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6105 Lake Way North Richland Hills, TX 76180

3 Beds 2 Baths 1,871 sqft Built 2003

$385,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $205.77
  • 5 Days on Market
  • MLS # : 14514939
  • Updated Date : 02/10/2021 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,871 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Warm & inviting patio home exudes charm and character! Light & bright with a great floorplan! Classic style with hardwood floors, high ceilings, french doors & plantation shutters! Much desired ktchn open to living rm with its cozy fireplace & wall of windows! The ktchn has ss appliances, rich wd cabinetry, a gas cooktop, display cabinets, Corian countertops, an island & a breakfast rm. For privacy, the tranquil owners bdrm is separate from other bdrms & has an ensuite with garden tub, separate shower, dual sinks & a walk-in closet! The quaint yard features a flagstone patio + walkway & views of the lake! Germicidal UVC Unit in AC (June 2020) Don't miss this great opportunity to call this Patio Home Yours!

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: Home Town

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

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

Neighborhood: Home Town

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10412171

* 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
Walker Creek Elementary School Primary Regular 653 44 7
Smithfield Middle School Middle Regular 818 49 10
Birdville High School High Regular 2,083 125 7

Walker Creek Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 44
7
GreatSchools Rating

Smithfield Middle School

  • Education Level: Middle
  • # of students: 818
  • # of teachers: 49
10
GreatSchools Rating

Birdville High School

  • Education Level: High
  • # of students: 2,083
  • # of teachers: 125
7
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,337
Property Tax -$845
Property Insurance -$135
HOA -$92
Property Management Fees -$99
CASH FLOW
-$628

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.

$385,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.7%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$8

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,899

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7253$1,8804$1,9505$2,050
$2,050
RENT COMPS ANALYSIS
  • 6105 Lake Way North Richland Hills, TX 3
    • 3 beds 2 baths ∙ 1,871 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,871 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $1.00
    •  
  • 5509 Irish Spring Lane North Richland Hills, TX 1
    • 3 beds 2 baths ∙ 1,599 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,599 Sqft ∙ Built 1983
    LEASED 01/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 6409 Whitney Court North Richland Hills, TX 2
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1986
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.05
    •  
  • 8401 Emerald Circle North Richland Hills, TX 4
    • 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.02
    •  
  • 8405 Emerald Circle North Richland Hills, TX 5
    • 4 beds 2 baths ∙ 2,075 Sqft ∙ Built 1999 4 beds 2 baths ∙ 2,075 Sqft ∙ Built 1999
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.99
    •  
PROPERTY LISTING DETAILS
Felicia Barber
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514939
Last Updated: 02/10/2021
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