Introduction
4122 Wycliff Avenue is a flat resident in Dallas County and the 75219 ZIP Code. The apartments are situated within the surroundings of Oak Lawn. The beautiful sceneries have stylish boutiques, calm purlieus, walkability, and High Park that percolates wealth and quiet culture. There is a wide assortment of accommodation in Oak Lawn, from high-rise flats and condos to opulent townhomes and lovely duplexes with refurbished historic villas. It is within a 5minutes drive from the University of Texas South-Western Medical Center, near Dallas Theological Seminary and Southern Methodist University. The Dallas, Fort Worth International airport is located around 20 miles away from the apartment.
Market Rent Estimate
The 4122 Wycliff Avenue complex has several accommodations and hotels. The accommodation services are excellent, with appealing unit types. Each of the rooms in its five-floor apartment is fitted with either one to two beds, two to three, or even with one to four, while few have a luxurious bed and one bath flat. The market rent of each room is affordable and ranges from $4,125 depending on the unit type (Fell 18). The flats are well established, and pets like dogs and cats are allowed. The bedroom is large, with a walk-in wardrobe and an enormous lavatory with dual sinks and separate shower rooms. Its affordable rent makes it ideal in the vicinity of hotels and accommodations.
In the nearby flats, there are other rentals with varying market prices, as shown. A four-bed with a mean size of about 3260 square feet has a minimum of about $4,800, while three beds capacity with an average of 2290 square feet ranges with a minimum of $4,200, with a standard price of $8,800 to advanced ones of $15,270 (Fell 24). For the unit with two beds of around 2,250 square feet, the lowest price is $1,200 with a standard fee of $3,200, while the high class has been rated at $10,700.
The rooms with one-bed capacity have varying prices from $900 to standard ones of $2,000. The cost of a superior room is higher; the customer will pay $8,200. At the Regalia Mansfield 350N State Highway 360 Mansfield TX 76063, between three to one-bedroom ranges from $2,400 to $1,300, while The District on Collins 2910 S Collins St Arlington TX 76014 cost around $1,800 to $1,100. The 1306 N Plymouth Road Dallas TX 75208 houses are pet friendly, offering one month free; their rent ranges from $3,000 to $1,400. 805 Lakeside Cir Lewisville TX 75057, a conducive place with beautiful sceneries 3 to 2 beds capacity. Their rent ranges between $2,000 to $1,600 (Giertz, Rasoul and Kurt 5). 4122 Wycliff Avenue, real estate investments stand out among the best in the region.
Operating Expenses
The operating expenses are associated with other social services offered in the vicinity. Some of these services are the lounge, a private detached garage charged an estimated $200 per month, swimming pools, pickup that carries trash from the rental apartment, electric car charges, gymnasium, shopping center, and schools. For booking, one is expected to pay an application fee of around $80, monthly rent for a pet at $30, and an administration fee of approximately $200 (Appartments.com 1). Prices for additional expenses are average in the region and depend on the necessary living conditions.
Capitalization Rate
The capitalization rate is a likely rate of return on a real estate asset, considering the revenue that the investment night produces compared to the property’s worth and net operating income. According to Fell, “a house property of average monthly rent of $4,000 has an annual return on investment of around 10%” (94). In this case, the purchase price is estimated to be $400,000, with a deposit of $55,500, an interest rate of 5%, and a monthly mortgage payment of $1,849.35. Monthly taxation of $693.75 payable in 30 years mortgage period has an estimated $2,543.10 per month. For a correct calculation, it is necessary to consider the inflation rate, which, on average, is 2 percent per year (Fell 94). The total rent and insurance payments are $250 693.93, real interests earned on investment funds are $40,260.82, while the net cost of renting will amount to $210,433.10.
On the other hand, considering buying the house, the purchase total of interest expenses of $82,800 will have $6,890 as property tax. The $45,060 homeowners’ insurance should be mentioned, and the $10,820 PMI cost of $6,620 maintenance, $6,490, and the selling of $30,600 (Fell 29). Considering all the payments, the total amount of money needed to buy a house is $189,280. The buying benefits will be tax savings of $26,262.45, home appreciation of $110,512.63 generating total benefits of $136,775.08 the net cost of buying will be $52,547.34 (Fell 30). Property capitalization helps identify the best real estate investment to choose when faced with alternatives.
Value
Thus, the purchase will save $157,885.76 instead of rent. In the long run, buying is more valuable than renting, despite the high one-time cost. Moreover, the benefit lies in obtaining comfortable housing at the average prices of the area with developed infrastructure and good natural surroundings. The purchase will be a good investment and a way to save money by avoiding the effects of inflation.
Conclusion
4122 Wycliff Avenue has attracted several residents due to its beautiful sceneries and serenity. For the residents, the cost of a rental house depends on the size of the room in square feet, the number of bed capacity, and the general location of the apartment. The small-sized room with small bed sizes is cheaper than those of large size with more bed capacity. According to the calculated data, buying an apartment is more profitable than renting.
Works Cited
Appartments.com. “4122 Wycliff Ave, Dallas, TX 75219 – Apartment for Rent in Dallas, TX.”4122 Wycliff Ave, 2022.
Fell, John William. Investigating Inequities in Appraised Residential Property Values for Dallas County, Texas, from 2004–2014: Using an Instrumental Variable Approach. The University of Texas at Dallas, 2019.
Giertz, Seth H., Rasoul Ramezani, and Kurt J. Beron. “Property Tax Capitalization, A Case study of Dallas County.” Regional Science and Urban Economics, 2021.