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413 Shari Drive Midlothian, TX 76065

4 Beds 3 Baths 3,029 sqft Built 2020

INVESTimate

$382,457

List Price

$2,530

$2,280 - $2,780

Rent Est.

$411,677  ( +7.64%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $126.27
  • 6 Days on Market
  • MLS # : 14418120
  • Updated Date : 08/25/2020 at 12:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,029 sqft
  • Baths : 3 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

STUNNING NEW TWO STORY BY D.R. HORTON-AMERICA'S BUILDER in MIDLOTHIAN!~NEW PHASE & PRE-SELLING NOW IN COVENTRY CROSSING!!!~Beautiful Leon Springs floorplan (Elevation C)*Estimated Fall completion~2 Bedrooms down,2 Bedrooms up,Study,Formal Dining & upstairs Game & Media Room*Lrg Chef's Kitchen with Seating Island,Granite Countertops,SS Built-in Appliances,42 inch upper cabinets & Walk-in Pantry*Lrg Primary Bedroom with Garden Tub,over sized shower,dual Sink vanity & W-I Closet*Ceramic Tiled Entry,Hallways & Wet Areas*Home is Connected Smart Home Technology,covered back Patio & more!*Community Pool,Playground & Walking Trails*Great location with close proximity to HWY 287 & 360*Near Shops,Dining & Joe Pool Lake

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
Mt. Peak Elementary School Primary Regular 706 43 6
Frank Seale Middle School Middle Regular 908 48 7
Midlothian High School High Regular 2,390 141 6

Mt. Peak Elementary School

  • Education Level: Primary
  • # of students: 706
  • # of teachers: 43
6
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
 

$344,211$420,703$382,457

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$1,411
Property Tax -$830
Property Insurance -$202
HOA -$54
Property Management Fees -$99
CASH FLOW
-$67

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.

$382,457

PROJECTED PRICE

$2,530

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.64%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,351

INVESTMENT

$103,351

Down Payment
$95,614
Rehab Estimate
$2,000
Closing Costs
$5,737

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,411

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,614
Loan Amount $286,843
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$14,529

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,530

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,514

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,4503$2,4504$2,530
$2,530
RENT COMPS ANALYSIS
  • 413 Shari Drive Midlothian, TX 4
    • 4 beds 3 baths ∙ 3,029 Sqft ∙ Built 2020 4 beds 3 baths ∙ 3,029 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $0.84
    •  
  • 5630 Leander Way Midlothian, TX 1
    • 5 beds 3 baths ∙ 3,254 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,254 Sqft ∙ Built 2011
    property image
    LEASED 12/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.75
    •  
  • 437 Bentley Drive Midlothian, TX 2
    • 3 beds 3 baths ∙ 2,770 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,770 Sqft ∙ Built 2016
    property image
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.88
    •  
  • 450 Bentley Drive Midlothian, TX 3
    • 4 beds 3 baths ∙ 2,833 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,833 Sqft ∙ Built 2016
    property image
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.86
    •  
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 #: 14418120
Last Updated: 08/25/2020
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