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6119 Palo Pinto Avenue Dallas, TX 75214

3 Beds 3 Baths 1,834 sqft Built 1985

$400,000

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $218.10
  • 2 Days on Market
  • MLS # : 14481657
  • Updated Date : 12/05/2020 at 09:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,834 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp & Associates Flower Mound

Listing Agent's Description

Renovation Opportunity available in Lakewood Heights. Not many remodel opportunities remaining in this great neighborhood. Builder projects can include adding sq. footage, attaching garage or adding a 2nd floor. Located near Lower Greenville’s favorite shops, bars. As well as 10 minutes away from White Rock Lake and I-75, this house is the perfect opportunity to do a full renovation to make it your new dream home. Sold As Is.

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MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Lakewood Heights

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $102k696k

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

Neighborhood: Lakewood Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800300032003400Rent in $9473511

* 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
Geneva Heights Elementary School Primary Regular 351 26 5
J.l. Long Middle School Middle Regular 1,299 83 5
Woodrow Wilson High School High Regular 1,697 100 5

Geneva Heights Elementary School

  • Education Level: Primary
  • # of students: 351
  • # of teachers: 26
5
GreatSchools Rating

J.l. Long Middle School

  • Education Level: Middle
  • # of students: 1,299
  • # of teachers: 83
5
GreatSchools Rating

Woodrow Wilson High School

  • Education Level: High
  • # of students: 1,697
  • # of teachers: 100
5
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$1,476
Property Tax -$1,091
Property Insurance -$133
Property Management Fees -$99
CASH FLOW
-$209

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.

$400,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.3%
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-$8.0k-$6.0k-$4.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$5,773

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $1.41

    LIST RENT PER SQFT
  • $2,999

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$2,590
1$2,5902$3,0003$3,1954$3,2005$3,550
$3,550
RENT COMPS ANALYSIS
  • 6119 Palo Pinto Avenue Dallas, TX 1
    • 3 beds 3 baths ∙ 1,834 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,834 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.41
    •  
  • 5843 Marquita Avenue Dallas, TX 2
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1996
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.57
    •  
  • 5844 Oram Street Dallas, TX 3
    • 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 1998
    LEASED 06/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.50
    •  
  • 6155 Lakeshore Drive Dallas, TX 4
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1984
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.79
    •  
  • 5738 Vickery Boulevard Dallas, TX 5
    • 3 beds 2 baths ∙ 2,118 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,118 Sqft ∙ Built 2001
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.68
    •  
PROPERTY LISTING DETAILS
Ronald Park
Jp & Associates Flower Mound
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481657
Last Updated: 12/05/2020
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