Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3218 Meadow Ridge Drive Midlothian, TX 76065

4 Beds 2 Baths 2,260 sqft Built 2015

$312,500

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $138.27
  • 6 Days on Market
  • MLS # : 14459976
  • Updated Date : 11/01/2020 at 15:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,260 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

This jewel box sits on a landscaped oversized corner lot in Lawson Farms, offering a community pool, parks, walking trails, & ponds*Entry with a gallery wall has hardwood floors leading to den*Gourmet kitchen boasts farm sink, granite counters, st. steel appliances, & a HUGE center island*The breakfast room has enough space for your harvest table*Ample den features a wall of windows, WBFP & hardwood floors*Romantic master suite has ensuite bath with dual sinks, garden tub & spacious closets*There is a huge secondary living area, which could be another bedroom, an in home office, or game room*Three more ample bedrooms, split for privacy*Room for barbeques on the extended patio*Just in time for the holidays*

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
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
 

$281,250$343,750$312,500

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,153
Property Tax -$682
Property Insurance -$158
HOA -$31
Property Management Fees -$99
CASH FLOW
$8

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.

$312,500

PROJECTED PRICE

$2,130

PROJECTED RENT

0.68%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$88,563

INVESTMENT

$88,563

Down Payment
$78,125
Rehab Estimate
$5,750
Closing Costs
$4,688

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,153

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,125
Loan Amount $234,375
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$17,017

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,220

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,0963$2,1304$2,4505$2,600
$2,600
RENT COMPS ANALYSIS
  • 3218 Meadow Ridge Drive Midlothian, TX 3
    • 4 beds 2 baths ∙ 2,260 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,260 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $0.94
    •  
  • 3202 Meadow Ridge Drive Midlothian, TX 1
    • 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
    •  
  • 2209 Goose Down Court Midlothian, TX 2
    • 4 beds 3 baths ∙ 2,329 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,329 Sqft ∙ Built 2004
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,096
    • $0.90
    •  
  • 2621 Byrd Ranch Road Midlothian, TX 4
    • 3 beds 2 baths ∙ 2,324 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,324 Sqft ∙ Built 2018
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.05
    •  
  • 3457 Brighton Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2017
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.01
    •  
PROPERTY LISTING DETAILS
Jan Davis
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14459976
Last Updated: 11/01/2020
BESbswy