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2943 Mere Lane Grand Prairie, TX 75054

3 Beds 2 Baths 2,208 sqft Built 2015

$341,250

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $154.55
  • 3 Days on Market
  • MLS # : 14477802
  • Updated Date : 11/27/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,208 sqft
  • Baths : 2 full
Listing Agent

Century 21 Judge Fite Co.

Listing Agent's Description

DR Horton home with three bedrooms, formal dining space and flex room that would make a great second living area or study. Kitchen has upgraded gas cooktop, wall oven, ss appliances, granite countertops and skylight. Large family room with beautiful built-in is open to the kichen and informal dining area. Master suite is split from other bedrooms. Master bath has lovely stone counter tops, dual sinks, separate tup and shower and large closet. Swing entry garage is oversized so plenty of room for storage and two cars. Backyard has covered patio and large grass area.

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

Zip Code: 75054

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $109k354k

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

Zip Code: 75054

ZipNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9592659

* 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
Cora Spencer Elementary School Primary Regular 739 43 10
Danny Jones Middle School Middle Regular 843 51 9
Mansfield Lake Ridge High School High Unknown 2,085 113 NA

Cora Spencer Elementary School

  • Education Level: Primary
  • # of students: 739
  • # of teachers: 43
10
GreatSchools Rating

Danny Jones Middle School

  • Education Level: Middle
  • # of students: 843
  • # of teachers: 51
9
GreatSchools Rating

Mansfield Lake Ridge High School

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

$307,125$375,375$341,250

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,259
Property Tax -$749
Property Insurance -$155
HOA -$35
Property Management Fees -$99
CASH FLOW
-$77

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.

$341,250

PROJECTED PRICE

$2,220

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.7%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$96,181

INVESTMENT

$96,181

Down Payment
$85,313
Rehab Estimate
$5,750
Closing Costs
$5,119

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,259

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $85,313
Loan Amount $255,938
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$12,063

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,059

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8953$1,8954$2,0005$2,220
$2,220
RENT COMPS ANALYSIS
  • 2943 Mere Lane Grand Prairie, TX 5
    • 3 beds 2 baths ∙ 2,208 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,208 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $1.01
    •  
  • 3243 Fluvia Grand Prairie, TX 1
    • 4 beds 2 baths ∙ 1,860 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,860 Sqft ∙ Built 2005
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
  • 3223 Yeltes Grand Prairie, TX 2
    • 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,040 Sqft ∙ Built 2005
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.93
    •  
  • 7339 Gallo Grand Prairie, TX 3
    • 4 beds 2 baths ∙ 2,061 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,061 Sqft ∙ Built 2005
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.92
    •  
  • 7455 Tormes Grand Prairie, TX 4
    • 4 beds 2 baths ∙ 2,062 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,062 Sqft ∙ Built 2006
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.97
    •  
PROPERTY LISTING DETAILS
Terri Woodward
Century 21 Judge Fite Co.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477802
Last Updated: 11/27/2020
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