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614 Dorchester Lane Mansfield, TX 76063

5 Beds 3 Baths 2,903 sqft Built 2002

$395,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $136.07
  • 4 Days on Market
  • MLS # : 14474366
  • Updated Date : 11/22/2020 at 00:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,903 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Curb appeal! Gorgeous brick porch w scroll iron front door. Hand-scraped hardwood floors, even on staircase! Plantation shutters $ vaulted ceilings w designer fixtures. Front bedroom could make perfect office - there’s a full bath across hall. Large master has fabulous en-suite -LOVE! Herringbone Subway tile shower w frameless glass doors & separate Garden tub. Dual vanity sinks & walk in closet has dresser. Travertine tile in kitchen w Breakfast bar. 5 burner gas cooktop, Stainless GE Profile appliances includes fridge! Austin chop stone fireplace w gas starter & logs. Beautifull landscaped yard w St. Augustine grass, sprinkler system. Gated driveway w rear garage entry. Pergola Diving Pool - Get here fast!

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

Neighborhood: Dover Heights

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Dover Heights

NeighborhoodNIR 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
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
 

$355,500$434,500$395,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,457
Property Tax -$936
Property Insurance -$195
HOA -$15
Property Management Fees -$99
CASH FLOW
-$463

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.

$395,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$250

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,192

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,999
1$1,9992$2,1503$2,2404$2,2505$2,250
$2,250
RENT COMPS ANALYSIS
  • 614 Dorchester Lane Mansfield, TX 3
    • 5 beds 3 baths ∙ 2,903 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,903 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $0.77
    •  
  • 3103 Poplar Hill Trail Mansfield, TX 1
    • 4 beds 3 baths ∙ 2,836 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,836 Sqft ∙ Built 2002
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $0.70
    •  
  • 212 Misty Mesa Trail Mansfield, TX 2
    • 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 2003
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.76
    •  
  • 1019 Manchester Drive Mansfield, TX 4
    • 4 beds 3 baths ∙ 3,019 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,019 Sqft ∙ Built 2003
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.75
    •  
  • 505 Dover Park Trail Mansfield, TX 5
    • 4 beds 3 baths ∙ 2,784 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,784 Sqft ∙ Built 2004
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.81
    •  
PROPERTY LISTING DETAILS
Cheyenne Sanders
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14474366
Last Updated: 11/22/2020
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