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948 Winged Foot Drive Fairview, TX 75069

3 Beds 2 Baths 1,749 sqft Built 2006

$410,000

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $234.42
  • 2 Days on Market
  • MLS # : 14484622
  • Updated Date : 12/12/2020 at 06:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,749 sqft
  • Baths : 2 full
Listing Agent

Re/max Town & Country

Listing Agent's Description

GREENBELT HOME IN HERITAGE RANCH - VIEWS OF LAKE, TREES & WALKING TRAIL - NEW WOOD FLOORING IN FAMILY ROOM - INTERIOR PAINTED LIGHT GRAY - GREAT FLOOR PLAN - 1749 Sq. Ft. - GATED RESORT OF HERITAGE RANCH for those 50+. HOME FEATURES: Well appointed Kitchen with electric range, microwave, pull-out drawers. Covered back patio with extended Patio. Views of Lake from Kitchen, Family Room & Breakfast Nook. 3rd BR or Study with Large WIC. OTHER: Roof-2016, WH-2017, AC Coil-2007. A Few of The Free Amenities Include: Indoor Lap Pool, Outdoor Swimming Pool, Fitness Center, Tennis & Pickle-ball Courts, Disc-golf field, Library and Walking Trails. SHOWINGS START SATURDAY.

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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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k472k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10122551

* 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
Puster Elementary School Primary Regular 366 26 9
Sloan Creek Intermediate School Middle Regular 679 43 10
Lovejoy High School High Regular 1,259 90 10

Puster Elementary School

  • Education Level: Primary
  • # of students: 366
  • # of teachers: 26
9
GreatSchools Rating

Sloan Creek Intermediate School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 43
10
GreatSchools Rating

Lovejoy High School

  • Education Level: High
  • # of students: 1,259
  • # of teachers: 90
10
GreatSchools Rating
 

$369,000$451,000$410,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,513
Property Tax -$742
Property Insurance -$128
HOA -$226
Property Management Fees -$99
CASH FLOW
-$668

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$410,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$5

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,038

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,040
1$2,0402$2,2003$2,2004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 948 Winged Foot Drive Fairview, TX 1
    • 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.17
    •  
  • 1380 Sagebrooke Fairview, TX 2
    • 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 2003
    property image
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 360 Rio Bravo Drive Fairview, TX 3
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2004
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 416 Saddleback Drive Fairview, TX 4
    • 3 beds 2 baths ∙ 1,922 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,922 Sqft ∙ Built 2002
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.20
    •  
  • 420 Saddleback Drive Fairview, TX 5
    • 3 beds 2 baths ∙ 1,919 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,919 Sqft ∙ Built 2002
    property image
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.30
    •  
PROPERTY LISTING DETAILS
Kevin Kernan
Re/max Town & Country
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14484622
Last Updated: 12/12/2020
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