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624 Martin Drive Desoto, TX 75115

3 Beds 3 Baths 3,217 sqft Built 2006

$315,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $97.92
  • 2 Days on Market
  • MLS # : 14511244
  • Updated Date : 03/20/2021 at 00:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,217 sqft
  • Baths : 3 full
Listing Agent

Better Homes & Gardens, Winans

Listing Agent's Description

This 3BR 3BA home in the Parkerville Meadows Community of DeSoto has Huge potential with some TLC. This house has it all! Great space featuring a Home Office with French doors, 3 Bedrooms, Living and Dining areas open to Kitchen with Large Island and Breakfast room, 3 full Baths, 2nd floor Gameroom or Peloton room. The spacious Owner's Suite features a sitting area or another office area. Bath has separate vanities, jetted tub, shower with body spray panel and an unbelievable closet which could be nursery or office. Entry features a Unique Rotunda with art niches. Backyard could be your favorite quiet spot with 2 Pergolas, large yard and an open field behind the house.

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: Parkerville Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Parkerville Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451743

* 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
Frank D. Moates Elementary School Primary Regular 641 39 4
Curtistene S Mccowan Middle School Middle Regular 846 52 2

Frank D. Moates Elementary School

  • Education Level: Primary
  • # of students: 641
  • # of teachers: 39
4
GreatSchools Rating

Curtistene S Mccowan Middle School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 52
2
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,094
Property Tax -$753
Property Insurance -$213
HOA -$24
Property Management Fees -$99
CASH FLOW
$17

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.

$315,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,421

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,574

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3503$2,5004$2,700
$2,700
RENT COMPS ANALYSIS
  • 624 Martin Drive Desoto, TX 1
    • 3 beds 3 baths ∙ 3,217 Sqft ∙ Built 2006 3 beds 3 baths ∙ 3,217 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.68
    •  
  • 720 Candle Meadow Boulevard Desoto, TX 2
    • 4 beds 3 baths ∙ 3,059 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,059 Sqft ∙ Built 2004
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.77
    •  
  • 316 Oleander Drive Desoto, TX 3
    • 4 beds 3 baths ∙ 3,329 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,329 Sqft ∙ Built 2002
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.75
    •  
  • 933 Trailwood Drive Desoto, TX 4
    • 4 beds 3 baths ∙ 3,076 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,076 Sqft ∙ Built 2005
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jennifer Hurst
Better Homes & Gardens, Winans
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14511244
Last Updated: 03/20/2021
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