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656 Clearwater Drive Irving, TX 75039

4 Beds 5 Baths 3,890 sqft Built 2009

$699,900

List Price

$4,180

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $179.92
  • 3 Days on Market
  • MLS # : 14481032
  • Updated Date : 12/04/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,890 sqft
  • Baths : 4 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Beautiful Huntington home,Located in the highly sought after and gated Lakes of Las Colinas,this house boasts custom touches throughout;hardwoods,stone fireplace,vaulted wood ceiling beams and much more.Chef’s kitchen includes SS appliances,double covection ovens, pot filler,granite.Large breakfast area,island seating.Full wet bar compliments the gameroom,media rooms.Many work from home,remote learning options:luxurious study,desk area with granite and built-ins outside the primary bedroom,study area on second level.Private low maintenance backyard with pet friendly turf is the perfect place to entertain.Lightning rods added in 2018,2 tankless water heaters added 2020, the list goes on!This house is perfection!

SEE MORE

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: The Lakes of las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700k750kPrice in $107k786k

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

Neighborhood: The Lakes of las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400360038004000Rent in $10434117

* 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
 

$629,910$769,890$699,900

PURCHASE PRICE

$3,762$4,598$4,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,180
EXPENSES Loan Payment -$2,582
Property Tax -$1,547
Property Insurance -$252
HOA -$155
Property Management Fees -$99
CASH FLOW
-$454

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.

$699,900

PROJECTED PRICE

$4,180

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 1.0%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,582

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$6,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,180

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $4,191

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$3,599
1$3,5992$3,9993$4,1804$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 656 Clearwater Drive Irving, TX 3
    • 4 beds 5 baths ∙ 3,890 Sqft ∙ Built 2009 4 beds 5 baths ∙ 3,890 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $4,180
    • $1.07
    •  
  • 282 Melrose Avenue Irving, TX 1
    • 5 beds 4 baths ∙ 3,668 Sqft ∙ Built 2014 5 beds 4 baths ∙ 3,668 Sqft ∙ Built 2014
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,599
    • $0.98
    •  
  • 652 Clearwater Drive Irving, TX 2
    • 4 beds 5 baths ∙ 3,884 Sqft ∙ Built 2012 4 beds 5 baths ∙ 3,884 Sqft ∙ Built 2012
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,999
    • $1.03
    •  
  • 626 Brookstone Drive Irving, TX 4
    • 4 beds 5 baths ∙ 3,654 Sqft ∙ Built 2011 4 beds 5 baths ∙ 3,654 Sqft ∙ Built 2011
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.15
    •  
  • 5851 Shoreside Bend Irving, TX 5
    • 4 beds 5 baths ∙ 3,905 Sqft ∙ Built 2010 4 beds 5 baths ∙ 3,905 Sqft ∙ Built 2010
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.15
    •  
PROPERTY LISTING DETAILS
Cathy O'toole
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481032
Last Updated: 12/04/2020
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