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537 Cherry Hills Red Oak, TX 75154

4 Beds 3 Baths 2,447 sqft Built 2020

$319,900

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $130.73
  • 3 Days on Market
  • MLS # : 14500608
  • Updated Date : 01/15/2021 at 11:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,447 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

2,447-square-foot Ryder floor plan presents a home that is a sum of many exceptional parts. The 2-story, 4-bedroom design sets up the main level with seamless flow, and places the primary suite with privacy, yet easy access. The formal dining room and upstairs game room expand the home’s versatility, with options for a home office or dual home office space. The countertops convey this image in a white background with varying veins of gray. White cabinets, ivory carpet, and a mix of grays for the walls come together in this palette. At Oakmont Park retreat to rural suburban living, while being close to Dallas and world-class attractions. The perfect balance of active and relaxed living. Completion Feb 2021!!!

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10151734

* 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
Eastridge Elementary School Primary Regular 408 24 7
Red Oak Junior High School Middle Regular 872 52 6
Red Oak High School High Regular 1,794 115 5

Eastridge Elementary School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 24
7
GreatSchools Rating

Red Oak Junior High School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 52
6
GreatSchools Rating

Red Oak High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 115
5
GreatSchools Rating
 

$287,910$351,890$319,900

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,111
Property Tax -$697
Property Insurance -$169
HOA -$33
Property Management Fees -$99
CASH FLOW
$61

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$319,900

PROJECTED PRICE

$2,170

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 3.00%
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-$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$86,774

INVESTMENT

$86,774

Down Payment
$79,975
Rehab Estimate
$2,000
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$17,798

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,166

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,1703$2,1954$2,1955$2,200
$2,200
RENT COMPS ANALYSIS
  • 537 Cherry Hills Red Oak, TX 2
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.89
    •  
  • 222 Richard Lane Red Oak, TX 1
    • 4 beds 3 baths ∙ 2,163 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,163 Sqft ∙ Built 2005
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.88
    •  
  • 209 Douglas Street Red Oak, TX 3
    • 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2018
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.92
    •  
  • 201 Shady Oaks Lane Red Oak, TX 4
    • 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,594 Sqft ∙ Built 2005
    property image
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.85
    •  
  • 405 Blue Berry Lane Red Oak, TX 5
    • 4 beds 2 baths ∙ 2,468 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,468 Sqft ∙ Built 2004
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.89
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500608
Last Updated: 01/15/2021
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