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1029 Lake Ridge Drive Richardson, TX 75081

4 Beds 3 Baths 2,763 sqft Built 2003

$459,000

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2003
  • Price/Sqft : $166.12
  • 11 Days on Market
  • MLS # : 14457262
  • Updated Date : 10/28/2020 at 21:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,763 sqft
  • Baths : 2 full , 1 half
Listing Agent

Silverlake, Realtors

Listing Agent's Description

Stunning Toll Brothers garden home with lots of upgrades in a gated community with lake. Cul-de-sac, great floor plan with ample storage and walk in closets in every room. Owners retreat with private patio and jacuzzi tub in master bath. Master down with 3 beds up. Open game room upstairs with built in speakers. Close to 75, 635, Top rated RISD magnet schools and private schools. New roof, new AC, new paint all 2020

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: The Lakes at Buckingham

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $123k429k

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

Neighborhood: The Lakes at Buckingham

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262844

* 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
Richland Elementary School Primary Regular 625 39 6
Apollo Junior High School Middle Regular 642 42 7
Berkner High School High Regular 2,494 174 4

Richland Elementary School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 39
6
GreatSchools Rating

Apollo Junior High School

  • Education Level: Middle
  • # of students: 642
  • # of teachers: 42
7
GreatSchools Rating

Berkner High School

  • Education Level: High
  • # of students: 2,494
  • # of teachers: 174
4
GreatSchools Rating
 

$413,100$504,900$459,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$1,694
Property Tax -$1,072
Property Insurance -$187
HOA -$175
Property Management Fees -$99
CASH FLOW
-$636

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.

$459,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.5%
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$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,385

INVESTMENT

$127,385

Down Payment
$114,750
Rehab Estimate
$5,750
Closing Costs
$6,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,694

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $114,750
Loan Amount $344,250
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$30

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,652

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,5003$2,5904$2,7505$2,999
$2,999
RENT COMPS ANALYSIS
  • 1029 Lake Ridge Drive Richardson, TX 3
    • 4 beds 3 baths ∙ 2,763 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,763 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $0.94
    •  
  • 10103 Shadow Way Dallas, TX 1
    • 3 beds 3 baths ∙ 2,459 Sqft ∙ Built 1984 3 beds 3 baths ∙ 2,459 Sqft ∙ Built 1984
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.87
    •  
  • 904 Sunningdale Richardson, TX 2
    • 4 beds 3 baths ∙ 2,568 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,568 Sqft ∙ Built 1998
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.97
    •  
  • 614 Killarney Richardson, TX 4
    • 4 beds 4 baths ∙ 2,873 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,873 Sqft ∙ Built 2002
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.96
    •  
  • 821 Lotus Drive Richardson, TX 5
    • 4 beds 4 baths ∙ 2,879 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,879 Sqft ∙ Built 2007
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,999
    • $1.04
    •  
PROPERTY LISTING DETAILS
Khaleel Ahmed
Silverlake, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14457262
Last Updated: 10/28/2020
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