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4905 Lake Park Drive Mansfield, TX 76063

4 Beds 3 Baths 2,333 sqft Built 2021

$417,543

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $178.97
  • 3 Days on Market
  • MLS # : 14514216
  • Updated Date : 02/05/2021 at 21:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,333 sqft
  • Baths : 3 full
Listing Agent

Classic Property Management

Listing Agent's Description

One of the last opportunities to buy in Lake Park - New Home by Bloomfield, Ready for Move-in April 2021! Spacious Front Porch, Stone & Brick Exterior and 8' Wrought Iron & Glass Front Door. Open and airy layout. Durable and trendy Wood-look Tile in all common areas on first floor. Deluxe Kitchen offers you gas cooking on SS Appliances, Upgraded Granite and Designer Backsplash. Lots of windows bring in gorgeous natural lighting! Owner's Suite has Upgraded Tile in bath. Baths 2 & 3 with Tile tub surrounds. Game Room upstairs with built-in tech center overlooks Kitchen & Family rooms. Architectural details throughout - arched doorways, plant shelves, window seats, seat ledge in brkft area. Call to learn more!

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
 

$375,789$459,297$417,543

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,450
Property Tax -$947
Property Insurance -$162
HOA -$56
Property Management Fees -$99
CASH FLOW
-$615

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.

$417,543

PROJECTED PRICE

$2,100

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
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-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$112,649

INVESTMENT

$112,649

Down Payment
$104,386
Rehab Estimate
$2,000
Closing Costs
$6,263

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,450

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $104,386
Loan Amount $313,157
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$9

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,071

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0003$2,0004$2,1005$2,300
$2,300
RENT COMPS ANALYSIS
  • 4905 Lake Park Drive Mansfield, TX 4
    • 4 beds 3 baths ∙ 2,333 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,333 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.90
    •  
  • 911 Bayshore Drive Mansfield, TX 1
    • 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 2006
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 3904 Calloway Drive Mansfield, TX 2
    • 3 beds 2 baths ∙ 2,139 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,139 Sqft ∙ Built 2002
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
  • 4711 Fox Meadows Mansfield, TX 3
    • 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 2006
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
  • 904 Bayshore Drive Mansfield, TX 5
    • 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 2005
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.93
    •  
PROPERTY LISTING DETAILS
Marsha Ashlock
Classic Property Management
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514216
Last Updated: 02/05/2021
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