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510 Lilly Court Irving, TX 75063

3 Beds 2 Baths 1,869 sqft Built 1994

INVESTimate

$325,000

List Price

$2,020

$1,818 - $2,222

Rent Est.

$345,248  ( +6.23%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $173.89
  • 7 Days on Market
  • MLS # : 14411539
  • Updated Date : 08/20/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,869 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Dfw Preferred

Listing Agent's Description

Great opportunity to own a home in sought after Valley Ranch. Home features open plan with over sized living area featuring gigantic brick fireplace and wood flooring. Kitchen opens to breakfast area and living which is perfect for entertaining large groups. Home boasts two split bedrooms plus large master suite with separate shower, jetted tub, double sinks and walk in closet. The very private back yard has gardens and a covered patio. Super convenient location, near parks, golfing, running trails, basketball courts, shopping and more. Easy commute to Dallas, Fort Worth and DFW Airport.

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: The Lakes of Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $107k388k

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

Neighborhood: The Lakes of Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10432239

* 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
Tom Landry Elementary School Primary Regular 466 27 2
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

Tom Landry Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 27
2
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

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$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,199
Property Tax -$718
Property Insurance -$135
HOA -$47
Property Management Fees -$99
CASH FLOW
-$178

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.

$325,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.23%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$5,078

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,117

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0203$2,1004$2,1505$2,195
$2,195
RENT COMPS ANALYSIS
  • 510 Lilly Court Irving, TX 2
    • 3 beds 2 baths ∙ 1,869 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,869 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.08
    •  
  • 501 Las Cruces Drive Irving, TX 1
    • 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,677 Sqft ∙ Built 1990
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.16
    •  
  • 10214 Waters Drive Irving, TX 3
    • 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 1993
    LEASED 01/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.14
    •  
  • 10313 Donley Drive Irving, TX 4
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1995 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1995
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.08
    •  
  • 100 Fallen Leaf Court Irving, TX 5
    • 3 beds 3 baths ∙ 1,905 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,905 Sqft ∙ Built 1990
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.15
    •  
PROPERTY LISTING DETAILS
Bill Baugh
Keller Williams Dfw Preferred
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14411539
Last Updated: 08/20/2020
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