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3331 Mayfair Lane Highland Village, TX 75077

4 Beds 4 Baths 3,688 sqft Built 2002

$510,000

List Price

$2,870

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $138.29
  • 2 Days on Market
  • MLS # : 14516959
  • Updated Date : 02/13/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,688 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Don't miss this beautiful Drees home with the ideal floorplan. Home has space for everyone: Study for work, Gameroom to play, Media Room for Movie and TV time. 4 Bedrooms, with Master down and 3 bedrooms up, all bedrooms have WIC. Kitchen has large pantry, double ovens, gas cooktop, island, lots of cabinets with granite c-tops and stainless appliances. Kitchen is open to Family Room, great for entertaining. Oversized 3 car garage. Radiant barrier and additional insulation were added. Top notch schools. Close to loads of shopping and restaurants. Community features include: pool, tennis courts and great walking trails.

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

Neighborhood: Castlewood

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k492k

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

Neighborhood: Castlewood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263302

* 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
Heritage Elementary School Primary Regular 651 39 10
Briarhill Middle School Middle Regular 955 66 9
Marcus High School High Regular 2,439 151 8

Heritage Elementary School

  • Education Level: Primary
  • # of students: 651
  • # of teachers: 39
10
GreatSchools Rating

Briarhill Middle School

  • Education Level: Middle
  • # of students: 955
  • # of teachers: 66
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$459,000$561,000$510,000

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,771
Property Tax -$933
Property Insurance -$240
HOA -$54
Property Management Fees -$99
CASH FLOW
-$228

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.

$510,000

PROJECTED PRICE

$2,870

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.2%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$140,900

INVESTMENT

$140,900

Down Payment
$127,500
Rehab Estimate
$5,750
Closing Costs
$7,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $127,500
Loan Amount $382,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$8,451

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,904

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6003$2,8504$2,8705$3,000
$3,000
RENT COMPS ANALYSIS
  • 3331 Mayfair Lane Highland Village, TX 4
    • 4 beds 4 baths ∙ 3,688 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,688 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $0.78
    •  
  • 1525 Presley Way Argyle, TX 1
    • 5 beds 3 baths ∙ 3,408 Sqft ∙ Built 2014 5 beds 3 baths ∙ 3,408 Sqft ∙ Built 2014
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.76
    •  
  • 4203 Lansbury Drive Highland Village, TX 2
    • 4 beds 3 baths ∙ 3,476 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,476 Sqft ∙ Built 2006
    property image
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.75
    •  
  • 3025 Darlington Drive Highland Village, TX 3
    • 5 beds 3 baths ∙ 3,525 Sqft ∙ Built 2003 5 beds 3 baths ∙ 3,525 Sqft ∙ Built 2003
    property image
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.81
    •  
  • 1240 Fortner Road Lantana, TX 5
    • 5 beds 5 baths ∙ 3,615 Sqft ∙ Built 2010 5 beds 5 baths ∙ 3,615 Sqft ∙ Built 2010
    property image
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.83
    •  
PROPERTY LISTING DETAILS
Melanie Hartmann
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14516959
Last Updated: 02/13/2021
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