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705 Larkspur Lane Midlothian, TX 76065

4 Beds 3 Baths 2,250 sqft Built 2021

$375,948

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $167.09
  • 6 Days on Market
  • MLS # : 14516205
  • Updated Date : 02/09/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,250 sqft
  • Baths : 3 full
Listing Agent

Classic Property Management

Listing Agent's Description

Great new Single-Story Bloomfield Home floor plan offering 4 Bedrooms, 3 Baths - Ready for Move In Summer 2021! Wood-look Tile Floors throughout main areas - all the beauty with none of the upkeep! Open floorplan, with plenty of windows to bring in natural light. Family Room features Herringbone Tile Fireplace. Kitchen with SS Appliances, eat-in Island, Granite Countertops, and walk-in pantry. Sliding Glass door off dining area leads to Covered Patio. Laundry room with storage. Granite Countertops and upgraded Tile in Owner's Suite Bathroom. Fully fenced yard; Full Sod & Irrigation system with Landscape package including stone edging. Call to learn more before this home is gone!

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

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
 

$338,353$413,543$375,948

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,306
Property Tax -$820
Property Insurance -$157
HOA -$38
Property Management Fees -$99
CASH FLOW
-$190

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.

$375,948

PROJECTED PRICE

$2,230

PROJECTED RENT

0.59%

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$1.0M$1.2M

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$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,626

INVESTMENT

$101,626

Down Payment
$93,987
Rehab Estimate
$2,000
Closing Costs
$5,639

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,306

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,987
Loan Amount $281,961
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$4,714

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,205

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,175
1$2,1752$2,2303$2,2504$2,2505$2,400
$2,400
RENT COMPS ANALYSIS
  • 705 Larkspur Lane Midlothian, TX 2
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.99
    •  
  • 3613 Worthington Drive Midlothian, TX 1
    • 4 beds 2 baths ∙ 2,258 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,258 Sqft ∙ Built 2017
    LEASED 02/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.96
    •  
  • 3605 Regent Street Midlothian, TX 3
    • 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 2010
    LEASED 04/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
  • 418 Summer Grove Drive Midlothian, TX 4
    • 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.00
    •  
  • 3626 Hershal Drive Midlothian, TX 5
    • 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2007
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.99
    •  
PROPERTY LISTING DETAILS
Marsha Ashlock
Classic Property Management
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14516205
Last Updated: 02/09/2021
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