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403 Morning Glory Lane Mansfield, TX 76063

3 Beds 2 Baths 2,005 sqft Built 2017

INVESTimate

$345,000

List Price

$1,950

$1,755 - $2,145

Rent Est.

$369,426  ( +7.08%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $172.07
  • 8 Days on Market
  • MLS # : 14416673
  • Updated Date : 08/22/2020 at 22:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,005 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Beautiful 3-2-2 with open floor plan with several upgrades to this home. Large Kitchen with granite counter tops breakfast bar-island. Upgraded tile floor that looks like wood. You will love the laundry room that is connected to the large master closet. Master bath complete with granite dual sinks and separate shower. Enjoy the covered patio in the back yard with no neighbors behind you.

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: 76063

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 76063

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
Elizabeth Smith Elementary School Primary Regular 706 43 9
Danny Jones Middle School Middle Regular 843 51 9
Mansfield Lake Ridge High School High Unknown 2,085 113 NA

Elizabeth Smith Elementary School

  • Education Level: Primary
  • # of students: 706
  • # of teachers: 43
9
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
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,273
Property Tax -$818
Property Insurance -$143
HOA -$47
Property Management Fees -$99
CASH FLOW
-$430

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.

$345,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.08%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$130

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,960

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$1,8953$1,9254$1,9505$2,000
$2,000
RENT COMPS ANALYSIS
  • 403 Morning Glory Lane Mansfield, TX 4
    • 3 beds 2 baths ∙ 2,005 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,005 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.97
    •  
  • 4702 Fox Meadows Lane Mansfield, TX 1
    • 3 beds 2 baths ∙ 1,893 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,893 Sqft ∙ Built 2005
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.00
    •  
  • 4608 Sailboat Drive Mansfield, TX 2
    • 3 beds 2 baths ∙ 2,007 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,007 Sqft ∙ Built 2009
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.94
    •  
  • 803 Meadowbrook Lane Mansfield, TX 3
    • 4 beds 2 baths ∙ 1,872 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,872 Sqft ∙ Built 2004
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.03
    •  
  • 3904 Calloway Drive Mansfield, TX 5
    • 3 beds 2 baths ∙ 2,139 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,139 Sqft ∙ Built 2002
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
Cindy Young
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416673
Last Updated: 08/22/2020
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