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668 Promontory Lane Dallas, TX 75208

4 Beds 3 Baths 2,950 sqft Built 2020

INVESTimate

$596,159

List Price

$3,830

$3,580 - $4,080

Rent Est.

$686,298  ( +15.12%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $202.09
  • 8 Days on Market
  • MLS # : 14416327
  • Updated Date : 08/20/2020 at 04:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,950 sqft
  • Baths : 3 full
Listing Agent

David M. Weekley

Listing Agent's Description

STUNNING NEW DAVID WEEKLEY HOME just minutes from downtown Dallas and Bishop Arts District. This two story plan features 3 bedrooms, 2.5 baths, and a loft-game room upstairs. The home site will allow you to enjoy the courtyard or your fenced front yard with gated street access. Entertain in the spacious open concept living-dining-kitchen. There's still time to choose your own colors. Stainless appliance package, granite counter tops, and wood flooring are included in the David Weekley package! Energy efficient, great warranty, excellent style!

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: North Oak Cliff

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $88k349k

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

Neighborhood: North Oak Cliff

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7311826

* 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
Rosemont Elementary And International Language Preparatory Middle School Primary Regular 475 29 6
W.e. Greiner Exploratory Arts Academy Middle Magnet 1,542 98 8
Sunset High School High Regular 2,078 123 4

Rosemont Elementary And International Language Preparatory Middle School

  • Education Level: Primary
  • # of students: 475
  • # of teachers: 29
6
GreatSchools Rating

W.e. Greiner Exploratory Arts Academy

  • Education Level: Middle
  • # of students: 1,542
  • # of teachers: 98
8
GreatSchools Rating

Sunset High School

  • Education Level: High
  • # of students: 2,078
  • # of teachers: 123
4
GreatSchools Rating
 

$536,543$655,775$596,159

PURCHASE PRICE

$3,447$4,213$3,830

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,830
EXPENSES Loan Payment -$2,200
Property Tax -$1,414
Property Insurance -$198
HOA -$125
Property Management Fees -$99
CASH FLOW
-$205

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$596,159

PROJECTED PRICE

$3,830

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 15.12%
Maintenance Year (1-5) 3.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,982

INVESTMENT

$159,982

Down Payment
$149,040
Rehab Estimate
$2,000
Closing Costs
$8,942

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,200

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,040
Loan Amount $447,119
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$13,637

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,830

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $3,835

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$3,8303$4,500
$4,500
RENT COMPS ANALYSIS
  • 668 Promontory Lane Dallas, TX 2
    • 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,830
    • $1.30
    •  
  • 1877 Stevens Bluff Lane Dallas, TX 1
    • 3 beds 3 baths ∙ 3,110 Sqft ∙ Built 2016 3 beds 3 baths ∙ 3,110 Sqft ∙ Built 2016
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.21
    •  
  • 731 N Oak Cliff Boulevard Dallas, TX 3
    • 4 beds 5 baths ∙ 3,249 Sqft ∙ Built 2019 4 beds 5 baths ∙ 3,249 Sqft ∙ Built 2019
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.39
    •  
PROPERTY LISTING DETAILS
Jimmy Rado
David M. Weekley
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416327
Last Updated: 08/20/2020
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