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1510 S 3rd Street Street Midlothian, TX 76065

3 Beds 2 Baths 1,737 sqft Built 2002

$240,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $138.17
  • 5 Days on Market
  • MLS # : 14486942
  • Updated Date : 12/17/2020 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,737 sqft
  • Baths : 2 full
Listing Agent

Jp And Associates Arlington

Listing Agent's Description

Multiple Offers received...Please submit Best and Final offer by Saturday at 5:00pm. Welcome home! This is the one you have been searching for! This 3 bedroom 2 bath home with an office or potential 4th bedroom is a gem. Open concept on a very spacious lot located on a cul de sac. The kitchen opens to the living room and boasts plenty of counter space. Spacious bedrooms with walk in closets. Step outside and enjoy the beautifully updated and extended covered patio and pergola perfect for all your outdoor activities! Recent upgraded fence. Conveniently located near Highway 287 in highly sought after Midlothian ISD. Walking distance to schools. Close proximity to shopping and dining. Schedule your showing today!

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: Ridgeview

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $92k275k

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

Neighborhood: Ridgeview

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9192063

* 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.r. Irvin Elementary School Primary Regular 365 25 7
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

J.r. Irvin Elementary School

  • Education Level: Primary
  • # of students: 365
  • # of teachers: 25
7
GreatSchools Rating

Frank Seale Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 48
7
GreatSchools Rating

Midlothian High School

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

$216,000$264,000$240,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$886
Property Tax -$524
Property Insurance -$128
Property Management Fees -$99
CASH FLOW
$94

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.

$240,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.6%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$21,626

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,854

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,7953$1,7954$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 1510 S 3rd Street Street Midlothian, TX 1
    • 3 beds 2 baths ∙ 1,737 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,737 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.00
    •  
  • 226 Blake Lane Midlothian, TX 2
    • 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 2005
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.05
    •  
  • 1625 Melanie Trail Midlothian, TX 3
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2010
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.08
    •  
  • 1413 Melanie Trail Midlothian, TX 4
    • 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 2012
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.09
    •  
  • 1703 Ross Drive Midlothian, TX 5
    • 4 beds 2 baths ∙ 1,911 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,911 Sqft ∙ Built 1999
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.05
    •  
PROPERTY LISTING DETAILS
Michael Barnett
Jp And Associates Arlington
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14486942
Last Updated: 12/17/2020
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