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7443 Morning Glory Road Abilene, TX 79602

4 Beds 2 Baths 1,773 sqft Built 2020

INVESTimate

$237,580

List Price

$1,780

$1,602 - $1,958

Rent Est.

$247,083  ( +4.00%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $134.00
  • 6 Days on Market
  • MLS # : 14416784
  • Updated Date : 08/25/2020 at 09:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,773 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Stovall, Realtors

Listing Agent's Description

This Texas Pride Custom Homes with a floor plan sure to please on a large corner lot. It boasts an open layout featuring 4 bedrooms and 2 bathrooms. Kitchen will feature granite counters, SS appliances and a one level island. Large bedrooms will have carpet flooring and ceiling fans and light kits. Flooring in main and wet area will be vinyl plank flooring. Master bathroom gives you dual sink vanity, garden soaking tub, separate shower and walk-in closet. Landscaping package to include sod, sprinklers, flowerbeds in the front yard and a 6ft privacy fence around the backyard. There is still time to make selections for finishing out the home.

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

Zip Code: 79602

ZipNIR Market*CityMarket2010Year2005 Q3201970k80k90k100k110k120k130k140k150k160k170k180kPrice in $66k189k

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

Zip Code: 79602

ZipNIR Market*CityMarket2015Year20112019 Q28509009501000105011001150120012501300Rent in $8171309

* 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
Jackson Elementary School Primary Regular 547 29 6
Madison Middle School Middle Regular 900 62 4
Cooper High School High Regular 1,806 135 4

Jackson Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 29
6
GreatSchools Rating

Madison Middle School

  • Education Level: Middle
  • # of students: 900
  • # of teachers: 62
4
GreatSchools Rating

Cooper High School

  • Education Level: High
  • # of students: 1,806
  • # of teachers: 135
4
GreatSchools Rating
 

$213,822$261,338$237,580

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$877
Property Tax -$512
Property Insurance -$128
HOA -$21
Property Management Fees -$99
CASH FLOW
$144

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$237,580

PROJECTED PRICE

$1,780

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 4.00%
Maintenance Year (1-5) 3.00%
Vacancy 9.90%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,959

INVESTMENT

$64,959

Down Payment
$59,395
Rehab Estimate
$2,000
Closing Costs
$3,564

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$877

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,395
Loan Amount $178,185
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$11,505

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,780
1$1,7802$1,7953$1,8754$1,8955$1,895
$1,895
RENT COMPS ANALYSIS
  • 7443 Morning Glory Road Abilene, TX 1
    • 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $1.00
    •  
  • 7157 Mcleod Drive Abilene, TX 2
    • 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 2015
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.99
    •  
  • 309 Mill Creek Drive Abilene, TX 3
    • 4 beds 2 baths ∙ 1,811 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,811 Sqft ∙ Built 2017
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $1.04
    •  
  • 7225 Raven Court Abilene, TX 4
    • 3 beds 2 baths ∙ 1,947 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,947 Sqft ∙ Built 2016
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.97
    •  
  • 301 Southlake Drive Abilene, TX 5
    • 4 beds 2 baths ∙ 1,947 Sqft ∙ Built 2014 4 beds 2 baths ∙ 1,947 Sqft ∙ Built 2014
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.97
    •  
PROPERTY LISTING DETAILS
Shelly Brooks
Berkshire Hathaway Homeservices Stovall, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416784
Last Updated: 08/25/2020
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