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2240 Old Mill Road Carrollton, TX 75007

3 Beds 2 Baths 1,639 sqft Built 1980

$319,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $194.63
  • 3 Days on Market
  • MLS # : 14483585
  • Updated Date : 12/12/2020 at 11:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,639 sqft
  • Baths : 2 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

Rare opportunity in Carrollton! Absolutely gorgeous ONE STORY home in the desirable Morningside subdivision. Completely renovated and updated this home welcomes you in with a spacious, bright & airy living room with gas fireplace, waterproof wood-look vinyl flooring, fresh paint thru-out & is open to amazing Chef’s kitchen with island, QUARTZ, SOFT-CLOSE drawers, tiled backsplash & NEW stainless steel appliances. Spacious master bedroom with HUGE WI shower & closet! Updated baths w decorative tile & quartz countertops. Large backyard has spacious open patio, privacy fence with gate to rear-entry garage. Sprinkler system & gutters! Conveniently located close to everything-George Bush Hwy, shopping & restaurants.

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

Neighborhood: Morningside

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $117k289k

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

Neighborhood: Morningside

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10721945

* 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
Sheffield Elementary School Primary Regular NA
Dan F. Long Middle School Middle Regular 718 51 4
Newman Smith High School High Regular 1,973 126 6

Sheffield Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Dan F. Long Middle School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 51
4
GreatSchools Rating

Newman Smith High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 126
6
GreatSchools Rating
 

$287,100$350,900$319,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,177
Property Tax -$582
Property Insurance -$122
Property Management Fees -$99
CASH FLOW
-$270

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$319,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 12.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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

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$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,285

INVESTMENT

$90,285

Down Payment
$79,750
Rehab Estimate
$5,750
Closing Costs
$4,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,750
Loan Amount $239,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,258

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,717

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,7104$1,8505$1,895
$1,895
RENT COMPS ANALYSIS
  • 2240 Old Mill Road Carrollton, TX 3
    • 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.04
    •  
  • 2515 Kingsridge Drive Dallas, TX 1
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1983
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.05
    •  
  • 2210 Roundrock Drive Carrollton, TX 2
    • 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1980
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.05
    •  
  • 2508 Daybreak Drive Dallas, TX 4
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1982
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.05
    •  
  • 2607 Seedling Lane Dallas, TX 5
    • 4 beds 2 baths ∙ 1,827 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,827 Sqft ∙ Built 1982
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.04
    •  
PROPERTY LISTING DETAILS
Sherri Blasingame
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14483585
Last Updated: 12/12/2020
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