Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

509 Magnolia Parkway Benbrook, TX 76126

3 Beds 3 Baths 2,235 sqft Built 2009

$375,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $167.79
  • 2 Days on Market
  • MLS # : 14481772
  • Updated Date : 12/04/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,235 sqft
  • Baths : 3 full
Listing Agent

Century 21 Judge Fite Co.

Listing Agent's Description

Gorgeous 3-3-3 home in Brookside at Benbrook with no HOA. When you enter you have ceramic tile at the entry and kitchen. The Kitchen has granite countertops, and a separate island. Transition flooring into wood in the living and master bedroom including closet in the hallway and master closet. Enjoy this open concept living, dining and kitchen. Plus you have your screened in back patio, out back you have a nice large yard with an outdoor fireplace to enjoy. Recently replaced carpet going upstairs and the whole second floor. Perfect room for the teenager. You have this nice drive through 3 car tandem garage with a storm shelter in the garage. Close to shopping, schools, Lake, park and bike trails.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Zip Code: 76126

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $117k476k

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

Zip Code: 76126

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9651734

* 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
Westpark Elementary School Primary Regular 484 25 8
Benbrook Middle High School Middle Regular 911 59 5
Benbrook Middle High School High Regular 911 59 5

Westpark Elementary School

  • Education Level: Primary
  • # of students: 484
  • # of teachers: 25
8
GreatSchools Rating

Benbrook Middle High School

  • Education Level: Middle
  • # of students: 911
  • # of teachers: 59
5
GreatSchools Rating

Benbrook Middle High School

  • Education Level: High
  • # of students: 911
  • # of teachers: 59
5
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$1,384
Property Tax -$808
Property Insurance -$156
Property Management Fees -$99
CASH FLOW
-$127

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.

$375,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.6%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$10,937

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,034

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$2,0004$2,1385$2,320
$2,320
RENT COMPS ANALYSIS
  • 509 Magnolia Parkway Benbrook, TX 5
    • 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $1.04
    •  
  • 1308 Vernon Castle Avenue Benbrook, TX 1
    • 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 2003
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.90
    •  
  • 7109 Woodhinge Drive Benbrook, TX 2
    • 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 1996
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.90
    •  
  • 8464 Arroyo Lane Benbrook, TX 3
    • 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2006
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
  • 313 Sterling Drive Benbrook, TX 4
    • 4 beds 2 baths ∙ 2,210 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,210 Sqft ∙ Built 2007
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,138
    • $0.97
    •  
PROPERTY LISTING DETAILS
Benita Gavrel-rowell
Century 21 Judge Fite Co.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481772
Last Updated: 12/04/2020
BESbswy