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607 Clay Lane Sherman, TX 75092

4 Beds 2 Baths 2,225 sqft Built 2004

INVESTimate

$240,000

List Price

$1,910

$1,719 - $2,101

Rent Est.

$254,640  ( +6.10%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $107.87
  • 4 Days on Market
  • MLS # : 14418117
  • Updated Date : 08/23/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,225 sqft
  • Baths : 2 full
Listing Agent

Easy Life Realty

Listing Agent's Description

Charming custom built home located in an established neighborhood in West Sherman. This 4 bedroom 2 bath home is very spacious in all the right places and has great potential. The large kitchen opens up to the living area and features both a formal dining and eat-in kitchen perfect for entertaining. The private master suite has a cozy seating area for reading and boasts an oversized walk-in closet. The backyard is full of both space and potential with a privacy setting for you to enjoy year-round whether that be to host a gathering or plant a garden. All this home needs is your personal touch. Located in a cul-de-sac, one owner, being sold as-is. Schedule a showing with your favorite REALTOR® 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

Zip Code: 75092

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160k170k180k190kPrice in $60k199k

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

Zip Code: 75092

No Data Available.

* 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
Dillingham Intermediate School Primary Regular 1,036 76 4
Dillingham Intermediate School Middle Regular 1,036 76 4
Sherman High School High Regular 1,780 119 5

Dillingham Intermediate School

  • Education Level: Primary
  • # of students: 1,036
  • # of teachers: 76
4
GreatSchools Rating

Dillingham Intermediate School

  • Education Level: Middle
  • # of students: 1,036
  • # of teachers: 76
4
GreatSchools Rating

Sherman High School

  • Education Level: High
  • # of students: 1,780
  • # of teachers: 119
5
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,719$2,101$1,910

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$886
Property Tax -$628
Property Insurance -$148
Property Management Fees -$99
CASH FLOW
$150

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.

$240,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 6.10%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$17,071

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,914

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7253$1,8504$1,9105$2,200
$2,200
RENT COMPS ANALYSIS
  • 607 Clay Lane Sherman, TX 4
    • 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.86
    •  
  • 921 Swan Ridge Drive Sherman, TX 1
    • 4 beds 3 baths ∙ 1,894 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,894 Sqft ∙ Built 2016
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.84
    •  
  • 903 Cormorant Drive Sherman, TX 2
    • 4 beds 2 baths ∙ 1,887 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,887 Sqft ∙ Built 2015
    LEASED 05/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.91
    •  
  • 4618 Cormorant Drive Sherman, TX 3
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2016
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.81
    •  
  • 2904 Sedalia Trail Sherman, TX 5
    • 4 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
PROPERTY LISTING DETAILS
Shannon Scott
Easy Life Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418117
Last Updated: 08/23/2020
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