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552 N Palomino Drive Lancaster, TX 75146

4 Beds 2 Baths 2,209 sqft Built 2001

$265,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $119.96
  • 7 Days on Market
  • MLS # : 14509265
  • Updated Date : 02/10/2021 at 18:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,209 sqft
  • Baths : 2 full
Listing Agent

Rescue Realty

Listing Agent's Description

Rare find in Lancaster. Spacious 4 bedroom home with two large living areas. Home features high ceilings, lots of storage and lots of upgrades. Air conditioning unit and roof are only two years old. This house won't last long.

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: Saddlebrook Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Saddlebrook Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Rosa Parks-millbrook Elementary Primary Regular 559 31 6
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Rosa Parks-millbrook Elementary

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 31
6
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$920
Property Tax -$674
Property Insurance -$155
Property Management Fees -$99
CASH FLOW
-$99

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.

$265,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$4,115

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,806

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$1,8004$1,8005$1,900
$1,900
RENT COMPS ANALYSIS
  • 552 N Palomino Drive Lancaster, TX 1
    • 4 beds 2 baths ∙ 2,209 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,209 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
  • 1834 Jasmine Drive Lancaster, TX 2
    • 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2019
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
  • 1850 Jasmine Drive Lancaster, TX 3
    • 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2020
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
  • 1813 Cross Oaks Drive Lancaster, TX 4
    • 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,183 Sqft ∙ Built 2020
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.82
    •  
  • 704 Fox Glen Road Lancaster, TX 5
    • 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1986
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.81
    •  
PROPERTY LISTING DETAILS
Charla Alexander-callier
Rescue Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14509265
Last Updated: 02/10/2021
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