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524 King Galloway Drive Lewisville, TX 75056

3 Beds 3 Baths 2,175 sqft Built 2011

$424,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $194.94
  • 5 Days on Market
  • MLS # : 14462025
  • Updated Date : 11/01/2020 at 10:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,175 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Gorgeous, low maintenance, energy efficient, lock & leave garden home in the popular gated Reserve at Castle Hills. Beautiful custom kitchen & dining area blend seamlessly into the living room providing the perfect open space for entertaining. Gorgeous custom kitchen w- granite, large island w- pendant lights, gas cooktop & custom tile backsplash. Laundry room features cabinetry, folding station & built in beverage fridge. Living areas are tiled for low maintenance w- carpet in the bedrooms. Primary bedroom has a large window seat, tray ceiling & a spa like en-suite w- granite double sinks & a large walk in shower. Cozy heated porch w- gas stub, Garage w- storage racks & add outdoor storage. Must See!

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: Castle Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Castle Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Independence Elementary School Primary Regular 790 51 5
Killian Middle School Middle Regular 950 65 7
Hebron High School High Regular 2,458 138 7

Independence Elementary School

  • Education Level: Primary
  • # of students: 790
  • # of teachers: 51
5
GreatSchools Rating

Killian Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 65
7
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$381,600$466,400$424,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,564
Property Tax -$731
Property Insurance -$153
HOA -$175
Property Management Fees -$99
CASH FLOW
-$292

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.

$424,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 3.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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-$10k-$5.0k$0.0$5.0k$10k

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$118,110

INVESTMENT

$118,110

Down Payment
$106,000
Rehab Estimate
$5,750
Closing Costs
$6,360

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,000
Loan Amount $318,000
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$4,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,512

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,430
1$2,4302$2,4503$2,4504$2,6005$2,750
$2,750
RENT COMPS ANALYSIS
  • 524 King Galloway Drive Lewisville, TX 1
    • 3 beds 3 baths ∙ 2,175 Sqft ∙ Built 2011 3 beds 3 baths ∙ 2,175 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.12
    •  
  • 2404 Hardrock Castle Drive Lewisville, TX 2
    • 3 beds 2 baths ∙ 2,292 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,292 Sqft ∙ Built 2006
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.07
    •  
  • 2725 Cole Castle Drive Lewisville, TX 3
    • 3 beds 2 baths ∙ 2,270 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,270 Sqft ∙ Built 2012
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.08
    •  
  • 2508 Lady Viviane Lane Lewisville, TX 4
    • 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 2009
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.24
    •  
  • 3701 Dame Cara Way Lewisville, TX 5
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2019
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.23
    •  
PROPERTY LISTING DETAILS
Sarah Eccleston Grante
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462025
Last Updated: 11/01/2020
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