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2323 Mockingbird Drive Grapevine, TX 76051

3 Beds 2 Baths 1,659 sqft Built 1981

$355,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $213.98
  • 7 Days on Market
  • MLS # : 14500749
  • Updated Date : 01/23/2021 at 20:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,659 sqft
  • Baths : 2 full
Listing Agent

Synergy Realty

Listing Agent's Description

This Beautifully well maintained Single Story home in Russwood Estate features tiled floors throughout the living, kitchen, dining area plus bedroom * Living room has vaulted ceiling, creating a spacious open feel with windows bringing in natural light * Kitchen is open to living space * Great curb appeal, plenty of room in Backyard for entertaining Friends and Family, walking distance to Grapevine Lake, biking trails, Scotts Landing Marina. This is a place to call home in established neighborhood with trees, minutes away from shopping, highways, DFW airport.

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: Russwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k374k

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

Neighborhood: Russwood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200230024002500Rent in $11262539

* 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
Dove Elementary School Primary Regular 546 35 5
Grapevine Middle School Middle Regular 733 49 5
Colleyville Heritage High School High Regular 2,222 135 8

Dove Elementary School

  • Education Level: Primary
  • # of students: 546
  • # of teachers: 35
5
GreatSchools Rating

Grapevine Middle School

  • Education Level: Middle
  • # of students: 733
  • # of teachers: 49
5
GreatSchools Rating

Colleyville Heritage High School

  • Education Level: High
  • # of students: 2,222
  • # of teachers: 135
8
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,233
Property Tax -$675
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
-$230

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.

$355,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 13.5%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,352

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,900

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$1,9004$1,9905$2,000
$2,000
RENT COMPS ANALYSIS
  • 2323 Mockingbird Drive Grapevine, TX 3
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.15
    •  
  • 1307 Mockingbird Drive Grapevine, TX 1
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1978
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.11
    •  
  • 1405 Thistlewood Lane Grapevine, TX 2
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1985
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.12
    •  
  • 1022 Hummingbird Trail Grapevine, TX 4
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1979
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.19
    •  
  • 1602 Stoneway Drive Grapevine, TX 5
    • 3 beds 3 baths ∙ 1,726 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,726 Sqft ∙ Built 1985
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.16
    •  
PROPERTY LISTING DETAILS
Nancy Miller
Synergy Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500749
Last Updated: 01/23/2021
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