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5905 Lovingham Court Arlington, TX 76017

6 Beds 4 Baths 2,358 sqft Built 2005 2 Units

$359,500

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
2 Units MULTIFAMILY
FACTS
  • Built In 2005
  • Price/Sqft : $152.46
  • 11 Days on Market
  • MLS # : 14459734
  • Updated Date : 10/24/2020 at 20:00
CONSTRUCTION
  • Beds : 6
  • Floor Size : 2,358 sqft
  • Baths : 4 full
Listing Agent

Grg Homes

Listing Agent's Description

Very nicely appointed 3 bedroom; 2 bath; one car garage each side full duplex both sides rented. Each side is deeded separately. 5907 shows like new. All new flooring (wall to wall large format ceramic tile - no carpet!). New paint, new microwave --- really spectacular. It is conveniently located and will not last! Also, new roof! Note: the photos shown here are from 5907 Lovingham CT which was recently remodeled. 5905 Lovingham was updated several years ago. Seller actually has 3 duplexes to sell (5901-3; 5905-7 , $359,500; and 5915-17, $345,00 Lovingham Court) Would like to sell all as package. If all 3 are sold together, seller will entertain a dsicounted selling price.

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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: Southeast Arlington

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $117k243k

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

Neighborhood: Southeast Arlington

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10221734

* 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
Glenn Harmon Elementary School Primary Regular 541 39 6
T.a. Howard Middle School Middle Regular 855 59 6
Mansfield Summit High School High Regular 2,020 114 4

Glenn Harmon Elementary School

  • Education Level: Primary
  • # of students: 541
  • # of teachers: 39
6
GreatSchools Rating

T.a. Howard Middle School

  • Education Level: Middle
  • # of students: 855
  • # of teachers: 59
6
GreatSchools Rating

Mansfield Summit High School

  • Education Level: High
  • # of students: 2,020
  • # of teachers: 114
4
GreatSchools Rating
 

$323,550$395,450$359,500

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$1,326
Property Tax -$778
Property Insurance -$163
HOA -$120
Property Management Fees -$198
CASH FLOW
$614

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$359,500

PROJECTED PRICE

$3,200

PROJECTED RENT

0.89%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 8.00%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,768

INVESTMENT

$106,768

Down Payment
$89,875
Rehab Estimate
$11,500
Closing Costs
$5,393

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,326

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,875
Loan Amount $269,625
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$82,373

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Gerry Ghearing
Grg Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14459734
Last Updated: 10/24/2020
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