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

343 Martindale Lane Rhome, TX 76078

3 Beds 2 Baths 1,500 sqft Built 1995

$349,900

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $233.27
  • 1 Days on Market
  • MLS # : 14514522
  • Updated Date : 02/06/2021 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full
Listing Agent

Mcneill And Associates

Listing Agent's Description

Bring your horses! Charming & welcoming, this REMODELED gambrel roofed farm house on 2.7acres is a delightful mini ranch. Home remodeled w all NEW electrical, plumbing, spray foam insulation, windows, & doors. Notice the soft close cabinet doors in kitchen & the beautiful door hardware thru out the home. All NEW light fixtures. Kitchen, living, & eating area open & spacious. Two bedrooms downstairs w bathroom. One bedroom up with bath. Open loft area up overlooks the living area will make a good game room. Tankless water heater, recent roof, luxury vinyl plank, & new carpet. Covered porch. Acreage is open w fences along three sides. Outdoor stalls are useful. Bare bones of small barn on slab needs work.

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

Zip Code: 76078

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $99k266k

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

Zip Code: 76078

ZipNIR Market*CityMarket2010Year20002019 Q2115012001250130013501400145015001550160016501700Rent in $11261734

* 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
Justin Elementary School Primary Regular 506 33 5
Gene Pike Middle School Middle Regular 743 53 7
Northwest High School High Regular 2,793 170 6

Justin Elementary School

  • Education Level: Primary
  • # of students: 506
  • # of teachers: 33
5
GreatSchools Rating

Gene Pike Middle School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 53
7
GreatSchools Rating

Northwest High School

  • Education Level: High
  • # of students: 2,793
  • # of teachers: 170
6
GreatSchools Rating
 

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

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$1,215
Property Tax -$639
Property Insurance -$114
Property Management Fees -$99
CASH FLOW
-$937

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$349,900

PROJECTED PRICE

$1,130

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$1,581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,125

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,130
1$1,1302$1,350
$1,350
RENT COMPS ANALYSIS
  • 343 Martindale Lane Rhome, TX 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.75
    •  
  • 150 Morgan Place New Fairview, TX 2
    • 3 beds 2 baths ∙ 1,792 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,792 Sqft ∙ Built 1997
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.75
    •  
PROPERTY LISTING DETAILS
Debra K Mcneill
Mcneill And Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514522
Last Updated: 02/06/2021
BESbswy