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6021 Monterey Mews North Richland Hills, TX 76180

3 Beds 3 Baths 1,827 sqft Built 2017

INVESTimate

$375,000

List Price

$2,060

$1,854 - $2,266

Rent Est.

$403,988  ( +7.73%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $205.25
  • 5 Days on Market
  • MLS # : 14419052
  • Updated Date : 08/25/2020 at 16:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,827 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Judge Fite Co.

Listing Agent's Description

Charming three bedroom home in the amazing Hometown Canal District! This adorable home sits on a small street with direct access to one of the community parks, and within walking distance to a community pond. With a large covered porch out front, and a covered side porch with retractable sun-screen, this is the perfect home to enjoy the outdoors without the maintenance of a large yard. Open concept kitchen,living,dining boast beautiful finishes and the first floor study provides a perfect retreat for work or guests. Laundry room on the 2nd floor, and room-darkening shades make this a unique find. A jewel of Hometown, this corner-lot home is not one to miss!

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: Home Town

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

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

Neighborhood: Home Town

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10412171

* 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
Walker Creek Elementary School Primary Regular 653 44 7
Smithfield Middle School Middle Regular 818 49 10
Birdville High School High Regular 2,083 125 7

Walker Creek Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 44
7
GreatSchools Rating

Smithfield Middle School

  • Education Level: Middle
  • # of students: 818
  • # of teachers: 49
10
GreatSchools Rating

Birdville High School

  • Education Level: High
  • # of students: 2,083
  • # of teachers: 125
7
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,854$2,266$2,060

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

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 $2,060
EXPENSES Loan Payment -$1,384
Property Tax -$823
Property Insurance -$133
HOA -$114
Property Management Fees -$99
CASH FLOW
-$493

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.

$375,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.73%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$73

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,882

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9503$2,0604$2,100
$2,100
RENT COMPS ANALYSIS
  • 6021 Monterey Mews North Richland Hills, TX 3
    • 3 beds 3 baths ∙ 1,827 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,827 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $1.13
    •  
  • 6919 Tradonna Lane North Richland Hills, TX 1
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2002
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
  • 8401 Emerald Circle North Richland Hills, TX 2
    • 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 1999
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.02
    •  
  • 2004 Lorean Court Hurst, TX 4
    • 3 beds 2 baths ∙ 2,012 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,012 Sqft ∙ Built 2000
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
PROPERTY LISTING DETAILS
Erin Herren
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 #: 14419052
Last Updated: 08/25/2020
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