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560 Reed Drive Fate, TX 75087

4 Beds 4 Baths 3,158 sqft Built 2005

$340,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $107.66
  • 5 Days on Market
  • MLS # : 14511937
  • Updated Date : 02/03/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,158 sqft
  • Baths : 2 full , 2 half
Listing Agent

Keller Williams Rockwall

Listing Agent's Description

Beautiful 1.5-story in Woodcreek! This 4 bedroom home has a lot to offer, including a Study with French doors, formal dining engineered wood throughout most of the downstairs, lots of crown molding, and more. Spacious living room with built-in shelving and gas-log fireplace with decorative surround. Large open kitchen with oversized island and lots of storage. Master suite with bay window has large bath with garden tub, separate shower, dual sinks, walk-in linen storage, and large walk-in closet. Upstairs is a huge game room plus half bath. Relax beneath oversized covered patio with brick pavers.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8882171

* 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
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Herman E. Utley Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 40
8
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$306,000$374,000$340,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,181
Property Tax -$759
Property Insurance -$210
HOA -$47
Property Management Fees -$99
CASH FLOW
$4

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.

$340,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$13,692

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,447

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,145
1$2,1452$2,1503$2,3004$2,3255$2,845
$2,845
RENT COMPS ANALYSIS
  • 560 Reed Drive Fate, TX 3
    • 4 beds 4 baths ∙ 3,158 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,158 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.73
    •  
  • 111 Gaines Court Fate, TX 1
    • 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 2007
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.73
    •  
  • 423 Florence Drive Fate, TX 2
    • 3 beds 5 baths ∙ 2,936 Sqft ∙ Built 2014 3 beds 5 baths ∙ 2,936 Sqft ∙ Built 2014
    property image
    LEASED 09/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.73
    •  
  • 204 Campbell Court Fate, TX 4
    • 4 beds 4 baths ∙ 2,970 Sqft ∙ Built 2013 4 beds 4 baths ∙ 2,970 Sqft ∙ Built 2013
    property image
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,325
    • $0.78
    •  
  • 832 Mccall Drive Fate, TX 5
    • 4 beds 4 baths ∙ 3,301 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,301 Sqft ∙ Built 2017
    property image
    LEASED 02/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,845
    • $0.86
    •  
PROPERTY LISTING DETAILS
Patty Turner
Keller Williams Rockwall
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14511937
Last Updated: 02/03/2021
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