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510 Dover Drive Midlothian, TX 76065

4 Beds 3 Baths 2,873 sqft Built 2016

$359,000

List Price

$2,440

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $124.96
  • 4 Days on Market
  • MLS # : 14479524
  • Updated Date : 12/03/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,873 sqft
  • Baths : 3 full
Listing Agent

Century 21 Judge Fite Co.

Listing Agent's Description

Beautiful open concept home with plenty of room for everyone! This home offers soft, natural light throughout surrounded by gorgeous hardwood floors, granite countertops, a huge kitchen island, double ovens, a gas stove, and a butler's pantry in the kitchen. Home has 3 full baths, a formal dining area, an office, and 3 separate living areas. The master suite is the perfect retreat including a full en suite bath. You will love spending time in the spacious backyard and entertaining on the extended, tiled patio. The shed is the perfect place to store all of your outdoor tools. The three car garage also allows for even more storage if needed. Home also includes a tankless water heater. (Virtual tour provided)

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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
Midlothian High School High Regular 2,390 141 6

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

Midlothian High School

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

$323,100$394,900$359,000

PURCHASE PRICE

$2,196$2,684$2,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,440
EXPENSES Loan Payment -$1,325
Property Tax -$783
Property Insurance -$193
HOA -$25
Property Management Fees -$99
CASH FLOW
$15

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.

$359,000

PROJECTED PRICE

$2,440

PROJECTED RENT

0.68%

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-$5.0k$0.0$5.0k$10k

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$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,325

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$19,939

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,440

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,435

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,245
1$2,2452$2,2953$2,2954$2,3755$2,440
$2,440
RENT COMPS ANALYSIS
  • 510 Dover Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,873 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,440
    • $0.85
    •  
  • 3454 Charing Cross Road Midlothian, TX 1
    • 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 2003
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.87
    •  
  • 3622 Hershal Drive Midlothian, TX 2
    • 4 beds 3 baths ∙ 2,933 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,933 Sqft ∙ Built 2007
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.78
    •  
  • 1106 Pheasant Drive Midlothian, TX 3
    • 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
    •  
  • 1526 Summer Lane Midlothian, TX 4
    • 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2016
    LEASED 07/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.86
    •  
PROPERTY LISTING DETAILS
Lauren Smith
Century 21 Judge Fite Co.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14479524
Last Updated: 12/03/2020
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