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2230 Somercrest Place Midlothian, TX 76065

4 Beds 4 Baths 2,493 sqft Built 2020

$477,900

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $191.70
  • 5 Days on Market
  • MLS # : 14462857
  • Updated Date : 10/30/2020 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,493 sqft
  • Baths : 3 full , 1 half
Listing Agent

Britton Homes

Listing Agent's Description

PERRY HOMES NEW CONSTRUCTION! Extended entry with 12-foot ceiling leads past game room with French doors to open family room, kitchen and dining area. Family room features a wood mantel fireplace and a wall of windows. Kitchen features island with built-in seating space. Primary suite includes bedroom with 12-foot ceiling. Dual vanities, garden tub, separate glass-enclosed shower and two walk-in closets in primary bath. Abundant closet space throughout. Extended covered backyard patio. Mud room off three-car garage.

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: 76065

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 76065

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
Larue Miller Elementary School Primary Regular 554 37 8
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

Larue Miller Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 37
8
GreatSchools Rating

Frank Seale Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 48
7
GreatSchools Rating

Midlothian High School

  • Education Level: High
  • # of students: 2,390
  • # of teachers: 141
6
GreatSchools Rating
 

$430,110$525,690$477,900

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$1,763
Property Tax -$1,043
Property Insurance -$171
HOA -$158
Property Management Fees -$99
CASH FLOW
-$765

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$477,900

PROJECTED PRICE

$2,470

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 3.00%
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-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$128,644

INVESTMENT

$128,644

Down Payment
$119,475
Rehab Estimate
$2,000
Closing Costs
$7,169

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $119,475
Loan Amount $358,425
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

$1

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,424

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,0953$2,2504$2,4705$2,500
$2,500
RENT COMPS ANALYSIS
  • 2230 Somercrest Place Midlothian, TX 4
    • 4 beds 4 baths ∙ 2,493 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,493 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $0.99
    •  
  • 3202 Meadow Ridge Drive Midlothian, TX 1
    • 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.97
    •  
  • 3620 Leigh Erin Street Midlothian, TX 2
    • 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2000
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.96
    •  
  • 418 Summer Grove Drive Midlothian, TX 3
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019
    LEASED 06/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.00
    •  
  • 405 Brook Meadow Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.96
    •  
PROPERTY LISTING DETAILS
Larry Delzell
Britton Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462857
Last Updated: 10/30/2020
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