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506 Castlewood Drive Garland, TX 75040

3 Beds 2 Baths 1,937 sqft Built 1995

$285,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $147.13
  • 2 Days on Market
  • MLS # : 14514401
  • Updated Date : 02/06/2021 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,937 sqft
  • Baths : 2 full
Listing Agent

Jp & Associates Flower Mound

Listing Agent's Description

Beautiful , Well maintained one story House , 3 Bedrooms plus study or extra bedroom . Fully updated kitchen , New Roof , New Fresh paint . Move in ready . Very close to Shopping area and restaurants . A MUST SEE .

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: Castlewood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $88k263k

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

Neighborhood: Castlewood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9401734

* 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
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$990
Property Tax -$670
Property Insurance -$139
Property Management Fees -$99
CASH FLOW
-$148

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.

$285,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,908

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,7503$1,7954$1,8255$2,150
$2,150
RENT COMPS ANALYSIS
  • 506 Castlewood Drive Garland, TX 2
    • 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
  • 6506 Teresa Lane Rowlett, TX 1
    • 3 beds 2 baths ∙ 1,806 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,806 Sqft ∙ Built 1988
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.97
    •  
  • 2313 Heather Ridge Lane Garland, TX 3
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 1994
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.94
    •  
  • 6522 Teresa Lane Rowlett, TX 4
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1987
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $1.01
    •  
  • 2222 Edinburgh Way Garland, TX 5
    • 4 beds 2 baths ∙ 2,112 Sqft ∙ Built 1993 4 beds 2 baths ∙ 2,112 Sqft ∙ Built 1993
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.02
    •  
PROPERTY LISTING DETAILS
Eman Kandil
Jp & Associates Flower Mound
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514401
Last Updated: 02/06/2021
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