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6859 Verandah Way Irving, TX 75039

3 Beds 4 Baths 3,437 sqft Built 2019

$635,000

List Price

$3,300

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
December 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $184.75
  • 7 Days on Market
  • MLS # : 14491113
  • Updated Date : 12/30/2020 at 07:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,437 sqft
  • Baths : 3 full , 1 half
Listing Agent

David M. Weekley

Listing Agent's Description

Model Home in Terraces of Las Colinas. The open concept plan features an inviting entry that opens to a bright and open space. A half bath is placed conveniently in the front of the home as well. The heart of the home boasts 20’ tall ceilings with double stacked bright windows. The kitchen gives you all the upscale touches of Quartz Counters, upgraded Backsplash and Island Pendants, and a Gas cooktop and a stainless-steel Vent hood! On 2nd floor, 2 guest rooms are tucked in the back of the home and another flex space. This grand Owner’s suite features 2 separate closets, designer tile flooring and shower tile. 3rd floor game room.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $107k482k

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

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $10433419

* 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
La Villita Elementary School Primary Regular 584 34 7
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

La Villita Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 34
7
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$571,500$698,500$635,000

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,300
EXPENSES Loan Payment -$2,343
Property Tax -$1,975
Property Insurance -$226
HOA -$100
Property Management Fees -$99
CASH FLOW
-$1,442

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.

$635,000

PROJECTED PRICE

$3,300

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.8%
Maintenance Year (1-5) 3.00%
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-$25k-$20k-$15k-$10k-$5.0k$0.0

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$170,275

INVESTMENT

$170,275

Down Payment
$158,750
Rehab Estimate
$2,000
Closing Costs
$9,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,343

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $158,750
Loan Amount $476,250
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$831

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,300

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $3,351

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,2953$3,3004$3,3005$3,500
$3,500
RENT COMPS ANALYSIS
  • 6859 Verandah Way Irving, TX 4
    • 3 beds 4 baths ∙ 3,437 Sqft ∙ Built 2020 3 beds 4 baths ∙ 3,437 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $0.96
    •  
  • 7207 Paluxy Drive Irving, TX 1
    • 4 beds 4 baths ∙ 3,396 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,396 Sqft ∙ Built 2011
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.88
    •  
  • 7040 Comal Drive Irving, TX 2
    • 4 beds 3 baths ∙ 3,380 Sqft ∙ Built 2013 4 beds 3 baths ∙ 3,380 Sqft ∙ Built 2013
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $0.97
    •  
  • 6810 Saint Francis Court Irving, TX 3
    • 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 2013
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.00
    •  
  • 7032 Comal Drive Irving, TX 5
    • 4 beds 3 baths ∙ 3,334 Sqft ∙ Built 2013 4 beds 3 baths ∙ 3,334 Sqft ∙ Built 2013
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.05
    •  
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 #: 14491113
Last Updated: 12/30/2020
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