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1705 Morning Mist Way Wylie, TX 75098

3 Beds 3 Baths 3,025 sqft Built 2015

$425,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $140.50
  • 4 Days on Market
  • MLS # : 14530126
  • Updated Date : 03/11/2021 at 11:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,025 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Dpr

Listing Agent's Description

Impressive 1.5 Story, 3 Bedroom, 2.1 Bath Home + Study, Gameroom & Media Room, Located near LAKE Lavon in the award-winning Inspiration neighborhood featuring 5 pools, lazy river, fitness center, dog park, sand volleyball, putting green & MORE! Soft grays & white color scheme throughout this open floor plan. Private study with french doors. Great room with kitchen & living featuring lots of cabinets, including island & butler’s pantry. Corner gas FP in living. Secondary bdrms down with bath. Private master with bay windows. Bath with oversized shower that includes rock stone floor & tile walls. Game room, media room & a half bath up. Enjoy outside on covered patio viewing generous sized backyard.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75098

ZipNIR 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
P.m. Akin Elementary School Primary Regular 517 32 8
Frank Mcmillan Junior High School Middle Regular 656 43 10
Wylie High School High Regular 2,061 127 9

P.m. Akin Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 32
8
GreatSchools Rating

Frank Mcmillan Junior High School

  • Education Level: Middle
  • # of students: 656
  • # of teachers: 43
10
GreatSchools Rating

Wylie High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 127
9
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,476
Property Tax -$908
Property Insurance -$202
HOA -$90
Property Management Fees -$99
CASH FLOW
-$425

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.

$425,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.9%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$474

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,430

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,3503$2,6004$2,600
$2,600
RENT COMPS ANALYSIS
  • 1705 Morning Mist Way Wylie, TX 2
    • 3 beds 3 baths ∙ 3,025 Sqft ∙ Built 2015 3 beds 3 baths ∙ 3,025 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.78
    •  
  • 1510 Starpoint Lane Wylie, TX 1
    • 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1999
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 2120 Harmony Pier Lane Wylie, TX 3
    • 4 beds 3 baths ∙ 3,169 Sqft ∙ Built 2016 4 beds 3 baths ∙ 3,169 Sqft ∙ Built 2016
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.82
    •  
  • 1719 Indigo Creek Lane Wylie, TX 4
    • 4 beds 4 baths ∙ 3,072 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,072 Sqft ∙ Built 2018
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.85
    •  
PROPERTY LISTING DETAILS
Seth Mills
Keller Williams Realty Dpr
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530126
Last Updated: 03/11/2021
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