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8732 Cherry Lee Lane Lantana, TX 76226

5 Beds 4 Baths 4,515 sqft Built 2001

$599,900

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $132.87
  • 4 Days on Market
  • MLS # : 14526503
  • Updated Date : 03/06/2021 at 09:04
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,515 sqft
  • Baths : 4 full
Listing Agent

Fathom Realty, Llc

Listing Agent's Description

BEAUTIFUL, MOVE IN READY HOME IN LANTANA! Incredible home with tons of living space and rooms for every need! Huge, two story Master Suite with private staircase connecting the two levels. Master bath features custom walk in closet, steam shower, jetted tub, see through fireplace, and towel warmer! Spectacular kitchen with built in refrigerator, double oven, gas cooktop, HUGE breakfast bar all open to large family room. Upstairs features media room, large game room with walk out balcony, and 4 additional bedrooms. Beautiful backyard oasis features lagoon salt water pool with slide and rock water features. ***MULTIPLE OFFERS RECEIVED. DEADLINE FOR OFFERS IS MONDAY, 10AM****

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: Lantana

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Lantana

ZipNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
E.p. Rayzor Elementary School Primary Regular 466 31 10
Harpool Middle School Middle Regular 914 61 9
John H. Guyer High School High Regular 2,395 162 8

E.p. Rayzor Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 31
10
GreatSchools Rating

Harpool Middle School

  • Education Level: Middle
  • # of students: 914
  • # of teachers: 61
9
GreatSchools Rating

John H. Guyer High School

  • Education Level: High
  • # of students: 2,395
  • # of teachers: 162
8
GreatSchools Rating
 

$539,910$659,890$599,900

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$2,084
Property Tax -$1,358
Property Insurance -$288
HOA -$128
Property Management Fees -$99
CASH FLOW
-$456

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.

$599,900

PROJECTED PRICE

$3,500

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
Length of Stay Years 2

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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,724

INVESTMENT

$164,724

Down Payment
$149,975
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,975
Loan Amount $449,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,060

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $3,597

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,5003$3,6004$3,600
$3,600
RENT COMPS ANALYSIS
  • 8732 Cherry Lee Lane Lantana, TX 2
    • 5 beds 4 baths ∙ 4,515 Sqft ∙ Built 2001 5 beds 4 baths ∙ 4,515 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.78
    •  
  • 1320 Terrace Drive Lantana, TX 1
    • 5 beds 4 baths ∙ 4,187 Sqft ∙ Built 2006 5 beds 4 baths ∙ 4,187 Sqft ∙ Built 2006
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.76
    •  
  • 9020 Thompson Drive Lantana, TX 3
    • 4 beds 4 baths ∙ 4,462 Sqft ∙ Built 2003 4 beds 4 baths ∙ 4,462 Sqft ∙ Built 2003
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.81
    •  
  • 8321 Navisota Drive Lantana, TX 4
    • 5 beds 4 baths ∙ 4,403 Sqft ∙ Built 2006 5 beds 4 baths ∙ 4,403 Sqft ∙ Built 2006
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.82
    •  
PROPERTY LISTING DETAILS
Lucile Bangerter
Fathom Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14526503
Last Updated: 03/06/2021
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