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629 Grove Park Lane Midlothian, TX 76065

4 Beds 2 Baths 1,883 sqft Built 2021

$303,715

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $161.29
  • 7 Days on Market
  • MLS # : 14501672
  • Updated Date : 01/18/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,883 sqft
  • Baths : 2 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

D.R. HORTON-AMERICA'S BUILDER HAS COME TO THE GROVE in MIDLOTHIAN!!~A LUXURIOUS TREE LINED COMMUNITY in MIDLOTHIAN ISD!!~BUILT & BACKED BY D.R. HORTON-AMERICA'S #1 SELLING HOME BUILDER since 2002!!~Impressive 1 Story Odessa floorplan (Elevation A) Estimated Summer completion*Great open concept Living,Dining & Kitchen with Breakfast Bar,Granite CT,42 in upper cabinets & W-I Pantry*Lrg Primary Bedroom,Garden Tub,oversized shower,dual Sink vanity & W-I Closet*State-of-the-art energy efficiency features,Home is Connected Smart Home Technology,covered back Patio & more!*Close proximity to HWY'S 67,287,near major Shops,Dining,Spots Complex,Joe Pool Lake & walking distance to Midlothian High School

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

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
Longbranch Elementary School Primary Regular 705 42 7
Walnut Grove Middle School Middle Regular 1,014 55 8
Heritage High School High Regular NA

Longbranch Elementary School

  • Education Level: Primary
  • # of students: 705
  • # of teachers: 42
7
GreatSchools Rating

Walnut Grove Middle School

  • Education Level: Middle
  • # of students: 1,014
  • # of teachers: 55
8
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$273,344$334,087$303,715

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,055
Property Tax -$663
Property Insurance -$136
HOA -$34
Property Management Fees -$99
CASH FLOW
-$177

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$303,715

PROJECTED PRICE

$1,810

PROJECTED RENT

0.60%

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) 3.00%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,484

INVESTMENT

$82,484

Down Payment
$75,929
Rehab Estimate
$2,000
Closing Costs
$4,556

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,055

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,929
Loan Amount $227,786
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$2,940

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,789

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7153$1,7954$1,7955$1,810
$1,810
RENT COMPS ANALYSIS
  • 629 Grove Park Lane Midlothian, TX 5
    • 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2021 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.96
    •  
  • 3405 Oxford Street Midlothian, TX 1
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2004
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 513 Covent Garden Place Midlothian, TX 2
    • 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 2004
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,715
    • $0.98
    •  
  • 3205 Wren Lane Midlothian, TX 3
    • 4 beds 2 baths ∙ 1,880 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,880 Sqft ∙ Built 2005
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.95
    •  
  • 3442 Charing Cross Road Midlothian, TX 4
    • 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2004
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.95
    •  
PROPERTY LISTING DETAILS
Carol Holloway Stoneham
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501672
Last Updated: 01/18/2021
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