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621 Dorchester Lane Mansfield, TX 76063

4 Beds 2 Baths 2,431 sqft Built 2001

$325,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $133.69
  • 5 Days on Market
  • MLS # : 14525976
  • Updated Date : 03/06/2021 at 12:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,431 sqft
  • Baths : 2 full
Listing Agent

Rhea Realty Resources Llc

Listing Agent's Description

RECENTLY REPAINTED AND ALL FLOORING REPLACED WITH AN AIR OF MORE SPACE THAN THE STATED FOOTAGE. AN IMPRESSIVE ENTRY THAT OPENS INTO A SPACIOUS LIVING ROOM AND FORMAL DINING AREA. ALL STATE OF THE ART OFFICIANT AND TOP OF THE LINE KITCHEN APPLIANCES WERE REPLACED IN 2019. PLANNED WITH THE GROWING FAMILY IN MIND WITH THE MASTER SEPARATED FROM THE OTHER THREE BEDROOMS. THE OFFICE IS DISTANCED FROM ALL BEDROOMS FOR QUIET AND PEACEFUL WORK. LOCATED IN A PROGRESS UPWARD MOVING COMMUNITY OF GOOD SCHOOLS AND CHURCHES AS WELL AS SHOPPING. JUST MINUTES FROM ARLINGTON MALLS AND SHOPS. QUICK ACCESS TO HWY 287 AND 360 MAKE DALLAS AND FORT WORTH ONLY MINUTES AWAY. THIS IS A MUST SEE PROPERTY.

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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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,129
Property Tax -$770
Property Insurance -$168
Property Management Fees -$99
CASH FLOW
-$86

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.

$325,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.64%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$7,755

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,212

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$2,080
1$2,0802$2,1003$2,1004$2,1005$2,250
$2,250
RENT COMPS ANALYSIS
  • 621 Dorchester Lane Mansfield, TX 1
    • 4 beds 2 baths ∙ 2,431 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,431 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.86
    •  
  • 407 Canadian Trail Mansfield, TX 2
    • 4 beds 3 baths ∙ 2,236 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,236 Sqft ∙ Built 2004
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 622 Manchester Drive Mansfield, TX 3
    • 4 beds 3 baths ∙ 2,268 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,268 Sqft ∙ Built 2001
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
  • 313 Londonderry Lane Mansfield, TX 4
    • 4 beds 3 baths ∙ 2,411 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,411 Sqft ∙ Built 2000
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.87
    •  
  • 720 Dover Park Trail Mansfield, TX 5
    • 4 beds 2 baths ∙ 2,497 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,497 Sqft ∙ Built 2006
    LEASED 10/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.90
    •  
PROPERTY LISTING DETAILS
James Rhea
Rhea Realty Resources Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14525976
Last Updated: 03/06/2021
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