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7024 Mistflower Lane Dallas, TX 75231

4 Beds 4 Baths 2,557 sqft Built 2020

INVESTimate

$580,938

List Price

$3,510

$3,260 - $3,760

Rent Est.

$621,197  ( +6.93%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $227.20
  • 6 Days on Market
  • MLS # : 14418496
  • Updated Date : 08/22/2020 at 07:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,557 sqft
  • Baths : 3 full , 1 half
Listing Agent

David M. Weekley

Listing Agent's Description

The Steinback, also the model home floor plan, is the perfect fit for low-maintenance living for those who like convenience and understand that location is important. This home features two living areas, three bedrooms and two and a half bathrooms. The owner's retreat spans the width of the home and is well appointed. Don't forget to ask about our 1-2-10 Year Warranty and SAVE BIG with our Energy Saver Program!

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: White Rock Valley

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $102k582k

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

Neighborhood: White Rock Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $9472954

* 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
White Rock Elementary School Primary Regular 816 48 8
White Rock Elementary School Middle Regular 816 48 8
Lake Highlands High School High Regular 1,707 112 5

White Rock Elementary School

  • Education Level: Primary
  • # of students: 816
  • # of teachers: 48
8
GreatSchools Rating

White Rock Elementary School

  • Education Level: Middle
  • # of students: 816
  • # of teachers: 48
8
GreatSchools Rating

Lake Highlands High School

  • Education Level: High
  • # of students: 1,707
  • # of teachers: 112
5
GreatSchools Rating
 

$522,844$639,032$580,938

PURCHASE PRICE

$3,159$3,861$3,510

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,510
EXPENSES Loan Payment -$2,143
Property Tax -$1,377
Property Insurance -$175
HOA -$133
Property Management Fees -$99
CASH FLOW
-$418

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.

$580,938

PROJECTED PRICE

$3,510

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.93%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$155,949

INVESTMENT

$155,949

Down Payment
$145,235
Rehab Estimate
$2,000
Closing Costs
$8,714

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,143

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $145,235
Loan Amount $435,704
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$4,391

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,510

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $3,460

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$3,5103$3,6504$3,800
$3,800
RENT COMPS ANALYSIS
  • 7024 Mistflower Lane Dallas, TX 2
    • 4 beds 4 baths ∙ 2,557 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,557 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $3,510
    • $1.37
    •  
  • 8624 Fanellanwood Place Dallas, TX 1
    • 3 beds 4 baths ∙ 2,580 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,580 Sqft ∙ Built 2015
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.12
    •  
  • 7827 Verona Place Dallas, TX 3
    • 3 beds 4 baths ∙ 2,507 Sqft ∙ Built 2018 3 beds 4 baths ∙ 2,507 Sqft ∙ Built 2018
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $1.46
    •  
  • 7055 Winchester Street Dallas, TX 4
    • 3 beds 4 baths ∙ 2,573 Sqft ∙ Built 2008 3 beds 4 baths ∙ 2,573 Sqft ∙ Built 2008
    LEASED 04/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.48
    •  
PROPERTY LISTING DETAILS
Jimmy Rado
David M. Weekley
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418496
Last Updated: 08/22/2020
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