Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

609 Farine Drive Irving, TX 75062

5 Beds 4 Baths 4,466 sqft Built 1981

INVESTimate

$549,000

List Price

$3,390

$3,140 - $3,640

Rent Est.

$608,512  ( +10.84%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $122.93
  • 8 Days on Market
  • MLS # : 14410188
  • Updated Date : 08/25/2020 at 13:36
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,466 sqft
  • Baths : 4 full
Listing Agent

Rohter & Company

Listing Agent's Description

Beautiful custom-built home in the sought-after Cardinal Village Neighborhood of Irving. This home has everything you could want with 5 large bedrooms, 2 big living areas, a game room, 4 full baths, a 3 car garage with large work area, mature trees and a big private backyard with pool. Home sits between two major highways and close to DFW and Love Field airports. It is minutes from Toyota Music Factory, restaurants and retail. Come see this home today and make it yours. Buyer and buyer’s agent verify all information.

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: Redmon Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $107k440k

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

Neighborhood: Redmon Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10433111

* 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
Farine Elementary School Primary Regular 777 54 5
Travis Middle School Middle Regular 997 72 5
Macarthur High School High Regular 2,759 179 5

Farine Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 54
5
GreatSchools Rating

Travis Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 72
5
GreatSchools Rating

Macarthur High School

  • Education Level: High
  • # of students: 2,759
  • # of teachers: 179
5
GreatSchools Rating
 

$494,100$603,900$549,000

PURCHASE PRICE

$3,051$3,729$3,390

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,390
EXPENSES Loan Payment -$2,026
Property Tax -$1,213
Property Insurance -$285
Property Management Fees -$99
CASH FLOW
-$233

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.

$549,000

PROJECTED PRICE

$3,390

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.84%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,235

INVESTMENT

$151,235

Down Payment
$137,250
Rehab Estimate
$5,750
Closing Costs
$8,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,250
Loan Amount $411,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$11,838

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,390

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $3,439

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$3,390
1$3,3902$3,700
$3,700
RENT COMPS ANALYSIS
  • 609 Farine Drive Irving, TX 1
    • 5 beds 4 baths ∙ 4,466 Sqft ∙ Built 1981 5 beds 4 baths ∙ 4,466 Sqft ∙ Built 1981
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,390
    • $0.76
    •  
  • 1806 Cottonwood Valley Circle Irving, TX 2
    • 5 beds 5 baths ∙ 4,780 Sqft ∙ Built 1985 5 beds 5 baths ∙ 4,780 Sqft ∙ Built 1985
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $0.77
    •  
PROPERTY LISTING DETAILS
Michael Kelley
Rohter & Company
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14410188
Last Updated: 08/25/2020
BESbswy