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8605 Mill Creek Road Irving, TX 75063

3 Beds 3 Baths 2,289 sqft Built 1995

INVESTimate

$365,000

List Price

$2,260

$2,034 - $2,486

Rent Est.

$389,309  ( +6.66%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $159.46
  • 6 Days on Market
  • MLS # : 14418122
  • Updated Date : 08/22/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,289 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Judge Fite

Listing Agent's Description

Gorgeous & recently updated home featuring quartz countertops and bamboo cabinets in kitchen, open floor plan to breakfast area & living room. Stainless-steel appliances, walk-in pantry, breakfast bar, gas stove & kitchen island with electrical wiring. Separate laundry area in utility room with cabinetry. Living room with custom built-ins and double-sided fireplace to 2nd living area. Den-Study can be used as an office or ideal for virtual or home school. Master bedroom is a homeowner's retreat. Master bath features garden tub, separate shower and double vanities. Enormous walk-in closet & linen custom cabinets. Nice-size yard with tall wooden fence for privacy. Lots of natural lighting throughout.

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

Neighborhood: Glen Cove Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $107k373k

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

Neighborhood: Glen Cove Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10432306

* 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
Tom Landry Elementary School Primary Regular 466 27 2
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

Tom Landry Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 27
2
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,347
Property Tax -$807
Property Insurance -$159
HOA -$51
Property Management Fees -$99
CASH FLOW
-$203

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.

$365,000

PROJECTED PRICE

$2,260

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.66%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,347

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$5,359

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,329

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,260
1$2,2602$2,2953$2,3804$2,3955$2,450
$2,450
RENT COMPS ANALYSIS
  • 8605 Mill Creek Road Irving, TX 1
    • 3 beds 3 baths ∙ 2,289 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,289 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.99
    •  
  • 8104 Sycamore Drive Irving, TX 2
    • 3 beds 3 baths ∙ 2,297 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,297 Sqft ∙ Built 2000
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.00
    •  
  • 9005 Crown Point Circle Irving, TX 3
    • 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 1997
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $0.98
    •  
  • 8723 Rugby Drive Irving, TX 4
    • 3 beds 3 baths ∙ 2,249 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,249 Sqft ∙ Built 2004
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.06
    •  
  • 8528 Mill Creek Road Irving, TX 5
    • 3 beds 3 baths ∙ 2,381 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,381 Sqft ∙ Built 1995
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.03
    •  
PROPERTY LISTING DETAILS
Rosie Marin
Century 21 Judge Fite
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418122
Last Updated: 08/22/2020
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