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203 Mill Street Lone Oak, TX 75453

3 Beds 2 Baths 1,836 sqft Built 2002

$199,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $108.39
  • 4 Days on Market
  • MLS # : 14466649
  • Updated Date : 11/05/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,836 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

If you’re looking for lots of potential on half an acre, you’ve found it and at great value. Many attractive features in this home, like the beautifully upgraded, spacious kitchen and breakfast area. Generous cabinets and counter space with tile backsplash, brushed nickel fixtures and gorgeous lighting. French doors lead from the breakfast room to a covered patio, and there are paved, covered spaces around most of the home. Huge living area, oversized laundry room, three bedrooms, two with en suite baths. Out back a large storage building and a shed, for all your projects and playthings. A circular drive and carport for convenience. Imagine all the good times your family can have on this unique property.

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

Zip Code: 75453

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 75453

ZipNIR Market*Market2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
Lone Oak Elementary School Primary Regular 433 30 6
Lone Oak Elementary School Middle Regular 433 30 6
Lone Oak High School High Regular 315 28 5

Lone Oak Elementary School

  • Education Level: Primary
  • # of students: 433
  • # of teachers: 30
6
GreatSchools Rating

Lone Oak Elementary School

  • Education Level: Middle
  • # of students: 433
  • # of teachers: 30
6
GreatSchools Rating

Lone Oak High School

  • Education Level: High
  • # of students: 315
  • # of teachers: 28
5
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$734
Property Tax -$341
Property Insurance -$133
Property Management Fees -$99
CASH FLOW
$362

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.

$199,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$48,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,671

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,6503$1,670
$1,670
RENT COMPS ANALYSIS
  • 203 Mill Street Lone Oak, TX 3
    • 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.91
    •  
  • 402 Fm 513 Lone Oak, TX 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1996
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.77
    •  
  • 114 Fm 1567 Lone Oak, TX 2
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1988
    property image
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.05
    •  
PROPERTY LISTING DETAILS
Mary Thompson
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14466649
Last Updated: 11/05/2020
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