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509 Milla Lane Euless, TX 76039

3 Beds 2 Baths 1,896 sqft Built 1998

$315,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $166.14
  • 2 Days on Market
  • MLS # : 14494125
  • Updated Date : 01/09/2021 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,896 sqft
  • Baths : 2 full
Listing Agent

The Michael Group Real Estate

Listing Agent's Description

Open House Jan 10th 1-4pm. Small, quiet gated community with clubhouse & pool, gardens & waterfall. Maximum privacy with this 3 way SPLIT bedroom layout. Rear master suite with 12 ft WI closet, 2 long vanities separated by shower & jet tub. 2nd Living & study or BR3 split off entrance. Spacious bedrooms & living space, 10 ft high ceilings with arch openings & recessed lights thru out. Perfect for entertaining in bright, OPEN living-dining-kitchen. Eat in kitchen with long breakfast bar & ample granite counter & cabinet space, 8 drawers & refrigerator. Low maintenance yard to enjoy coffee & happy hour. Front yard maintained by HOA. Overflow parking spaces thru out community.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Forest Pointe Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Forest Pointe Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9932171

* 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
Lakewood Elementary School Primary Regular 713 39 6
Euless Junior High School Middle Regular 1,024 57 8
Euless Junior High School High Regular 1,024 57 8

Lakewood Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 39
6
GreatSchools Rating

Euless Junior High School

  • Education Level: Middle
  • # of students: 1,024
  • # of teachers: 57
8
GreatSchools Rating

Euless Junior High School

  • Education Level: High
  • # of students: 1,024
  • # of teachers: 57
8
GreatSchools Rating
 

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

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,094
Property Tax -$612
Property Insurance -$137
HOA -$135
Property Management Fees -$99
CASH FLOW
-$116

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

$1,960

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
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

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 65% 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

2.42

YEARS SAVED

$5,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,972

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9253$1,9254$1,9605$2,000
$2,000
RENT COMPS ANALYSIS
  • 509 Milla Lane Euless, TX 4
    • 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $1.03
    •  
  • 414 Teal Wood Lane Euless, TX 1
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 1982
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.97
    •  
  • 510 Wild Oak Lane Euless, TX 2
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 1982
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.07
    •  
  • 304 Branch Bend Euless, TX 3
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 1994
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.05
    •  
  • 902 Winston Drive Euless, TX 5
    • 4 beds 2 baths ∙ 1,861 Sqft ∙ Built 1995 4 beds 2 baths ∙ 1,861 Sqft ∙ Built 1995
    property image
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.07
    •  
PROPERTY LISTING DETAILS
Kelly Barz
The Michael Group Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14494125
Last Updated: 01/09/2021
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