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2 Richmond Court Mansfield, TX 76063

3 Beds 2 Baths 2,202 sqft Built 1999

$293,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $133.06
  • 2 Days on Market
  • MLS # : 14481148
  • Updated Date : 12/04/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,202 sqft
  • Baths : 2 full
Listing Agent

Hopkins Realty & Assoc. Llc

Listing Agent's Description

Bring your buyers to see this beauty today! This 3 bd 2ba home centrally located in the heart of the highly sought out community of Mansfield. Convenient to all major freeways highways, this unique open floor plan is loaded with modern updates and features. This rare beauty has a formal living and dining room, game room office, separate living suites and much more.This home is Perfect for family gatherings as the Kitchen opens to a magnificent, yet cozy great room featuring a combination wood burning gas fireplace and built-in shelving. The master bedroom suite is the perfect getaway after a long day displaying ceiling to floor windows, a walk-in closet and a relaxing whirlpool tub. This one won’t last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Heritage Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Heritage 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
Martha Reid Elementary School Primary Regular 667 42 7
Mary Orr Intermediate School Middle Regular 845 53 7
Mansfield High School High Regular 2,333 123 8

Martha Reid Elementary School

  • Education Level: Primary
  • # of students: 667
  • # of teachers: 42
7
GreatSchools Rating

Mary Orr Intermediate School

  • Education Level: Middle
  • # of students: 845
  • # of teachers: 53
7
GreatSchools Rating

Mansfield High School

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

$263,700$322,300$293,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,081
Property Tax -$695
Property Insurance -$154
Property Management Fees -$99
CASH FLOW
-$169

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.

$293,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.2%
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

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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,395

INVESTMENT

$83,395

Down Payment
$73,250
Rehab Estimate
$5,750
Closing Costs
$4,395

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,250
Loan Amount $219,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,976

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,872

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,785
1$1,7852$1,8503$1,8604$1,9505$2,000
$2,000
RENT COMPS ANALYSIS
  • 2 Richmond Court Mansfield, TX 3
    • 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.84
    •  
  • 502 Calgaroo Place Arlington, TX 1
    • 3 beds 2 baths ∙ 2,193 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,193 Sqft ∙ Built 2004
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.81
    •  
  • 2308 Welch Place Mansfield, TX 2
    • 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 1994 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 1994
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.90
    •  
  • 2518 Edgefield Trail Mansfield, TX 4
    • 4 beds 2 baths ∙ 2,356 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,356 Sqft ∙ Built 2001
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.83
    •  
  • 2202 Richmond Circle Mansfield, TX 5
    • 4 beds 2 baths ∙ 2,321 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,321 Sqft ∙ Built 1997
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.86
    •  
PROPERTY LISTING DETAILS
Dani Scott
Hopkins Realty & Assoc. Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481148
Last Updated: 12/04/2020
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