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2321 Springer Road Midlothian, TX 76065

3 Beds 4 Baths 3,494 sqft Built 1994

$479,900

List Price

$2,870

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $137.35
  • 4 Days on Market
  • MLS # : 14472843
  • Updated Date : 11/19/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,494 sqft
  • Baths : 4 full
Listing Agent

Melissa Hunter Realty Group

Listing Agent's Description

Want country? Beautifully remodeled 3494 sq.ft. with 2.324 acres. Huge island kitchen updates includes granite counters,tile back splash and floors, sink, fixtures, lighting. Repainted inside and out & laminate added downstairs, most light fixtures & lighting replaced. Large family rm with brick fireplace & walk-in bar. Pocket doors to dining and family rm. Over sized master suite with jetted tub, sep. shower, dual vanities, 2 walk-ins. Game or media rm. upstairs overlooks the commercial sized pool & cross fenced acreage. Replaced roof (2016), air conditioner (2018), pool pump(2016). Storage building. Unincorporated, no city taxes, can have livestock, workshops,etc. There is an easement for the shared driveway.

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: West Highland

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: West Highland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262182

* 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
Dolores Mcclatchey Elementary School Primary Regular NA
Walnut Grove Middle School Middle Regular 1,014 55 8
Heritage High School High Regular NA

Dolores Mcclatchey Elementary School

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

Walnut Grove Middle School

  • Education Level: Middle
  • # of students: 1,014
  • # of teachers: 55
8
GreatSchools Rating

Heritage High School

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

$431,910$527,890$479,900

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,771
Property Tax -$1,047
Property Insurance -$229
Property Management Fees -$99
CASH FLOW
-$276

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.

$479,900

PROJECTED PRICE

$2,870

PROJECTED RENT

0.60%

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) 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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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$132,924

INVESTMENT

$132,924

Down Payment
$119,975
Rehab Estimate
$5,750
Closing Costs
$7,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $119,975
Loan Amount $359,925
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,727

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $3,424

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,870
1$2,8702$3,200
$3,200
RENT COMPS ANALYSIS
  • 2321 Springer Road Midlothian, TX 1
    • 3 beds 4 baths ∙ 3,494 Sqft ∙ Built 1994 3 beds 4 baths ∙ 3,494 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $0.82
    •  
  • 8651 Glen Eagles Drive Ovilla, TX 2
    • 4 beds 3 baths ∙ 3,277 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,277 Sqft ∙ Built 2001
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.98
    •  
PROPERTY LISTING DETAILS
Melissa Hunter
Melissa Hunter Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14472843
Last Updated: 11/19/2020
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