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2506 Mill Place Mansfield, TX 76063

3 Beds 2 Baths 1,982 sqft Built 2020

$398,059

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $200.84
  • 2 Days on Market
  • MLS # : 14488811
  • Updated Date : 12/19/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,982 sqft
  • Baths : 2 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14488811 - Built by Coventry Homes - March completion! ~ Gorgeous 3-2-2 home backing up to a beautiful tree scape! Hook up your grill to the gas stub at your covered back patio, and enjoy the green space view. Arriving home, you'll enter into your beautifully appointed mudroom from the garage with your separate utility room perfectly situated to your right. This home really has it all- woof floors in the entry, extended entry, cabinets throughout and vanilla granite with a contrasting swirl in the gourmet kitchen add a touch of elegance! Gas cooktop with stainless steel whirlpool appliances make meal preparation a breeze! Gas fireplace in the living room, spacious master bath

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: 76063

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 76063

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
Mary Orr Intermediate School Primary Regular 845 53 7
Mary Orr Intermediate School Middle Regular 845 53 7
Mansfield Lake Ridge High School High Unknown 2,085 113 NA

Mary Orr Intermediate School

  • Education Level: Primary
  • # of students: 845
  • # of teachers: 53
7
GreatSchools Rating

Mary Orr Intermediate School

  • Education Level: Middle
  • # of students: 845
  • # of teachers: 53
7
GreatSchools Rating

Mansfield Lake Ridge High School

  • Education Level: High
  • # of students: 2,085
  • # of teachers: 113
NA
GreatSchools Rating
 

$358,253$437,865$398,059

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,469
Property Tax -$903
Property Insurance -$142
HOA -$38
Property Management Fees -$99
CASH FLOW
-$590

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.

$398,059

PROJECTED PRICE

$2,060

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,486

INVESTMENT

$107,486

Down Payment
$99,515
Rehab Estimate
$2,000
Closing Costs
$5,971

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,469

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,515
Loan Amount $298,544
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$23

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,081

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0503$2,0604$2,2505$2,300
$2,300
RENT COMPS ANALYSIS
  • 2506 Mill Place Mansfield, TX 3
    • 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $1.04
    •  
  • 1000 Copperleaf Drive Mansfield, TX 1
    • 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 2014
    LEASED 09/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.06
    •  
  • 1304 Lacey Oak Drive Mansfield, TX 2
    • 4 beds 2 baths ∙ 1,840 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,840 Sqft ∙ Built 2016
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.11
    •  
  • 2608 Chadwick Lane Mansfield, TX 4
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2019 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 2019
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.02
    •  
  • 1606 Cowtown Drive Mansfield, TX 5
    • 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 2015
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.01
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14488811
Last Updated: 12/19/2020
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