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3243 Porma Grand Prairie, TX 75054

4 Beds 3 Baths 2,567 sqft Built 2005

$335,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $130.50
  • 4 Days on Market
  • MLS # : 14503163
  • Updated Date : 02/06/2021 at 16:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,567 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Arlington

Listing Agent's Description

Come see this absolutely gorgeous home in Mira Lagos! This open floor plan is light and bright with a soaring two-story ceiling waiting to greet you as you enter. Your new home has updated flooring, custom paint, and two-toned kitchen cabinetry. The large kitchen and even larger island are perfect for entertaining, and a walk-in pantry with plenty of storage for ease of putting away groceries. Sit around the cozy fireplace in the family room with a perfect view of the private backyard. The master suite is tucked away for maximum privacy. Sit out back under the covered patio and relax in the evenings. Walking distance to elementary school. Pride of ownership shows throughout.

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: Mira Lagos

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $109k377k

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

Neighborhood: Mira Lagos

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9592519

* 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
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,164
Property Tax -$735
Property Insurance -$176
HOA -$47
Property Management Fees -$99
CASH FLOW
-$30

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.

$335,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.4%
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

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,646

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,182

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,1003$2,1904$2,1955$2,200
$2,200
RENT COMPS ANALYSIS
  • 3243 Porma Grand Prairie, TX 3
    • 4 beds 3 baths ∙ 2,567 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,567 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.85
    •  
  • 3244 Torio Grand Prairie, TX 1
    • 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 2007
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.84
    •  
  • 3132 Serpis Grand Prairie, TX 2
    • 4 beds 3 baths ∙ 2,589 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,589 Sqft ∙ Built 2005
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 3256 Guadaloupe Grand Prairie, TX 4
    • 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2005
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.87
    •  
  • 7232 Roble Grand Prairie, TX 5
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2015
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
PROPERTY LISTING DETAILS
Starling Oliver
Keller Williams Arlington
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503163
Last Updated: 02/06/2021
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