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1612 Farmington Drive Mansfield, TX 76063

4 Beds 2 Baths 1,764 sqft Built 1997

$260,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $147.39
  • 2 Days on Market
  • MLS # : 14467287
  • Updated Date : 11/07/2020 at 17:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,764 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

This 4-Bedroom home in Mansfield ISD has a brand new roof as well as storm doors and solar screens on the house. The seller is willing to give a $5,000 allowance towards carpet and updates that the seller may want to do. This house has a large backyard and 2 large storage buildings. Come take a look and make this one your next home!

SEE MORE

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: Farmington Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Farmington Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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.l. Boren Elementary School Primary Regular 567 36 8
Brooks Wester Middle School Middle Regular 872 51 8
Mansfield High School High Regular 2,333 123 8

J.l. Boren Elementary School

  • Education Level: Primary
  • # of students: 567
  • # of teachers: 36
8
GreatSchools Rating

Brooks Wester Middle School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 51
8
GreatSchools Rating

Mansfield High School

  • Education Level: High
  • # of students: 2,333
  • # of teachers: 123
8
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$959
Property Tax -$616
Property Insurance -$129
Property Management Fees -$99
CASH FLOW
-$154

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.

$260,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.63%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,494

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,764

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7503$1,7504$1,7955$1,895
$1,895
RENT COMPS ANALYSIS
  • 1612 Farmington Drive Mansfield, TX 1
    • 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,764 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 1603 Mcgarry Lane Mansfield, TX 2
    • 3 beds 2 baths ∙ 1,774 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,774 Sqft ∙ Built 1999
    property image
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 1604 Stratford Drive Mansfield, TX 3
    • 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 2001
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 1610 Crestmeadow Lane Mansfield, TX 4
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1998
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.01
    •  
  • 1905 Windcastle Drive Mansfield, TX 5
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2002
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.04
    •  
PROPERTY LISTING DETAILS
Rob Sandefur
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14467287
Last Updated: 11/07/2020
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