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4017 Spring Grove Road Midlothian, TX 76065

3 Beds 3 Baths 2,711 sqft Built 2021

$391,500

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $144.41
  • 5 Days on Market
  • MLS # : 14524732
  • Updated Date : 03/03/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,711 sqft
  • Baths : 3 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

D.R. HORTON-AMERICA'S BUILDER HAS COME TO THE GROVE in MIDLOTHIAN!!~A LUXURIOUS TREE LINED COMMUNITY JUST OFF HWY 287!~BUILT & BACKED BY D.R. HORTON-AMERICA'S #1 SELLING HOME BUILDER since 2002!~Spectacular 2 Story 3-3-2 Comal floorplan~(Elev B)~Est Fall completion*Open concept Living,Dining & Kitchen with seating Island,Granite or Quartz CT, 42 in cabinets,built-in appliances,electric Cooktop & W-I Pantry*Lrg Primary Bedroom with wall of bay windows, Garden Tub,over sized shower,dual Sink vanity & W-I Closet*Huge Gameroom & full Bath upstairs*Designer Pkg includies tiled Entry, Halls & wet areas*Home is Connected Smart Home Technology,large covered back Patio & more!*Easy access to HWYs 287 & 67!

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: 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
 

$352,350$430,650$391,500

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,360
Property Tax -$854
Property Insurance -$184
HOA -$34
Property Management Fees -$99
CASH FLOW
-$271

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.

$391,500

PROJECTED PRICE

$2,260

PROJECTED RENT

0.58%

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$1.2M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,748

INVESTMENT

$105,748

Down Payment
$97,875
Rehab Estimate
$2,000
Closing Costs
$5,873

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,360

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,875
Loan Amount $293,625
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,442

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,291

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0253$2,0954$2,2605$2,295
$2,295
RENT COMPS ANALYSIS
  • 4017 Spring Grove Road Midlothian, TX 4
    • 3 beds 3 baths ∙ 2,711 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,711 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.83
    •  
  • 3401 Newgate Street Midlothian, TX 1
    • 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2003
    LEASED 01/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
  • 3442 Newgate Street Midlothian, TX 2
    • 4 beds 5 baths ∙ 2,430 Sqft ∙ Built 2003 4 beds 5 baths ∙ 2,430 Sqft ∙ Built 2003
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.83
    •  
  • 1138 Finch Circle Midlothian, TX 3
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2001
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.84
    •  
  • 1106 Pheasant Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2002
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.88
    •  
PROPERTY LISTING DETAILS
Carol Holloway Stoneham
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14524732
Last Updated: 03/03/2021
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