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7229 Timberlane Drive North Richland Hills, TX 76182

3 Beds 2 Baths 1,876 sqft Built 1983

$339,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $180.70
  • 7 Days on Market
  • MLS # : 14468370
  • Updated Date : 11/12/2020 at 12:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,876 sqft
  • Baths : 2 full
Listing Agent

Summit Cove Realty

Listing Agent's Description

MUST SEE! Wonderful family home with 3 bedrooms, 2 baths. Split bedrooms. Master has 2 large closets. Laminate wood floors in formal dining room and living room. Carpet in bedrooms. Ceramic tile in entries, kitchen, baths and laundry. New doors. New windows in front. New HVAC (6 months). AMAZING backyard, beautifully landscaped, covered outdoor kitchen (grill stays), deck with a hot tub (hot tub stays), workshop with garage door, electricity and AC. Sprinkler system. 8 ft iron side gate. Front yard landscaped with fountain.

SEE MORE

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: Crestwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $104k336k

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

Neighborhood: Crestwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9192171

* 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
Green Valley Elementary School Primary Regular 491 30 10
North Ridge Middle School Middle Regular 800 52 8
North Ridge Middle School High Regular 800 52 8

Green Valley Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 30
10
GreatSchools Rating

North Ridge Middle School

  • Education Level: Middle
  • # of students: 800
  • # of teachers: 52
8
GreatSchools Rating

North Ridge Middle School

  • Education Level: High
  • # of students: 800
  • # of teachers: 52
8
GreatSchools Rating
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,251
Property Tax -$768
Property Insurance -$136
Property Management Fees -$99
CASH FLOW
-$453

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.

$339,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.0%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$65

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,843

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,7953$1,8004$1,8505$1,900
$1,900
RENT COMPS ANALYSIS
  • 7229 Timberlane Drive North Richland Hills, TX 3
    • 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.96
    •  
  • 7848 Hidden Oaks Drive North Richland Hills, TX 1
    • 3 beds 2 baths ∙ 1,848 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,848 Sqft ∙ Built 1994
    property image
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.91
    •  
  • 8308 Forrest Oak Drive North Richland Hills, TX 2
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1980
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.01
    •  
  • 7324 Oak Ridge Drive North Richland Hills, TX 4
    • 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1995 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1995
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.02
    •  
  • 7225 Cross Keys Drive North Richland Hills, TX 5
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1993
    property image
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.99
    •  
PROPERTY LISTING DETAILS
Velina Davidson
Summit Cove Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14468370
Last Updated: 11/12/2020
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