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3613 Orchard Park Lane Midlothian, TX 76065

3 Beds 3 Baths 2,215 sqft Built 2021

$358,565

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $161.88
  • 6 Days on Market
  • MLS # : 14462533
  • Updated Date : 10/29/2020 at 21:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,215 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Dpr

Listing Agent's Description

Ready April 2021! Functional Lillian Custom Homes The Cumberland floor plan with all the upgrades you love! Featuring 3 bedrooms, 2 full baths, half bath, open concept, formal living, game room, plus optional 3 car garage & gourmet kitchen w granite & oversized island that overlooks the living room with a corner fireplace. Formal living room could function as a dining or home office! Owner's retreat features an ensuite bath with double sinks, separate shower, garden tub & large walk-in closet. Upstairs, enjoy an oversized game room with a storage closet, spacious bedrooms, and a full bathroom. Community is conveniently located near Hwy 287, next to Midlothian Heritage HS! Ask about our Hometown Heroes program!

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
T.e. Baxter Elementary School Primary Regular 611 41 6
Walnut Grove Middle School Middle Regular 1,014 55 8
Heritage High School High Regular NA

T.e. Baxter Elementary School

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 41
6
GreatSchools Rating

Walnut Grove Middle School

  • Education Level: Middle
  • # of students: 1,014
  • # of teachers: 55
8
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$322,709$394,422$358,565

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,323
Property Tax -$783
Property Insurance -$155
HOA -$31
Property Management Fees -$99
CASH FLOW
-$281

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$358,565

PROJECTED PRICE

$2,110

PROJECTED RENT

0.59%

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) 3.00%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$97,020

INVESTMENT

$97,020

Down Payment
$89,641
Rehab Estimate
$2,000
Closing Costs
$5,378

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,323

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,641
Loan Amount $268,924
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,497

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,132

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,110
1$2,1102$2,1753$2,1954$2,2505$2,250
$2,250
RENT COMPS ANALYSIS
  • 3613 Orchard Park Lane Midlothian, TX 1
    • 3 beds 3 baths ∙ 2,215 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,215 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.95
    •  
  • 3613 Worthington Drive Midlothian, TX 2
    • 4 beds 2 baths ∙ 2,258 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,258 Sqft ∙ Built 2017
    LEASED 02/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.96
    •  
  • 3401 Newgate Street Midlothian, TX 3
    • 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2003
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.92
    •  
  • 418 Summer Grove Drive Midlothian, TX 4
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019
    LEASED 06/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.00
    •  
  • 3605 Regent Street Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2010
    LEASED 04/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
PROPERTY LISTING DETAILS
Ashlee Mcghee
Keller Williams Realty Dpr
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462533
Last Updated: 10/29/2020
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