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8708 Madrid Street North Richland Hills, TX 76180

3 Beds 3 Baths 1,856 sqft Built 2016

INVESTimate

$380,000

List Price

$2,030

$1,827 - $2,233

Rent Est.

$409,374  ( +7.73%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $204.74
  • 7 Days on Market
  • MLS # : 14417524
  • Updated Date : 08/24/2020 at 14:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,856 sqft
  • Baths : 2 full , 1 half
Listing Agent

Creekview Realty

Listing Agent's Description

RARE OPPORTUNITY!! Newer waterfront property in HomeTown NRH, balcony that overlooks the lake, large backyard, lakefront walking and biking trails right outside your front door!! UPGRADES... hardwood floors both downstairs and upstairs, frameless master shower, canned LED lights in every room, Nest thermostats, Rachio wifi sprinkler, August wifi door locks, MyQ wifi garage door opener, epoxy flooring, Fleximounts garage shelving, modern lighting fixtures, granite countertops throughout, fully extended white kitchen cabinets, elevated baseboards, plus, the custom double desk, Ergohuman leather office chairs, & GE french door refrigerator are all included with a strong offer!! This property truly is a MUST SEE!!

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: Home Town

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

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

Neighborhood: Home Town

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10412171

* 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
Walker Creek Elementary School Primary Regular 653 44 7
Smithfield Middle School Middle Regular 818 49 10
Birdville High School High Regular 2,083 125 7

Walker Creek Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 44
7
GreatSchools Rating

Smithfield Middle School

  • Education Level: Middle
  • # of students: 818
  • # of teachers: 49
10
GreatSchools Rating

Birdville High School

  • Education Level: High
  • # of students: 2,083
  • # of teachers: 125
7
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,827$2,233$2,030

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

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,402
Property Tax -$914
Property Insurance -$134
HOA -$135
Property Management Fees -$99
CASH FLOW
-$654

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.

$380,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.73%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$13

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9503$1,9954$2,0305$2,100
$2,100
RENT COMPS ANALYSIS
  • 8708 Madrid Street North Richland Hills, TX 4
    • 3 beds 3 baths ∙ 1,856 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,856 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $1.09
    •  
  • 6919 Tradonna Lane North Richland Hills, TX 1
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2002
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
  • 8401 Emerald Circle North Richland Hills, TX 2
    • 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.02
    •  
  • 2025 Lorean Court Hurst, TX 3
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 2000
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.97
    •  
  • 2004 Lorean Court Hurst, TX 5
    • 3 beds 2 baths ∙ 2,012 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,012 Sqft ∙ Built 2000
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
PROPERTY LISTING DETAILS
John Prell
Creekview Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417524
Last Updated: 08/24/2020
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