Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

714 Grove Drive Garland, TX 75040

4 Beds 3 Baths 2,838 sqft Built 2005

$379,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $133.54
  • 5 Days on Market
  • MLS # : 14495113
  • Updated Date : 01/07/2021 at 08:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,838 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart Stars

Listing Agent's Description

MOVE-IN READY HOME with wonderful floorplan that offers a good flow for entertaining or simply everyday living. Kitchen overlooks family room so no one is left out of conversations. Secluded master suite located on the first floor offers extra privacy and is ideal for sleepy weekend mornings. Wood on first floor, frameless shower, newly updated granite countertop and backsplash in kitchen. Roof is 2yrs old. This home is ready for its new owner to enjoy!!

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: Charleston Commons

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $88k310k

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

Neighborhood: Charleston Commons

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9402095

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$341,100$416,900$379,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,316
Property Tax -$891
Property Insurance -$191
HOA -$20
Property Management Fees -$99
CASH FLOW
-$318

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.

$379,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.1%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

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$106,185

INVESTMENT

$106,185

Down Payment
$94,750
Rehab Estimate
$5,750
Closing Costs
$5,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,316

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,750
Loan Amount $284,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$935

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,228

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,2003$2,2004$2,3955$2,695
$2,695
RENT COMPS ANALYSIS
  • 714 Grove Drive Garland, TX 3
    • 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,838 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.78
    •  
  • 618 S Crested Cove Drive Garland, TX 1
    • 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2002
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.72
    •  
  • 906 Crested Cove Drive Garland, TX 2
    • 5 beds 3 baths ∙ 2,917 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,917 Sqft ∙ Built 2000
    LEASED 08/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.75
    •  
  • 5313 Deer Brook Road Garland, TX 4
    • 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 1997 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 1997
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.79
    •  
  • 911 Melshire Drive Garland, TX 5
    • 4 beds 4 baths ∙ 3,063 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,063 Sqft ∙ Built 2017
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jenny Dang
Homesmart Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14495113
Last Updated: 01/07/2021
BESbswy