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5656 Salt Springs Drive Fort Worth, TX 76179

4 Beds 2 Baths 1,843 sqft Built 2020

INVESTimate

$315,477

List Price

$1,750

$1,575 - $1,925

Rent Est.

$333,238  ( +5.63%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $171.18
  • 6 Days on Market
  • MLS # : 14418596
  • Updated Date : 08/22/2020 at 07:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,843 sqft
  • Baths : 2 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14418596 - Built by Coventry Homes - October completion! ~ This home is just what you have been searching for! Walk through the front door and prepare to fall in love with every intricate detail this home boasts. Stunning hardwood floors pave your way throughout the home. Following the foyer, you will be led into the gourmet kitchen enhanced with granite countertops and a spacious island that overlooks the dining area and family room. After a long day, you will enjoy relaxing in the secluded master suite or on the large covered patio. If technology is important to you, this home has smart home technology included. Come see this fabulous home today!

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: Marine Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $104k269k

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

Neighborhood: Marine Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9191828

* 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
Ed Willkie Middle School Middle Regular 862 53 5

Ed Willkie Middle School

  • Education Level: Middle
  • # of students: 862
  • # of teachers: 53
5
GreatSchools Rating
 

$283,929$347,025$315,477

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,164
Property Tax -$723
Property Insurance -$134
HOA -$30
Property Management Fees -$99
CASH FLOW
-$400

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.

$315,477

PROJECTED PRICE

$1,750

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.63%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,601

INVESTMENT

$85,601

Down Payment
$78,869
Rehab Estimate
$2,000
Closing Costs
$4,732

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,869
Loan Amount $236,608
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$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
  • $0.95

    LIST RENT PER SQFT
  • $1,737

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,649
1$1,6492$1,6953$1,6954$1,7255$1,750
$1,750
RENT COMPS ANALYSIS
  • 5656 Salt Springs Drive Fort Worth, TX 5
    • 4 beds 2 baths ∙ 1,843 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,843 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 6304 Provinces Street Fort Worth, TX 1
    • 4 beds 2 baths ∙ 1,894 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,894 Sqft ∙ Built 2014
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.87
    •  
  • 5617 Spirit Lake Drive Fort Worth, TX 2
    • 3 beds 2 baths ∙ 1,732 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,732 Sqft ∙ Built 2013
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 5417 Shady Springs Trail Fort Worth, TX 3
    • 4 beds 2 baths ∙ 1,737 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,737 Sqft ∙ Built 2014
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 6117 Tilapia Drive Fort Worth, TX 4
    • 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 2006
    property image
    LEASED 09/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.94
    •  
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 #: 14418596
Last Updated: 08/22/2020
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