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2413 Colonial Lane Midlothian, TX 76065

3 Beds 3 Baths 2,343 sqft Built 2019

$449,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $191.63
  • 3 Days on Market
  • MLS # : 14496907
  • Updated Date : 01/08/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,343 sqft
  • Baths : 3 full
Listing Agent

Sean Jackson, Broker

Listing Agent's Description

Impressive NEW custom build by Luxe Signature Homes in a quiet, gated community. 3 bedrooms 3 full bath with an open kitchen, living, and dining. This home backs up to the common area - with walking trails, gazebo, picnic area with outdoor fireplace. Beautiful finishes throughout this home! Call today and make this your new home!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
Larue Miller Elementary School Primary Regular 554 37 8
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

Larue Miller Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 37
8
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
 

$404,100$493,900$449,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,560
Property Tax -$980
Property Insurance -$163
HOA -$163
Property Management Fees -$99
CASH FLOW
-$873

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.

$449,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.47%

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-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,560

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$42

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,296

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,090
1$2,0902$2,0953$2,1954$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 2413 Colonial Lane Midlothian, TX 1
    • 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.89
    •  
  • 3202 Meadow Ridge Drive Midlothian, TX 2
    • 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.97
    •  
  • 3620 Leigh Erin Street Midlothian, TX 3
    • 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2000
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.00
    •  
  • 405 Brook Meadow Drive Midlothian, TX 4
    • 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.96
    •  
  • 4413 Dandelion Lane Midlothian, TX 5
    • 4 beds 2 baths ∙ 2,524 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,524 Sqft ∙ Built 2020
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.99
    •  
PROPERTY LISTING DETAILS
Sean Jackson
Sean Jackson, Broker
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496907
Last Updated: 01/08/2021
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