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1609 Monte Carlo Drive Mansfield, TX 76063

5 Beds 3 Baths 2,748 sqft Built 2005

$350,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $127.37
  • 3 Days on Market
  • MLS # : 14517848
  • Updated Date : 02/13/2021 at 14:50
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,748 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redestin Real Estate

Listing Agent's Description

A PRESTINE 5 BEDROOM 2.5 BATH HOME LOCATED IN A HIGHLY ACCLAIMED MANSFIELD ISD WITH NO HOA!!! FRESHY PAINTED THROUGH OUT. DRAMATIC HIGH CEILINGS, CROWN, PICTURE AND CHAIR RAIL MOLDINGS. 2 BEDROOMS DOWNSTAIRS, MASTER BEDROOM AND 1 BEDROOM CAN BE USED A STUDY. KITCHEN HAS TONS OF STORAGE, GAS COOKTOP AND ISLAND, OPENING TO LIVING AREA HAS A STONE GAS FIREPLACE. ALL WINDOWS ARE NEW INSTALLED LESS THAN A YEAR, VERY HIGHLY EFFICIENT ENERGY WHICH LOWER ELECTRIC BILL. 2 LIVING AND DINING ARE DOWNSTAIRS FOR ENTERTAINMENT. 3 BEDROOMS UPSTAIRS HAS WALK IN CLOSETS. GAME ROOM OR PLAY ROOM UPSTAIRS IS ANOTHER THING TO LOVE! CLOSE TO SCHOOLS AND IN PRIME LOCATION IN MANSFIELD, CONVENIENT ACCESS TO ALL AMENITIES AND HWY 287.

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MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Neighborhood: Belle Meade South

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Belle Meade South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262203

* 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
Mary Jo Sheppard Elementary School Primary Regular 543 36 6
Linda Jobe Middle School Middle Regular 809 53 8
Mansfield Legacy High School High Regular 1,945 103 6

Mary Jo Sheppard Elementary School

  • Education Level: Primary
  • # of students: 543
  • # of teachers: 36
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,216
Property Tax -$830
Property Insurance -$186
Property Management Fees -$99
CASH FLOW
-$280

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$350,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$1,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,253

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0503$2,2004$2,400
$2,400
RENT COMPS ANALYSIS
  • 1609 Monte Carlo Drive Mansfield, TX 2
    • 5 beds 3 baths ∙ 2,748 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,748 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.75
    •  
  • 1700 Hope Town Drive Mansfield, TX 1
    • 4 beds 3 baths ∙ 2,549 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,549 Sqft ∙ Built 2004
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
  • 1607 Chateau Lane Mansfield, TX 3
    • 5 beds 3 baths ∙ 2,604 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,604 Sqft ∙ Built 2004
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.84
    •  
  • 1507 Chateau Mansfield, TX 4
    • 5 beds 3 baths ∙ 2,863 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,863 Sqft ∙ Built 2004
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.84
    •  
PROPERTY LISTING DETAILS
Yvonne Vo
Redestin Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14517848
Last Updated: 02/13/2021
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