare peaceful water setting is close to all fine dining in Addison, Galleria shopping, is a few miles from Brookhaven Golf Course and Country Club and is steps from the Parish Episcopal School. Premium lot location with upgrades including plantation shutters, master closet built-ins, designer landscaped side yard, dimmers and sound wiring. A great balcony off the main bedroom also has full water views. Home has 3 full bedrooms, 2.5 bathrooms, large living room downstairs, and exceptional second living room upstairs. Entertainer's open kitchen has granite, stainless appliances and an abundance of storage. Private patio is plumbed for gas.

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: Cambridge Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k496k

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

Neighborhood: Cambridge Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262789

* 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
Janie Stark Elementary School Primary Regular 692 40 8
Vivian Field Middle School Middle Regular 971 64 4
R.l. Turner High School High Regular 2,072 136 5

Janie Stark Elementary School

  • Education Level: Primary
  • # of students: 692
  • # of teachers: 40
8
GreatSchools Rating

Vivian Field Middle School

  • Education Level: Middle
  • # of students: 971
  • # of teachers: 64
4
GreatSchools Rating

R.l. Turner High School

  • Education Level: High
  • # of students: 2,072
  • # of teachers: 136
5
GreatSchools Rating
 

$441,000$539,000$490,000

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$1,808
Property Tax -$1,072
Property Insurance -$158
HOA -$188
Property Management Fees -$99
CASH FLOW
-$605

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.

$490,000

PROJECTED PRICE

$2,720

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,600

INVESTMENT

$135,600

Down Payment
$122,500
Rehab Estimate
$5,750
Closing Costs
$7,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,500
Loan Amount $367,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$163

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,711

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$2,595
1$2,5952$2,6253$2,7204$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 4070 Bishop Lane Farmers Branch, TX 3
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $1.20
    •  
  • 4001 Sigma Road Farmers Branch, TX 1
    • 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,196 Sqft ∙ Built 2012
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.18
    •  
  • 4062 Bishop Lane Farmers Branch, TX 2
    • 3 beds 3 baths ∙ 2,105 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,105 Sqft ∙ Built 2012
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,625
    • $1.25
    •  
  • 13640 Greystone Drive Farmers Branch, TX 4
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2012
    LEASED 05/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.21
    •  
  • 4005 Sigma Road Farmers Branch, TX 5
    • 3 beds 3 baths ∙ 2,440 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,440 Sqft ∙ Built 2012
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.15
    •  
PROPERTY LISTING DETAILS
Courtney Whitford
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463956
Last Updated: 11/06/2020
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