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7901 Forest Lakes Court North Richland Hills, TX 76182

4 Beds 6 Baths 4,797 sqft Built 2005

INVESTimate

$720,000

List Price

$3,770

$3,520 - $4,020

Rent Est.

$730,224  ( +1.42%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2005
  • Price/Sqft : $150.09
  • 9 Days on Market
  • MLS # : 14410580
  • Updated Date : 08/19/2020 at 07:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,797 sqft
  • Baths : 3 full , 3 half
Listing Agent

Mercer Team

Listing Agent's Description

Magnificent Custom home on gorgeous lot centered at end of cul-de-sac. Gourmet kitchen offers 5-burner gas cook-top, custom cabinets, prep island with second sink, built-in refrigerator, pot filler & much more! Living area has triple crown molding, huge stone fireplace, built-in entertainment center and wired for surround sound. First floor master retreat features sitting area, bath has shower with body sprays & walk-in closet w custom storage system. Upstairs: game room, unique craft room, media or home school room. Man cave with stairs to 3rd garage for RV, boat storage or workshop. The incredible backyard is like a park, Pool has slopped beachfront entrance, waterfall and gas light feature.

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: Forest Glenn West

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k480k

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

Neighborhood: Forest Glenn West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $10413454

* 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
 

$648,000$792,000$720,000

PURCHASE PRICE

$3,393$4,147$3,770

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,770
EXPENSES Loan Payment -$2,656
Property Tax -$1,580
Property Insurance -$304
HOA -$29
Property Management Fees -$99
CASH FLOW
-$899

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.

$720,000

PROJECTED PRICE

$3,770

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 1.42%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$196,550

INVESTMENT

$196,550

Down Payment
$180,000
Rehab Estimate
$5,750
Closing Costs
$10,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,656

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $180,000
Loan Amount $540,000
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$224

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,770

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $3,838

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,7003$3,770
$3,770
RENT COMPS ANALYSIS
  • 7901 Forest Lakes Court North Richland Hills, TX 3
    • 4 beds 6 baths ∙ 4,797 Sqft ∙ Built 2005 4 beds 6 baths ∙ 4,797 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,770
    • $0.79
    •  
  • 8008 Oak Knoll Drive North Richland Hills, TX 1
    • 4 beds 5 baths ∙ 4,505 Sqft ∙ Built 2006 4 beds 5 baths ∙ 4,505 Sqft ∙ Built 2006
    property image
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.78
    •  
  • 2013 Preston Brook Drive Keller, TX 2
    • 4 beds 4 baths ∙ 4,488 Sqft ∙ Built 2001 4 beds 4 baths ∙ 4,488 Sqft ∙ Built 2001
    property image
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $0.82
    •  
PROPERTY LISTING DETAILS
Penny Mercer
Mercer Team
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14410580
Last Updated: 08/19/2020
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