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510 Rocky Creek Drive Mansfield, TX 76063

4 Beds 2 Baths 2,291 sqft Built 2004

INVESTimate

$299,900

List Price

$1,890

$1,701 - $2,079

Rent Est.

$330,100  ( +10.07%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $130.90
  • 6 Days on Market
  • MLS # : 14408255
  • Updated Date : 08/25/2020 at 10:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,291 sqft
  • Baths : 2 full
Listing Agent

Dynamic Real Estate Group

Listing Agent's Description

MOVE IN READY Home. Immaculate, one owner home in the heart of Mansfield! This split bedroom, open concept home is perfect and features 4 bedrooms, 2 baths, 2 living and 2 dining areas. Recent updates to include exterior paint, interior paint and new luxury laminate vinyl and carpet throughout. The nice private backyard features mature trees and a custom, vaulted, covered patio. Conveniently located to shopping, restaurants and highway access. Don't miss out on the opportunity to own at this price in MISD, this house won't last long.

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

Neighborhood: Willowstone Estates at Mansfield

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Willowstone Estates at Mansfield

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262176

* 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
Roberta Tipps Elementary School Primary Regular 666 42 8
Brooks Wester Middle School Middle Regular 872 51 8
Mansfield High School High Regular 2,333 123 8

Roberta Tipps Elementary School

  • Education Level: Primary
  • # of students: 666
  • # of teachers: 42
8
GreatSchools Rating

Brooks Wester Middle School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 51
8
GreatSchools Rating

Mansfield High School

  • Education Level: High
  • # of students: 2,333
  • # of teachers: 123
8
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,701$2,079$1,890

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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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 $1,890
EXPENSES Loan Payment -$1,107
Property Tax -$711
Property Insurance -$160
HOA -$30
Property Management Fees -$99
CASH FLOW
-$216

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.

$299,900

PROJECTED PRICE

$1,890

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.07%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,426

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,033

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8903$1,9954$2,1005$2,195
$2,195
RENT COMPS ANALYSIS
  • 510 Rocky Creek Drive Mansfield, TX 2
    • 4 beds 2 baths ∙ 2,291 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,291 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.82
    •  
  • 912 Mazourka Drive Arlington, TX 1
    • 4 beds 2 baths ∙ 2,105 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,105 Sqft ∙ Built 2001
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 632 Manchester Drive Mansfield, TX 3
    • 4 beds 2 baths ∙ 2,255 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,255 Sqft ∙ Built 2002
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.88
    •  
  • 3002 Saint Amanda Drive Mansfield, TX 4
    • 4 beds 2 baths ∙ 2,156 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,156 Sqft ∙ Built 2003
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.97
    •  
  • 69 Misty Mesa Trail Mansfield, TX 5
    • 4 beds 3 baths ∙ 2,478 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,478 Sqft ∙ Built 2005
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.89
    •  
PROPERTY LISTING DETAILS
Clarissa Bush
Dynamic Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14408255
Last Updated: 08/25/2020
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