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290 Shari Drive Midlothian, TX 76065

5 Beds 4 Baths 3,154 sqft Built 2021

$375,060

List Price

$2,580

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $118.92
  • 4 Days on Market
  • MLS # : 14517543
  • Updated Date : 02/11/2021 at 18:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,154 sqft
  • Baths : 3 full , 1 half
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

BEAUTIFUL 2 STORY VERY VERSATILE FLOOR PLAN with 3 CAR GARAGE BUILT BY D.R. HORTON-AMERICA'S BUILDER in MIDLOTHIAN!~NEW PHASE in COVENTRY CROSSING!~COMMUNITY POOL,PLAYGROUND & WALKING TRAILS!~The Yorktown floorplan 5-3.5-3 (Elev B)*Est Summer Completion*Lrg Chef's Kitchen with Island,Granite Counters,SS Built-in Appliances,42 inch upper cabinets & W-I Pantry*Primary Bedroom down,over sized shower,dual Sink vanity & W-I Closet*2nd Primary Bedroom with Full Bath plus 3 Bedrooms & Gameroom upstairs*Designer pkg includes Ceramic Tiled Entry,Hallways & Wet areas*Home is Connected Smart Home Technology,covered back Patio,Landscape package,Sprinkler system & more!*Great location & close proximity to HWY 287 & 360

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
 

$337,554$412,566$375,060

PURCHASE PRICE

$2,322$2,838$2,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,580
EXPENSES Loan Payment -$1,303
Property Tax -$818
Property Insurance -$209
HOA -$54
Property Management Fees -$99
CASH FLOW
$96

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.

$375,060

PROJECTED PRICE

$2,580

PROJECTED RENT

0.69%

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

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$101,391

INVESTMENT

$101,391

Down Payment
$93,765
Rehab Estimate
$2,000
Closing Costs
$5,626

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,765
Loan Amount $281,295
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$22,765

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,539

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,4503$2,580
$2,580
RENT COMPS ANALYSIS
  • 290 Shari Drive Midlothian, TX 3
    • 5 beds 4 baths ∙ 3,154 Sqft ∙ Built 2021 5 beds 4 baths ∙ 3,154 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.82
    •  
  • 5630 Leander Way Midlothian, TX 1
    • 5 beds 3 baths ∙ 3,254 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,254 Sqft ∙ Built 2011
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.75
    •  
  • 450 Bentley Drive Midlothian, TX 2
    • 4 beds 3 baths ∙ 2,833 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,833 Sqft ∙ Built 2016
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.86
    •  
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 #: 14517543
Last Updated: 02/11/2021
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