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1413 Misty Drive Midlothian, TX 76065

3 Beds 2 Baths 1,365 sqft Built 2000

$199,900

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $146.45
  • 3 Days on Market
  • MLS # : 14488525
  • Updated Date : 12/18/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,365 sqft
  • Baths : 2 full
Listing Agent

Omnikey Realty, Llc.

Listing Agent's Description

Beautiful 3-2 available in Midlothian! Updated and ready for new owners! New paint, new carpet and laminate throughout! Wide open floor-plan greets you upon entry with beautiful fireplace centerpiece! Flows seamlessly into your eat-in kitchen with plenty of c-top and storage space! Over-sized Master off of entry with adjoining bath. Good-sized closet. Both secondary bedrooms are a good size! Fenced-in backyard and 2 car garage complete this gem! Show! Show! Show! This should go fast!

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: Overlook

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $95k275k

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

Neighborhood: Overlook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9142063

* 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
J.a. Vitovsky Elementary Primary Regular 646 47 4
Walnut Grove Middle School Middle Regular 1,014 55 8
Midlothian High School High Regular 2,390 141 6

J.a. Vitovsky Elementary

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 47
4
GreatSchools Rating

Walnut Grove Middle School

  • Education Level: Middle
  • # of students: 1,014
  • # of teachers: 55
8
GreatSchools Rating

Midlothian High School

  • Education Level: High
  • # of students: 2,390
  • # of teachers: 141
6
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$738
Property Tax -$436
Property Insurance -$106
Property Management Fees -$99
CASH FLOW
$91

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.

$199,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.0%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$19,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,385

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4503$1,4704$1,5005$1,595
$1,595
RENT COMPS ANALYSIS
  • 1413 Misty Drive Midlothian, TX 3
    • 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $1.08
    •  
  • 1301 Misty Drive Midlothian, TX 1
    • 3 beds 2 baths ∙ 1,445 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,445 Sqft ∙ Built 2000
    property image
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 1206 Misty Meadow Drive Midlothian, TX 2
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 2000
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.01
    •  
  • 1305 Misty Meadow Drive Midlothian, TX 4
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2001
    property image
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.07
    •  
  • 1306 Columbia Drive Midlothian, TX 5
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 2006
    property image
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.01
    •  
PROPERTY LISTING DETAILS
Michael Slaughter
Omnikey Realty, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14488525
Last Updated: 12/18/2020
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