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406 Double Creek Drive Midlothian, TX 76065

4 Beds 3 Baths 2,513 sqft Built 2017

$350,000

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $139.28
  • 2 Days on Market
  • MLS # : 14503561
  • Updated Date : 01/23/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,513 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fort Worth Property Group

Listing Agent's Description

Like new residence in highly desirable neighborhood, close to schools and shopping. As you enter the home a spacious foyer with vaulted ceilings and formal dining area adjacent. Open floor plan with main living room with fireplace and trey ceiling, open to kitchen and casual dining area. Kitchen has large prep island, granite counter tops and breakfast bar. Spacious master bedroom with en suite, including dual sinks, garden tub, separate shower and walk in closet. Fourth bedroom designed for home office or flex space. Covered back patio perfect for entertaining and enjoying your morning coffee. Yard completely fenced in for privacy. Attached please find 360 Virtual Tour to preview property in it's entirety.

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
Larue Miller Elementary School Primary Regular 554 37 8
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

Larue Miller Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 37
8
GreatSchools Rating

Frank Seale Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 48
7
GreatSchools Rating

Midlothian High School

  • Education Level: High
  • # of students: 2,390
  • # of teachers: 141
6
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,216
Property Tax -$764
Property Insurance -$172
HOA -$33
Property Management Fees -$99
CASH FLOW
$126

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.

$350,000

PROJECTED PRICE

$2,410

PROJECTED RENT

0.69%

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) 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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$24,620

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,412

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,0963$2,4104$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 406 Double Creek Drive Midlothian, TX 3
    • 4 beds 3 baths ∙ 2,513 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,513 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $0.96
    •  
  • 3202 Meadow Ridge Drive Midlothian, TX 1
    • 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,167 Sqft ∙ Built 2014
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.97
    •  
  • 2209 Goose Down Court Midlothian, TX 2
    • 4 beds 3 baths ∙ 2,329 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,329 Sqft ∙ Built 2004
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,096
    • $0.90
    •  
  • 405 Brook Meadow Drive Midlothian, TX 4
    • 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2017
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.96
    •  
  • 3457 Brighton Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2017
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.01
    •  
PROPERTY LISTING DETAILS
Sanford Finkelstein
Fort Worth Property Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503561
Last Updated: 01/23/2021
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