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701 S Parks Drive Desoto, TX 75115

3 Beds 2 Baths 1,609 sqft Built 1989

$200,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $124.30
  • 4 Days on Market
  • MLS # : 14534947
  • Updated Date : 03/18/2021 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,609 sqft
  • Baths : 2 full
Listing Agent

Legacy Realty Group

Listing Agent's Description

Welcome Home! Located in quiet neighborhood, on a corner lot with mature trees, this 3 bedroom 2 bath home is ready for new owners. Many happy memories have taken place here and we believe many more will! This home has been well loved through the years but could use a little TLC to bring back good as new. The home features a light and cheery kitchen with gas appliances and plenty of counter space, with room for an island. The living area is spacious and has gas starter fireplace. Outside you will love the large backyard with grass, fully fenced. Home to be sold AS IS.

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

Zip Code: 75115

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 75115

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451741

* 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
The Meadows Elementary School Primary Regular 546 32 4
Desoto East Middle School Middle Regular 687 43 3

The Meadows Elementary School

  • Education Level: Primary
  • # of students: 546
  • # of teachers: 32
4
GreatSchools Rating

Desoto East Middle School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 43
3
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$695
Property Tax -$478
Property Insurance -$120
Property Management Fees -$99
CASH FLOW
$38

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.

$200,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.72%

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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$10,315

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,432

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4753$1,5254$1,5955$1,650
$1,650
RENT COMPS ANALYSIS
  • 701 S Parks Drive Desoto, TX 1
    • 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.89
    •  
  • 1312 Sparrow Court Desoto, TX 2
    • 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1986
    property image
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.89
    •  
  • 503 Highlands Drive Desoto, TX 3
    • 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1979
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.90
    •  
  • 528 Newcastle Drive Desoto, TX 4
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1979
    property image
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.91
    •  
  • 608 Duke Drive Desoto, TX 5
    • 3 beds 2 baths ∙ 1,918 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,918 Sqft ∙ Built 2003
    property image
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
PROPERTY LISTING DETAILS
Tiffany Stevens
Legacy Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14534947
Last Updated: 03/18/2021
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