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724 Pelican Hills Drive Fairview, TX 75069

3 Beds 2 Baths 2,354 sqft Built 2005

$455,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $193.29
  • 3 Days on Market
  • MLS # : 14462150
  • Updated Date : 11/01/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,354 sqft
  • Baths : 2 full
Listing Agent

Pinnacle Realty Advisors

Listing Agent's Description

K HOV, 3BR 2B EXTENDED COVERED PATIO plus Solarium for games, grandkids or office. Extensive WOOD FLOORS, WOOD BLINDS throughout. Updated Kitchen, Granite, 2014, SS appliances, gas cooktop, freshly painted gray cabinets, plus entire home painted Oct 2020, neutral decorator colors. Views of Course from back yard. Large master, plus 2 additional bedrooms. Garage has space for Golf Cart. Fenced yard. Water Heater 2019, Roof 2016. Golf, tennis, pickleball, indoor & outdoor pools, green belt, walking trails, 2 Restaurants. One resident must be 50, HOA Working Capital Fee of 1.0% up to $3500. + $50 HOA Transfer Fee. Put total dollar amount, $3550 in Paragraph C of HOA Addendum. Verify Measurements & Tax Exemptions.

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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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k472k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10122551

* 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
Puster Elementary School Primary Regular 366 26 9
Sloan Creek Intermediate School Middle Regular 679 43 10
Lovejoy High School High Regular 1,259 90 10

Puster Elementary School

  • Education Level: Primary
  • # of students: 366
  • # of teachers: 26
9
GreatSchools Rating

Sloan Creek Intermediate School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 43
10
GreatSchools Rating

Lovejoy High School

  • Education Level: High
  • # of students: 1,259
  • # of teachers: 90
10
GreatSchools Rating
 

$409,500$500,500$455,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,679
Property Tax -$823
Property Insurance -$163
HOA -$211
Property Management Fees -$99
CASH FLOW
-$585

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$455,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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-$14k-$12k-$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,679

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$121

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,731

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3903$2,8004$3,450
$3,450
RENT COMPS ANALYSIS
  • 724 Pelican Hills Drive Fairview, TX 2
    • 3 beds 2 baths ∙ 2,354 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,354 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $1.02
    •  
  • 360 Rio Bravo Drive Fairview, TX 1
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2004
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 473 Inverness Drive Fairview, TX 3
    • 3 beds 3 baths ∙ 2,631 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,631 Sqft ∙ Built 2005
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.06
    •  
  • 814 Barton Springs Drive Fairview, TX 4
    • 3 beds 2 baths ∙ 2,576 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,576 Sqft ∙ Built 2006
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.34
    •  
PROPERTY LISTING DETAILS
Bonnie Short
Pinnacle Realty Advisors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462150
Last Updated: 11/01/2020
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