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418 Mara Lane Red Oak, TX 75154

3 Beds 2 Baths 1,380 sqft Built 1995

$224,900

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $162.97
  • 1 Days on Market
  • MLS # : 14532523
  • Updated Date : 03/13/2021 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,380 sqft
  • Baths : 2 full
Listing Agent

Go Flat Fee

Listing Agent's Description

GREAT move-in ready 3 bedroom 2 bath brick home in Red Oak ISD with fresh paint & carpet! The nicely landscaped front yard & attractive entry way makes for wonderful curb appeal. Enter through the foyer & into the living area with its dark wood laminate flooring, brick wood-burning fireplace & open concept to the kitchen. The kitchen offers dining area, lots of cabinet & counter space including bar seating. Both the living & kitchen boast TALL ceilings. Master bedroom has large walk-in closet & en-suite bath. Quaint covered patio in backyard. Spacious 2-car garage. New roof installed 2018. New HVAC with 10-year warranty on parts installed 2019. Easy access to highways, schools, entertainment & shopping.

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10151734

* 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
Red Oak Elementary School Primary Regular 635 37 6
Red Oak Junior High School Middle Regular 872 52 6
Red Oak High School High Regular 1,794 115 5

Red Oak Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 37
6
GreatSchools Rating

Red Oak Junior High School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 52
6
GreatSchools Rating

Red Oak High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 115
5
GreatSchools Rating
 

$202,410$247,390$224,900

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$781
Property Tax -$490
Property Insurance -$107
Property Management Fees -$99
CASH FLOW
-$97

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$224,900

PROJECTED PRICE

$1,380

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$3,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,466

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4503$1,4954$1,6005$1,800
$1,800
RENT COMPS ANALYSIS
  • 418 Mara Lane Red Oak, TX 1
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.00
    •  
  • 600 Aspen Court Red Oak, TX 2
    • 3 beds 2 baths ∙ 1,423 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,423 Sqft ∙ Built 2007
    property image
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.02
    •  
  • 416 Mara Lane Red Oak, TX 3
    • 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1995
    property image
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.13
    •  
  • 117 Autumn Trail Red Oak, TX 4
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2005
    property image
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.05
    •  
  • 314 N Lowrance Road Red Oak, TX 5
    • 4 beds 2 baths ∙ 1,715 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,715 Sqft ∙ Built 1980
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.05
    •  
PROPERTY LISTING DETAILS
Wayne Barnes
Go Flat Fee
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14532523
Last Updated: 03/13/2021
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