2602 Melrose Dr · Mansfield, TX 76084

$425,000

3 bd · 2.0 ba · 2,231 sqft · SingleFamily public records · 3 Days on market

Built 2021 6,490 sqft lot Est $475k · 11% under $76/mo HOA · 2% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +12.3/15.0
• Appreciation +8.7/10.0
• Cash flow +5.9/30.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +0.3/10.0

Listing remarks

Welcome to 2602 Melrose Drive, a beautifully maintained one-owner Pulte home located in the highly sought-after Somerset community in Mansfield. Offering 3 bedrooms, 2 baths, and thoughtfully selected custom finishes throughout, this home blends style, comfort, and functionality. The open-concept floorplan is designed for modern living, featuring a spacious living area that flows seamlessly into the kitchen and dining spaces—perfect for entertaining or everyday life. Large eating space in kitchen, with breakfast bar and a seperate formal dining room. A versatile flex space provides the ideal setting for a home office, study nook, or hobby area, adapting to your lifestyle needs. Qualit

Key facts

• Versatile flex space
• Move in ready home
• Large eating space

Tags

• OPEN CONCEPT FLOORPLAN
• LARGE EATING SPACE
• VERSATILE FLEX SPACE
• MOVE IN READY HOME

Property features AI

Finance

• Other: Property type: Single Family Residence; Subdivision: Somerset Add Ph II; County: Johnson
• Financial info: Financing options: Cash, Conventional, FHA, VA, Texas Vet
• HOA & community: Mandatory homeowners association; HOA fees paid annually; includes full use of facilities, grounds maintenance, and management; HOA management: First Service; Community amenities include clubhouse, community pool, park, playground, jogging/bike path, sidewalks

Exterior

• Parking: Attached 2-car garage with garage door opener and garage facing front; 2 covered parking spaces and driveway; Garage dimensions approximately 22' wide by 19' deep
• Security: Security system
• Utilities: City water; City sewer; Not in a municipal utility district
• Home design: Single-family residence; One-story; Residential property
• Construction: Built in 2021; Brick and siding exterior; Slab foundation
• Exterior features: Covered patio; Patio; Landscaped, interior lot

Interior

• Kitchen: Granite countertops; Kitchen island; Breakfast bar and eat-in area; Pantry; Electric oven; Gas range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level); Primary bedroom on main level with ensuite bath, jetted tub, dual sinks, and walk-in closet
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Open floorplan with decorative lighting and built-in features; Flat screen wiring and cable TV available; Granite counters and kitchen island; Pantry; Double vanity in bath; Walk-in closets; Eat-in kitchen; High speed internet available
• Laundry & utility: Laundry room on main level with full-size washer/dryer area and washer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $-834 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $278k (34.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $307k (27.7% below list).
• Recommended offer: $278k (34.7% below list) — sets the bar for cash-flow.
• Cap rate 3.9% vs local median 2.8% in Mansfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#243 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Mansfield ISD (suburban): math 47% / reading 53% proficiency, ranked #125 of 826 in TX (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Brenda Norwood El (647 students, 36% FRL); Rogene Worley Middle (math 46% / reading 51%, grade C-, #392 of 1,662 statewide, top 24%, 686 students, 48% FRL); Mansfield Lake Ridge H S (math 62% / reading 72%, grade B, #163 of 1,632 statewide, top 11%, 2,653 students, 28% FRL) — zoned schools at 37% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 427 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).
• This rent runs 36% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $34k of equity ($3k loan paydown + $31k appreciation (7.3% local appreciation)).
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $277,718 (34.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 3.94%
• Cash-on-cash: -8.41%
• DSCR: 0.63
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $475,203
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1913 Windsor	0.29mi	3/2.5	2,350 (+5%)	2mo	$499,900	$213	74
2114 Redding Dr	0.33mi	4/3.0 (+1)	2,253 (+1%)	1mo	$493,990	$219	73
2608 Acton Dr	0.38mi	4/3.0 (+1)	2,253 (+1%)	1mo	$522,990	$232	71
2418 Melrose Dr	0.12mi	4/3.0 (+1)	2,098 (-6%)	7mo	$445,000	$212	69
2215 Birch St	0.44mi	4/2.5 (+1)	2,230 (-0%)	6mo	$524,990	$235	68
2208 Birch St	0.43mi	4/2.5 (+1)	2,367 (+6%)	2mo	$599,990	$253	61
2807 Durham Dr	0.30mi	4/3.0 (+1)	2,090 (-6%)	7mo	$420,000	$201	61
2408 Hagen Dr	0.21mi	3/3.0	2,519 (+13%)	7mo	$518,990	$206	59
2504 Veranda Way	0.26mi	4/3.0 (+1)	2,524 (+13%)	1mo	$459,900	$182	56
2508 Lakeway Ln	0.45mi	3/3.0	2,527 (+13%)	2mo	$554,990	$220	51
2515 Wallingford Dr	0.49mi	4/2.5 (+1)	2,557 (+15%)	1mo	$475,000	$186	45
2611 Alden Ln	0.51mi	4/3.0 (+1)	2,554 (+14%)	4mo	$490,000	$192	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.32% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.86×
• Total profit: $102,086
• Equity at exit: $303,458

