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679 Morgan Drive Grand Prairie, TX 75052

4 Beds 3 Baths 3,184 sqft Built 2012

$368,000

List Price

$2,570

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $115.58
  • 3 Days on Market
  • MLS # : 14474642
  • Updated Date : 11/20/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,184 sqft
  • Baths : 3 full
Listing Agent

Veteran Real Estate Partners

Listing Agent's Description

Luxurious Well maintained home! From the time you enter the front door you are greeted with beautiful hardwood floors that run into the spacious family room that has a gas fireplace with stone that runs to the ceiling! You will fall in love with the gourmet kitchen with stainless steel appliances and granite counter tops and plenty of cabinet space. This home is ready for it's new owners to enjoy the 4 bedrooms and 3 full baths, game room, media and office or nursery. The 4th bedroom can be used as media room! Hurry and Come see it before it's gone!

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: Polo Heights

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k336k

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

Neighborhood: Polo Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9592461

* 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
Colin Powell Elementary School Primary Regular 546 32 9
Ronald W. Reagan Middle School Middle Regular 770 51 7
Dubiski Career High School High Regular 1,486 86 8

Colin Powell Elementary School

  • Education Level: Primary
  • # of students: 546
  • # of teachers: 32
9
GreatSchools Rating

Ronald W. Reagan Middle School

  • Education Level: Middle
  • # of students: 770
  • # of teachers: 51
7
GreatSchools Rating

Dubiski Career High School

  • Education Level: High
  • # of students: 1,486
  • # of teachers: 86
8
GreatSchools Rating
 

$331,200$404,800$368,000

PURCHASE PRICE

$2,313$2,827$2,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,570
EXPENSES Loan Payment -$1,358
Property Tax -$956
Property Insurance -$211
HOA -$15
Property Management Fees -$99
CASH FLOW
-$68

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.

$368,000

PROJECTED PRICE

$2,570

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$103,270

INVESTMENT

$103,270

Down Payment
$92,000
Rehab Estimate
$5,750
Closing Costs
$5,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,358

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,000
Loan Amount $276,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$12,300

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,570

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,571

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,245
1$2,2452$2,2703$2,3954$2,5005$2,570
$2,570
RENT COMPS ANALYSIS
  • 679 Morgan Drive Grand Prairie, TX 5
    • 4 beds 3 baths ∙ 3,184 Sqft ∙ Built 2012 4 beds 3 baths ∙ 3,184 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,570
    • $0.81
    •  
  • 5059 Showdown Lane Grand Prairie, TX 1
    • 5 beds 3 baths ∙ 2,871 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,871 Sqft ∙ Built 2001
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.78
    •  
  • 5624 Paladium Drive Dallas, TX 2
    • 4 beds 3 baths ∙ 3,028 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,028 Sqft ∙ Built 2006
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.75
    •  
  • 1111 Fleetwood Cove Drive Grand Prairie, TX 3
    • 4 beds 3 baths ∙ 2,875 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,875 Sqft ∙ Built 2006
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.83
    •  
  • 5155 Clydesdale Drive Grand Prairie, TX 4
    • 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2012
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.87
    •  
PROPERTY LISTING DETAILS
Marlin Wilbur
Veteran Real Estate Partners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14474642
Last Updated: 11/20/2020
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