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4729 Forrest Springs Cove Garland, TX 75043

3 Beds 3 Baths 2,358 sqft Built 2004

$315,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $133.59
  • 3 Days on Market
  • MLS # : 14504121
  • Updated Date : 02/05/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,358 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mike Mazyck Realty

Listing Agent's Description

Beautiful home with three bedrooms plus an office that could be used as a fourth bedroom with updates throughout conveniently located near the lake. The spacious front living area has a electric fireplace. Second living area off of the gorgeous island kitchen with granite counters, breakfast bar, stainless appliances. Large master suite featuring master bath with a soaking tub, large separate shower, and an oversized walk in closet. Nicely sized bedrooms. Great backyard with a large covered patio, storage building, along with a wood privacy fence.

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: Highport Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $88k295k

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

Neighborhood: Highport Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9402135

* 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
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,094
Property Tax -$741
Property Insurance -$163
HOA -$28
Property Management Fees -$99
CASH FLOW
-$235

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.

$315,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.6%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$1,327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,004

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8493$1,8504$1,8905$2,050
$2,050
RENT COMPS ANALYSIS
  • 4729 Forrest Springs Cove Garland, TX 4
    • 3 beds 3 baths ∙ 2,358 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,358 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.80
    •  
  • 4126 Carrington Drive Garland, TX 1
    • 3 beds 2 baths ∙ 2,186 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,186 Sqft ∙ Built 2002
    property image
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.82
    •  
  • 5309 Brookport Drive Garland, TX 2
    • 4 beds 2 baths ∙ 2,114 Sqft ∙ Built 1984 4 beds 2 baths ∙ 2,114 Sqft ∙ Built 1984
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,849
    • $0.87
    •  
  • 5318 Oceanport Drive Garland, TX 3
    • 4 beds 2 baths ∙ 2,141 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,141 Sqft ∙ Built 2016
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.86
    •  
  • 4805 Kelso Place Garland, TX 5
    • 4 beds 3 baths ∙ 2,408 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,408 Sqft ∙ Built 2019
    property image
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.85
    •  
PROPERTY LISTING DETAILS
Mariya Roberts
Mike Mazyck Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14504121
Last Updated: 02/05/2021
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