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322 Mitchell Boulevard Weatherford, TX 76087

4 Beds 2 Baths 2,068 sqft Built 2004

$349,900

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $169.20
  • 5 Days on Market
  • MLS # : 14461072
  • Updated Date : 11/05/2020 at 13:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,068 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

This property has it ALL! Corner lot, shop, swimming pool, 3 car garage and more than a half acre lot, all within the city limits! This fantastic location puts you close to the growing Hudson Oaks area and minutes from downtown Weatherford. Large windows overlooks the scuba diving pool with waterfall. Expansive lot with an abundance of trees and privacy. Side entry 3 car garage is spacious with 3rd bay being separate. Open concept living, kitchen and dining is perfect for entertaining. Kitchen boasts granite counters, breakfast bar and coffee bar station, as well as a walk in pantry. Master bedroom is spacious with attached bath. Large walk in closet, soaking tub and separate shower. City living, country feel

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: 76087

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $104k342k

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

Zip Code: 76087

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11212171

* 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 Martin Elementary School Primary Regular 590 34 5
Mary Martin Elementary School Middle Regular 590 34 5
Weatherford High School High Regular 2,238 148 6

Mary Martin Elementary School

  • Education Level: Primary
  • # of students: 590
  • # of teachers: 34
5
GreatSchools Rating

Mary Martin Elementary School

  • Education Level: Middle
  • # of students: 590
  • # of teachers: 34
5
GreatSchools Rating

Weatherford High School

  • Education Level: High
  • # of students: 2,238
  • # of teachers: 148
6
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,291
Property Tax -$745
Property Insurance -$147
HOA -$29
Property Management Fees -$99
CASH FLOW
-$340

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.

$349,900

PROJECTED PRICE

$1,970

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,060

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,954

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,9253$1,9504$1,9705$2,050
$2,050
RENT COMPS ANALYSIS
  • 322 Mitchell Boulevard Weatherford, TX 4
    • 4 beds 2 baths ∙ 2,068 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,068 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.95
    •  
  • 102 Cynthia Lane Weatherford, TX 1
    • 4 beds 2 baths ∙ 1,763 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,763 Sqft ∙ Built 2002
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.96
    •  
  • 612 Sage Brush Drive Weatherford, TX 2
    • 3 beds 3 baths ∙ 2,201 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,201 Sqft ∙ Built 2005
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.87
    •  
  • 2233 Old Foundry Road Weatherford, TX 3
    • 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 2002
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.03
    •  
  • 2222 Old Foundry Road Weatherford, TX 5
    • 4 beds 2 baths ∙ 2,226 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,226 Sqft ∙ Built 2003
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.92
    •  
PROPERTY LISTING DETAILS
Jeanenne Kienle
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 #: 14461072
Last Updated: 11/05/2020
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