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7706 Ike Avenue Dallas, TX 75241

3 Beds 2 Baths 1,644 sqft Built 2017

$189,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $115.51
  • 6 Days on Market
  • MLS # : 14472561
  • Updated Date : 11/18/2020 at 10:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,644 sqft
  • Baths : 2 full
Listing Agent

Altru Realty, Llc

Listing Agent's Description

Multiple offers received. Highest and best offers due by Sunday, 11-22-20, at 5pm. Beautiful, turn-key home is move-in ready! This very clean and well-maintained 2017 home features 3 bedrooms and 2 bathrooms and an open-concept layout including a large living room, a spacious eat-in kitchen, and a formal dining area. The features go on with a very spacious master bedroom en-suite which includes a full bathroom and a great walk-in closet, plus 2 additional secondary bedrooms, a good-sized laundry room and an attached 2 car garage. This home is conveniently located in a highly desirable area close to I-35 and I-20 for quick, easy access to these major highways. Come see it today before it's gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Wheatland Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $81k243k

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

Neighborhood: Wheatland Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9181734

* 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
Thomas L. Marsalis Elementary School Primary Regular 515 34 5
Boude Storey Middle School Middle Regular 703 49 2
South Oak Cliff High School High Regular 1,319 86 2

Thomas L. Marsalis Elementary School

  • Education Level: Primary
  • # of students: 515
  • # of teachers: 34
5
GreatSchools Rating

Boude Storey Middle School

  • Education Level: Middle
  • # of students: 703
  • # of teachers: 49
2
GreatSchools Rating

South Oak Cliff High School

  • Education Level: High
  • # of students: 1,319
  • # of teachers: 86
2
GreatSchools Rating
 

$170,910$208,890$189,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$701
Property Tax -$450
Property Insurance -$122
Property Management Fees -$99
CASH FLOW
$118

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.

$189,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 13.8%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,074

INVESTMENT

$56,074

Down Payment
$47,475
Rehab Estimate
$5,750
Closing Costs
$2,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$701

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,475
Loan Amount $142,425
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$19,917

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,591

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4903$1,4954$1,4955$1,595
$1,595
RENT COMPS ANALYSIS
  • 7706 Ike Avenue Dallas, TX 2
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.91
    •  
  • 123 Idlewheat Lane Dallas, TX 1
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 2005
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.94
    •  
  • 7532 Marietta Lane Dallas, TX 3
    • 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 2005
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 226 Cliff Heights Circle Dallas, TX 4
    • 4 beds 2 baths ∙ 1,543 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,543 Sqft ∙ Built 2006
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 149 Cliff Heights Circle Dallas, TX 5
    • 3 beds 3 baths ∙ 1,605 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,605 Sqft ∙ Built 2006
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.99
    •  
PROPERTY LISTING DETAILS
Clara Torres
Altru Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14472561
Last Updated: 11/18/2020
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