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1408 Fern Drive Mansfield, TX 76063

3 Beds 2 Baths 1,492 sqft Built 2001

$234,900

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $157.44
  • 4 Days on Market
  • MLS # : 14490515
  • Updated Date : 01/02/2021 at 13:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,492 sqft
  • Baths : 2 full
Listing Agent

Twenty-two Realty

Listing Agent's Description

MULTIPLE OFFERS!BEST DUE 1-4@9AM!THIS HOME IS SMART AND PRETTY! Super cute home with lots of upgrades including wood flooring,stone fireplace and updated lighting.Smart homes are great for those who work or love to travel!Phillips HUE lighting,NEST thermostat,security system and sprinkler system that you control with your phone!This open concept home boasts high ceilings,large bedrooms w great closet space, pretty natural lighting and a HUGE kitchen with tons of cabinets and counter space!Large walk-in pantry is a bonus!Step outside and enjoy your BEAUTIFUL covered patio where you will enjoy entertaining friends & family this new year!Located in close proximity to the best shopping and dining in the area!HURRY!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Fern Oak

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $117k290k

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

Neighborhood: Fern Oak

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10242016

* 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
Donna Shepard Intermediate School Primary Regular 877 53 6
Linda Jobe Middle School Middle Regular 809 53 8
Mansfield Legacy High School High Regular 1,945 103 6

Donna Shepard Intermediate School

  • Education Level: Primary
  • # of students: 877
  • # of teachers: 53
6
GreatSchools Rating

Linda Jobe Middle School

  • Education Level: Middle
  • # of students: 809
  • # of teachers: 53
8
GreatSchools Rating

Mansfield Legacy High School

  • Education Level: High
  • # of students: 1,945
  • # of teachers: 103
6
GreatSchools Rating
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$867
Property Tax -$557
Property Insurance -$113
Property Management Fees -$99
CASH FLOW
-$96

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.

$234,900

PROJECTED PRICE

$1,540

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.1%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$5,546

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,533

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,5403$1,6004$1,6255$1,650
$1,650
RENT COMPS ANALYSIS
  • 1408 Fern Drive Mansfield, TX 2
    • 3 beds 2 baths ∙ 1,492 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,492 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $1.03
    •  
  • 1120 Hidden Creek Drive Mansfield, TX 1
    • 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1988
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $1.03
    •  
  • 1109 Hidden Glade Drive Mansfield, TX 3
    • 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 2002
    property image
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.05
    •  
  • 1122 Stone Creek Drive Mansfield, TX 4
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1990
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.03
    •  
  • 1109 Cardinal Oaks Drive Mansfield, TX 5
    • 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1988
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Lanae Humbles
Twenty-two Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14490515
Last Updated: 01/02/2021
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