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2238 Midbury Drive Lancaster, TX 75134

3 Beds 2 Baths 1,593 sqft Built 2003

$199,900

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $125.49
  • 5 Days on Market
  • MLS # : 14511688
  • Updated Date : 02/04/2021 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Ready Real Estate

Listing Agent's Description

A charming 3bed, 2bath, and 2 car garage single family starter home in established neighborhood. Spacious living room overlooking the kitchen. Kitchen has an island and plenty of cabinet and counter space. Wood privacy fence that surrounds the backyard and open patio for family gatherings. Close to schools, neighborhood parks, freeways etc.

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

Neighborhood: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Houston Elementary School Primary Regular 681 37 5
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Houston Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 37
5
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$694
Property Tax -$509
Property Insurance -$119
HOA -$8
Property Management Fees -$99
CASH FLOW
$10

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.

$199,900

PROJECTED PRICE

$1,440

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.8%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$694

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$7,962

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,529

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,440
1$1,4402$1,5503$1,6954$1,7255$1,750
$1,750
RENT COMPS ANALYSIS
  • 2238 Midbury Drive Lancaster, TX 1
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.90
    •  
  • 2432 Mallory Lane Lancaster, TX 2
    • 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2001
    property image
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 2221 Bruce Drive Lancaster, TX 3
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007
    property image
    LEASED 01/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.95
    •  
  • 2615 Frederick Street Lancaster, TX 4
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.97
    •  
  • 2946 Marquis Lane Lancaster, TX 5
    • 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 2002
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
PROPERTY LISTING DETAILS
Flora Biscotto
Ready Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14511688
Last Updated: 02/04/2021
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