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775 Fannin Drive Lavon, TX 75166

3 Beds 2 Baths 1,665 sqft Built 2014

$245,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $147.15
  • 4 Days on Market
  • MLS # : 14482839
  • Updated Date : 01/15/2021 at 14:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,665 sqft
  • Baths : 2 full
Listing Agent

Orchard Brokerage

Listing Agent's Description

PLEASE SUBMIT HIGHEST AND BEST BY 1.18.2021 SELLER WILL REVIEW AT 5PM Beautiful single-story residence with various interior upgrades. New carpet and new paint throughout the entire home create a refreshed atmosphere. Open concept with generous room sizes, vaulted ceilings, and abundant natural light. Gorgeous kitchen with granite surfaces, sit-up island, and stainless appliances. Enjoy your breakfast nook with a coffee bar for slow Saturday mornings and make use of the formal dining for entertaining guests. The spacious master suite boasts a 5-piece bathroom and walk-in closet. On the exterior, the covered patio has a countryside view perfect for dining al-fresco. Clean and move-in ready with two-car garage.

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

Zip Code: 75166

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75166

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Phyliss Nesmith Elementary School Primary Regular 469 26 7
Edge Middle School Middle Regular 441 26 4
Community High School High Regular 507 39 6

Phyliss Nesmith Elementary School

  • Education Level: Primary
  • # of students: 469
  • # of teachers: 26
7
GreatSchools Rating

Edge Middle School

  • Education Level: Middle
  • # of students: 441
  • # of teachers: 26
4
GreatSchools Rating

Community High School

  • Education Level: High
  • # of students: 507
  • # of teachers: 39
6
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$851
Property Tax -$470
Property Insurance -$123
HOA -$67
Property Management Fees -$99
CASH FLOW
$150

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.

$245,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.4%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$22,949

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,590

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,6504$1,7505$1,760
$1,760
RENT COMPS ANALYSIS
  • 775 Fannin Drive Lavon, TX 5
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $1.06
    •  
  • 590 Arthur Drive Lavon, TX 1
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 2009
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.03
    •  
  • 514 Lincoln Avenue Lavon, TX 2
    • 4 beds 2 baths ∙ 1,768 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,768 Sqft ∙ Built 2006
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.90
    •  
  • 675 Austin Lane Lavon, TX 3
    • 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2007
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 779 Fannin Drive Lavon, TX 4
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 2009
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
PROPERTY LISTING DETAILS
Alix Spruce
Orchard Brokerage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14482839
Last Updated: 01/15/2021
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