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5203 Montego Bay Drive Irving, TX 75038

4 Beds 4 Baths 2,753 sqft Built 2018

$440,000

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $159.83
  • 4 Days on Market
  • MLS # : 14540051
  • Updated Date : 03/26/2021 at 15:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,753 sqft
  • Baths : 3 full , 1 half
Listing Agent

Allie Beth Allman & Associates

Listing Agent's Description

Come see this gorgeous home today! This beautiful 4 bedrooms, 3.5 bath home shows like new and is barely lived in. As you step into this house, you will be welcomed with tons of natural light along the beautiful flooring that extends all the way to the living room. The open kitchen layout is upgraded with granite counters and stainless steel appliances. Enjoy the spacious master bedroom with an attached bath, double sinks, separate showers and enlarged walk-in closet. On the second level, there is a huge game room and 3 bedrooms. WOW, this home comes with the refrigerator, washer and dryer along with the Tankless Water Heater, Keyless Schlage Entry, Nest Thermostat. Easy access to 635, 114, 161 and DFW airport.

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: 75038

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k302k

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

Zip Code: 75038

ZipNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10432877

* 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
Townsell Elementary School Primary Regular 898 56 4
Houston Middle School Middle Regular 925 66 5
Macarthur High School High Regular 2,759 179 5

Townsell Elementary School

  • Education Level: Primary
  • # of students: 898
  • # of teachers: 56
4
GreatSchools Rating

Houston Middle School

  • Education Level: Middle
  • # of students: 925
  • # of teachers: 66
5
GreatSchools Rating

Macarthur High School

  • Education Level: High
  • # of students: 2,759
  • # of teachers: 179
5
GreatSchools Rating
 

$396,000$484,000$440,000

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$1,528
Property Tax -$972
Property Insurance -$186
HOA -$47
Property Management Fees -$99
CASH FLOW
$97

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.

$440,000

PROJECTED PRICE

$2,930

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.6%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$25,902

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,930

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,870

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7003$2,7004$2,7505$2,930
$2,930
RENT COMPS ANALYSIS
  • 5203 Montego Bay Drive Irving, TX 5
    • 4 beds 4 baths ∙ 2,753 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,753 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,930
    • $1.06
    •  
  • 4951 Dominion Boulevard Irving, TX 1
    • 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 2013
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.00
    •  
  • 3742 Adriana Avenue Irving, TX 2
    • 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.06
    •  
  • 3623 Crosby Street Irving, TX 3
    • 3 beds 3 baths ∙ 2,494 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,494 Sqft ∙ Built 2017
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.08
    •  
  • 3614 Crosby Street Irving, TX 4
    • 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2016
    LEASED 03/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.03
    •  
PROPERTY LISTING DETAILS
Shalvi Jhaveri
Allie Beth Allman & Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14540051
Last Updated: 03/26/2021
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