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2957 Midbury Drive Lancaster, TX 75134

4 Beds 3 Baths 2,783 sqft Built 2005

$268,900

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $96.62
  • 5 Days on Market
  • MLS # : 14530495
  • Updated Date : 03/12/2021 at 09:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,783 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

Exciting opportunity to purchase this 4 bedroom, 2.5 bathroom home perched on a hill with an oversized lot! Interior home has been completely repainted and has a new carpet. Grand drive-up appeal with a lovely entry that shows off the flexible living spaces. Spacious kitchen features ample dark cabinetry, a breakfast bar, a gas cooktop, and all black appliances. Family-sized living room is ready to entertain and provides a sliding glass door that leads to the backyard. Clean and fresh downstairs primary bedroom offers sweet dreams and a goodnight's sleep. Three additional bedrooms upstairs with a loft. Step out to the covered patio and enjoy the huge backyard. Perfect location to I35E and I20.

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

Neighborhood: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Ames Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Houston Elementary School Primary Regular 681 37 5
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Houston Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 37
5
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$242,010$295,790$268,900

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$934
Property Tax -$684
Property Insurance -$188
HOA -$11
Property Management Fees -$99
CASH FLOW
-$6

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.

$268,900

PROJECTED PRICE

$1,910

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$77,009

INVESTMENT

$77,009

Down Payment
$67,225
Rehab Estimate
$5,750
Closing Costs
$4,034

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,225
Loan Amount $201,675
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,031

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,052

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,7953$1,8454$1,9105$2,100
$2,100
RENT COMPS ANALYSIS
  • 2957 Midbury Drive Lancaster, TX 4
    • 4 beds 3 baths ∙ 2,783 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,783 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.69
    •  
  • 1513 Warwick Drive Lancaster, TX 1
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1999
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.72
    •  
  • 1520 Warwick Drive Lancaster, TX 2
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1999
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.72
    •  
  • 1408 Gentle Rain Drive Lancaster, TX 3
    • 3 beds 2 baths ∙ 2,512 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,512 Sqft ∙ Built 2003
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.73
    •  
  • 2608 Saint Andrews Drive Lancaster, TX 5
    • 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2002
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.78
    •  
PROPERTY LISTING DETAILS
Wendy Galloway
Berkshire Hathawayhs Penfed Tx
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530495
Last Updated: 03/12/2021
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