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420 Waterscape Drive #1237 Lake Dallas, TX 75065

3 Beds 4 Baths 2,091 sqft Built 2020

$371,900

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $177.86
  • 3 Days on Market
  • MLS # : 14508700
  • Updated Date : 01/29/2021 at 14:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,091 sqft
  • Baths : 3 full , 1 half
Listing Agent

Ebby Halliday, Realtors/fm

Listing Agent's Description

Greenbelt Lot!The Citadel, beautiful custom 3_3.5_2 overrsize garage.Cozy fireplace nestled in the corner of the LR,custom open concept gourmet kitchen w gas cooktop,built in convection oven,custom wood cabinets,designer backsplash,kit island w tons of prep space.Thoughtful custom designer details abound in this 2091 sq ft townhome style condo.Masterbth w sep vanities,quartz counters,double shower,freestanding slipper tub.2 additional bedrms w full baths,walk in closets. Gameroom provides additional entertaining space.This community is a luxury mid-rise residence,nestled amidst a perpetual forest of trees and an oasis of natural beauty w all the urban conveniences. Very close to the shores of Lake Lewisville

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: Folly Beach

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $68k246k

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

Neighborhood: Folly Beach

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8011744

* 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
Lake Dallas Elementary School Primary Regular 721 47 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Lake Dallas Elementary School

  • Education Level: Primary
  • # of students: 721
  • # of teachers: 47
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$334,710$409,090$371,900

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,292
Property Tax -$793
Property Insurance -$148
HOA -$225
Property Management Fees -$99
CASH FLOW
-$606

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$371,900

PROJECTED PRICE

$1,950

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.3%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
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-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$100,554

INVESTMENT

$100,554

Down Payment
$92,975
Rehab Estimate
$2,000
Closing Costs
$5,579

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,292

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,975
Loan Amount $278,925
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$11

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,939

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7253$1,7494$1,9505$1,950
$1,950
RENT COMPS ANALYSIS
  • 420 Waterscape Drive Lake Dallas, TX 5
    • 3 beds 4 baths ∙ 2,091 Sqft ∙ Built 2020 3 beds 4 baths ∙ 2,091 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.93
    •  
  • 505 Maverick Drive Lake Dallas, TX 1
    • 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 2008
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 617 Grayson Lane Lake Dallas, TX 2
    • 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 2009
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.93
    •  
  • 513 Jefferson Lane Lake Dallas, TX 3
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2006
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,749
    • $0.96
    •  
  • 301 N Lakeview Drive Lake Dallas, TX 4
    • 4 beds 4 baths ∙ 2,169 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,169 Sqft ∙ Built 2016
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
PROPERTY LISTING DETAILS
Karen L Sefcik
Ebby Halliday, Realtors/fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508700
Last Updated: 01/29/2021
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