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234 Iris Drive Midlothian, TX 76065

3 Beds 3 Baths 2,554 sqft Built 2021

$390,115

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $152.75
  • 6 Days on Market
  • MLS # : 14459985
  • Updated Date : 10/29/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,554 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

HAVE A BEAUTIFUL NEW HOME FOR THE NEW YEAR by D.R. HORTON in MIDLOTHIAN'S EXCITING NEW PHASE of COVENTRY CROSSING!~Fabulous Single Story 3 Bedroom,2.5 Bath,2 Dining with 3 CAR GARAGE*Lakeway Floorplan(Elevation M)Estimated Completion January*Gourmet Kitchen with SS Built-in Appliances,seating Island,Granite Countertops,42 inch upper cabinets & walk-in Pantry*Large Primary Bedroom with over sized shower,dual Sink vanity & big walk-in Closet*Designer package including ceramic tiled Entry,Hallways & wet areas*Home is Connected Smart Home Technology*Covered back Patio,Landscape Pkg,Full Sprinkler System & more!*Community Pool,Playground & Walking Trails*Great location near Shops,Dining,Joe Pool Lake & HWYs 287 & 67

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
Mt. Peak Elementary School Primary Regular 706 43 6
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

Mt. Peak Elementary School

  • Education Level: Primary
  • # of students: 706
  • # of teachers: 43
6
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
 

$351,104$429,127$390,115

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$1,439
Property Tax -$851
Property Insurance -$175
HOA -$54
Property Management Fees -$99
CASH FLOW
-$109

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.

$390,115

PROJECTED PRICE

$2,510

PROJECTED RENT

0.64%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$105,380

INVESTMENT

$105,380

Down Payment
$97,529
Rehab Estimate
$2,000
Closing Costs
$5,852

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,529
Loan Amount $292,586
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$12,152

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,567

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,4504$2,5005$2,510
$2,510
RENT COMPS ANALYSIS
  • 234 Iris Drive Midlothian, TX 5
    • 3 beds 3 baths ∙ 2,554 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,554 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $0.98
    •  
  • 5422 Leander Way Midlothian, TX 1
    • 4 beds 2 baths ∙ 2,386 Sqft ∙ Built 2010 4 beds 2 baths ∙ 2,386 Sqft ∙ Built 2010
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.00
    •  
  • 5621 Leander Way Midlothian, TX 2
    • 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2006
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.98
    •  
  • 430 Calvert Drive Midlothian, TX 3
    • 4 beds 2 baths ∙ 2,363 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,363 Sqft ∙ Built 2015
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.04
    •  
  • 405 Calvert Drive Midlothian, TX 4
    • 4 beds 4 baths ∙ 2,499 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,499 Sqft ∙ Built 2017
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
PROPERTY LISTING DETAILS
Carol Holloway Stoneham
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 #: 14459985
Last Updated: 10/29/2020
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