10-year hold

• IRR: 12.3%
• Equity multiple: 3.79×
• Total profit: $332,494
• Equity at exit: $584,723

Cash invested: $119,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76084

• Home prices YoY: 2.1%
• Rents YoY: 2.4%
• Active inventory: 427
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,073 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$780 /mo · $9,359/yr
• Insurance: −$177
• HOA: −$76
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $-834

Break-even live

Break-even rent $4,129

Max offer price $277,718

Occupancy floor —

Sensitivity live

Price	-10% $-593	-5% $-713	+0% $-834	+5% $-954	+10% $-1,074
Rent	-10% $-1,077	-5% $-955	+0% $-834	+5% $-712	+10% $-591
Rate	-1.0pp $-620	-0.5pp $-726	base $-834	+0.5pp $-944	+1.0pp $-1,056

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1612 Birch St Mansfield, TX	4.0	3.0	2593	$3,399	$1.31	26d	1	0.69mi
2614 High Bluff Dr Mansfield, TX	4.0	3.0	2852	$3,600	$1.26	13d	1	1.00mi
2309 Lannister St Mansfield, TX	4.0	2.0	2174	$3,300	$1.52	45d	1	1.21mi
3361 Harmon Rd Mansfield, TX	1.0–2.0	1.0–2.0	1056	$2,392	$2.27	0d	19	1.22mi
3815 Southgate Bend Blvd Midlothian, TX	1.0–2.0	1.0–2.0	1086	$2,545	$2.34	0d	20	1.35mi
1824 Buckeye Ln Mansfield, TX	4.0	2.5	2230	$3,500	$1.57	0d	1	1.39mi
1702 Swayback Ln Mansfield, TX	4.0	3.5	2694	$3,900	$1.45	0d	1	1.40mi
1814 Buckeye Ln Mansfield, TX	4.0	2.5	2187	$3,500	$1.60	0d	1	1.41mi
925 Remington Ranch Rd Mansfield, TX	3.0	2.0	1524	$2,350	$1.54	13d	1	1.47mi

HOA detail

• Monthly dues: $76 · $912/yr

Listing history 3 events

1. 2026-06-21
   days on market $425,000 Active 3 DOM
2. 2026-06-18
   remarks 693-char remark
3. 2026-06-18
   listed $425,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $9,359 · $780/mo
• Projected year-2 tax: $9,359 · $780/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,881
• − Mortgage interest: −$23,807
• − Property taxes: −$9,359
• − Insurance: −$2,125
• − Repairs & maintenance: −$2,951
• − Management: −$2,951
• − HOA: −$912
• − Depreciation: −$12,364
• Taxable loss: −$17,586
• Est. tax savings @ 24.0%: +$4,221
• After-tax cash flow: $-5,784/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mansfield ISD
• NCES district ID: 4828920
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 53% ▼ -6.00%
• Median HH income: $81,934
• Composite: 45.82/100
• National rank: #2558
• State rank: #125 of 826 in TX

Livability — Mansfield

• Score: 72/100
• State rank: #243
• US rank: #5833

Category grades

Amenities F Commute F Cost of living B- Crime A Employment A+ Housing A+ Health & safety D- User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mansfield, TX
• County: Johnson County · 147,987 people
• City population: 82,625
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 14,097
• Household income: $102,115
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 70.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 179,678 people
• By 2030: 189,208 · +5.3%
• By 2040: 207,261 · +15.4%
• By 2050: 223,064 · +24.1%
• By 2075: 259,979 · +44.7%
• By 2100: 275,395 · +53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 30% Two or more races 24% Black 11% Asian 1%
• Hispanic origin (detail): Mexican 25% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 18% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -47.5pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+53.0 2016: R+58.3 2012: R+55.6 2008: R+47.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.32%
• Current HPI: 355.74
• Rent YoY: ▲ 2.39%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

1 event — show timeline

• 2026-06-18 Listed $425,000 NTREIS

Property tax history

+47.0%/yr

Latest (2025): $9,359 · -2.2% YoY. Source: county tax records.