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7124 Soto Street Dallas, TX 75223

4 Beds 4 Baths 2,715 sqft Built 2020

$625,000

List Price

$3,580

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $230.20
  • 4 Days on Market
  • MLS # : 14464613
  • Updated Date : 11/05/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,715 sqft
  • Baths : 3 full , 1 half
Listing Agent

Jagjit Singh

Listing Agent's Description

Ask about our MEGAsale promotion of 6 months mortgage on us. Megatel Homes will credit the first 6 months of your new mortgage payment. See your community sales consultant for full details. contract and MEGA sale addendum must be signed between July 23rd, 2020 through December 31st, 2020. Mortgage payment refers to principal and interest only. Additional restrictions apply. Megatel Homes reserves the right to change or cancel the program at any time.

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MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hollywood Santa Monica

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $102k475k

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

Neighborhood: Hollywood Santa Monica

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9472542

* 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
Lakewood Elementary School Primary Regular 841 53 10
J.l. Long Middle School Middle Regular 1,299 83 5
Woodrow Wilson High School High Regular 1,697 100 5

Lakewood Elementary School

  • Education Level: Primary
  • # of students: 841
  • # of teachers: 53
10
GreatSchools Rating

J.l. Long Middle School

  • Education Level: Middle
  • # of students: 1,299
  • # of teachers: 83
5
GreatSchools Rating

Woodrow Wilson High School

  • Education Level: High
  • # of students: 1,697
  • # of teachers: 100
5
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$3,222$3,938$3,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,580
EXPENSES Loan Payment -$2,306
Property Tax -$1,482
Property Insurance -$184
HOA -$41
Property Management Fees -$99
CASH FLOW
-$532

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.

$625,000

PROJECTED PRICE

$3,580

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.8%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$167,625

INVESTMENT

$167,625

Down Payment
$156,250
Rehab Estimate
$2,000
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,938

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,580

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $3,550

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1003$3,5804$4,0005$4,500
$4,500
RENT COMPS ANALYSIS
  • 7124 Soto Street Dallas, TX 3
    • 4 beds 4 baths ∙ 2,715 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,715 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,580
    • $1.32
    •  
  • 8119 Barbaree Boulevard Dallas, TX 1
    • 3 beds 3 baths ∙ 2,527 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,527 Sqft ∙ Built 2005
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.23
    •  
  • 2224 Forest Hollow Park Dallas, TX 2
    • 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2006
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.16
    •  
  • 1006 Shadyside Lane Dallas, TX 4
    • 4 beds 5 baths ∙ 2,917 Sqft ∙ Built 2015 4 beds 5 baths ∙ 2,917 Sqft ∙ Built 2015
    property image
    LEASED 06/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.37
    •  
  • 5945 Oram Street Dallas, TX 5
    • 4 beds 3 baths ∙ 3,054 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,054 Sqft ∙ Built 2019
    property image
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.47
    •  
PROPERTY LISTING DETAILS
Jagjit Singh
Jagjit Singh
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14464613
Last Updated: 11/05/2020
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