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7116 Playa Norte Drive Grand Prairie, TX 75054

5 Beds 4 Baths 3,789 sqft Built 2018

$480,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $126.68
  • 2 Days on Market
  • MLS # : 14513064
  • Updated Date : 02/06/2021 at 10:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,789 sqft
  • Baths : 4 full
Listing Agent

Tdrealty

Listing Agent's Description

Welcome home to this SHOW STOPPER! Located in the COVETED Mansfield ISD & Mira Lagos subdivision, within minutes of great eats, & extraordinary shopping. If HUGE is the name of the game this home came to win. All 5 bedrooms are OVER-SIZED. This home offers 2 master suites making it a FANTASTIC option for multi-generational families. You're going to cook like a pro in your gourmet-style kitchen offering stainless steel appliances including a double oven as well as a LARGE Island for your convenience. If outdoor entertainment is your forte you're about to step up your game with a covered patio and HUMONGOUS backyard. This LOVELY house boasts 4 living spaces and a GRAND stairwell. DON'T YOU DARE MISS OUT ON THIS!

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: Mira Lagos

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $109k377k

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

Neighborhood: Mira Lagos

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9592519

* 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
Anna May Daulton Elementary School Primary Regular 665 41 8
Danny Jones Middle School Middle Regular 843 51 9
Mansfield Lake Ridge High School High Unknown 2,085 113 NA

Anna May Daulton Elementary School

  • Education Level: Primary
  • # of students: 665
  • # of teachers: 41
8
GreatSchools Rating

Danny Jones Middle School

  • Education Level: Middle
  • # of students: 843
  • # of teachers: 51
9
GreatSchools Rating

Mansfield Lake Ridge High School

  • Education Level: High
  • # of students: 2,085
  • # of teachers: 113
NA
GreatSchools Rating
 

$432,000$528,000$480,000

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$1,667
Property Tax -$1,053
Property Insurance -$246
HOA -$47
Property Management Fees -$99
CASH FLOW
-$62

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.

$480,000

PROJECTED PRICE

$3,050

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.4%
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

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,950

INVESTMENT

$132,950

Down Payment
$120,000
Rehab Estimate
$5,750
Closing Costs
$7,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,667

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $120,000
Loan Amount $360,000
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$15,398

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,050

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $3,107

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9953$2,9954$3,0505$3,225
$3,225
RENT COMPS ANALYSIS
  • 7116 Playa Norte Drive Grand Prairie, TX 4
    • 5 beds 4 baths ∙ 3,789 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,789 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $0.80
    •  
  • 2911 Velero Grand Prairie, TX 1
    • 6 beds 3 baths ∙ 3,501 Sqft ∙ Built 2005 6 beds 3 baths ∙ 3,501 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.81
    •  
  • 6960 Catamaran Drive Grand Prairie, TX 2
    • 5 beds 4 baths ∙ 3,472 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,472 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.86
    •  
  • 2708 Fuente Grand Prairie, TX 3
    • 5 beds 5 baths ∙ 3,911 Sqft ∙ Built 2010 5 beds 5 baths ∙ 3,911 Sqft ∙ Built 2010
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.77
    •  
  • 2947 Nadar Grand Prairie, TX 5
    • 4 beds 4 baths ∙ 3,850 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,850 Sqft ∙ Built 2006
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,225
    • $0.84
    •  
PROPERTY LISTING DETAILS
Tanika Donnell
Tdrealty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14513064
Last Updated: 02/06/2021
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