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616 E Wall Street Grapevine, TX 76051

3 Beds 3 Baths 2,107 sqft Built 2013

INVESTimate

$575,000

List Price

$2,920

$2,670 - $3,170

Rent Est.

$616,285  ( +7.18%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2013
  • Price/Sqft : $272.90
  • 7 Days on Market
  • MLS # : 14402465
  • Updated Date : 08/20/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,107 sqft
  • Baths : 2 full , 1 half
Listing Agent

Market Experts Realty

Listing Agent's Description

Proud to be a Texan? This stunning tribute to our great state sits in Grapevine's historical district, walking distance from all the restaurants and shops downtown! This Texas-themed Neal Cooper custom build catches your eye immediately with red, white, and blue details inside and out, including a replica of the Texas flag for a garage door! Along with tons of character, this cottage-style home boats rustic hardwood floors, plantation shutters, quartz counters, a farm sink, SS appliances, clawfoot tub, a silicon-infused foundation for ultimate stability and peace of mind, and so much more! Due to it's location, huge game room, and Texan theme, this would make an absolutely killer vacation rental home as well!

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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: College Heights Grapevine

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $88k427k

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

Neighborhood: College Heights Grapevine

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9452539

* 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
Cannon Elementary School Primary Regular 523 36 7
Grapevine Middle School Middle Regular 733 49 5
Colleyville Heritage High School High Regular 2,222 135 8

Cannon Elementary School

  • Education Level: Primary
  • # of students: 523
  • # of teachers: 36
7
GreatSchools Rating

Grapevine Middle School

  • Education Level: Middle
  • # of students: 733
  • # of teachers: 49
5
GreatSchools Rating

Colleyville Heritage High School

  • Education Level: High
  • # of students: 2,222
  • # of teachers: 135
8
GreatSchools Rating
 

$517,500$632,500$575,000

PURCHASE PRICE

$2,628$3,212$2,920

RENT

DOWN PAYMENT
FINANCING

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$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,920
EXPENSES Loan Payment -$2,122
Property Tax -$1,105
Property Insurance -$149
Property Management Fees -$99
CASH FLOW
-$555

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.

$575,000

PROJECTED PRICE

$2,920

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.18%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,125

INVESTMENT

$158,125

Down Payment
$143,750
Rehab Estimate
$5,750
Closing Costs
$8,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,122

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $143,750
Loan Amount $431,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,833

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,920

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $2,744

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,5003$2,7004$2,9005$2,920
$2,920
RENT COMPS ANALYSIS
  • 616 E Wall Street Grapevine, TX 5
    • 3 beds 3 baths ∙ 2,107 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,107 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,920
    • $1.39
    •  
  • 525 Estill Street Grapevine, TX 1
    • 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1999
    property image
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.19
    •  
  • 206 Ivy Glen Drive Grapevine, TX 2
    • 3 beds 2 baths ∙ 1,987 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,987 Sqft ∙ Built 2000
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.26
    •  
  • 1116 S Pine Street Grapevine, TX 3
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2016
    property image
    LEASED 07/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.35
    •  
  • 508 Dooley Court Grapevine, TX 4
    • 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2003
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.41
    •  
PROPERTY LISTING DETAILS
Todd Tramonte
Market Experts Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14402465
Last Updated: 08/20/2020
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