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Location |
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Grand Prairie, Tx |
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Property Type |
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Duplex (Note 1) |
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Purchase Price |
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$ 250,000 |
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Rent per Month (both units) |
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$ 2,500 (Note 2) |
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Cap Rate |
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7.5 |
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Rent/Purchase Price Ratio |
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1.0 % |
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Gross Rent Multiplier (month) |
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100 |
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Sq Footage (approx per unit) |
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1650 |
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OVERVIEW:
Special opportunity for new construction at FORECLOSURE pricing. Grand Prairie is nation's 6th fastest growing city according to US Census Bureau report in 2007. Limited amount of duplexes available. Investor can choose between 2 floor plan options: 4 bedroom/2-1/2 bath/2 car garage and 3 bedroom/2-1/2 bath/2 car garage. Other properties in the area are primarily 3 bedroom so an investor can choose dual 4 bedroom plans for a duplex.
Note 1: Property is legally recorded as a 2 unit townhomes although original development advertised these as "duplexes". The construction is the same as a duplex but 2 loans will be required - 1 loan per side.
Located on the north side of Joe Pool Lake the subdivision is centrally located in a new growth area off Hwy 360. A new elementary school is located approximately 1/4 from the subdivision and a new outdoor retail center located at the intersection of Hwy 360 and Camp Wisdom Road confirms the growth of the area. This new retail center is the home of large "big box" retailers such Target, Home Depot, PetsMart, Ross, and Marshalls and is located approximately 2-1/2 miles from the subdivision Recently announced is an upcoming outlet center to be built on the opposite side of Hwy 360 from the current outdoor retail center. This community is a master planned community featuring single family homes and duplexes and consists of it's own small private lake as well as walking trails.
Property management is available with full MLS reports.
Note 2: Financial numbers listed including CAP Rate, rents, gross rent multiplier, rent to purchase price ratio and other financial numbers are listed as representations and need to be verified by each buyer
Grand Prairie named # 96 out of 100 on CNNMoney's 'BEST PLACES TO LIVE' for 2008
Click here for news articles about the population growth in Grand Prairie and other parts of the Dallas/Fort Worth area.
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