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1120 Misty Ridge Justin, TX 76247

3 Beds 2 Baths 1,844 sqft Built 2020

INVESTimate

$287,293

List Price

$1,860

$1,674 - $2,046

Rent Est.

$306,570  ( +6.71%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $155.80
  • 6 Days on Market
  • MLS # : 14418115
  • Updated Date : 08/22/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,844 sqft
  • Baths : 2 full
Listing Agent

Imp Realty

Listing Agent's Description

MLS# 14418115 - Built by Impression Homes - October completion! ~ Beautiful, brand NEW IMPRESSION HOME located in Timberbrok. This home has it all; including wood-look tile, sous chef kitchen with custom cabinets with built-in stainless steel appliances and granite counter tops. The kitchen also offers a huge island open to the living room and a private master suite with a coffee bar and huge walk-in closet. Please call today to schedule a showing!

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: Ridgeview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260kPrice in $122k271k

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

Neighborhood: Ridgeview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10532134

* 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
Justin Elementary School Primary Regular 506 33 5
Gene Pike Middle School Middle Regular 743 53 7
Northwest High School High Regular 2,793 170 6

Justin Elementary School

  • Education Level: Primary
  • # of students: 506
  • # of teachers: 33
5
GreatSchools Rating

Gene Pike Middle School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 53
7
GreatSchools Rating

Northwest High School

  • Education Level: High
  • # of students: 2,793
  • # of teachers: 170
6
GreatSchools Rating
 

$258,564$316,022$287,293

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,060
Property Tax -$599
Property Insurance -$134
HOA -$67
Property Management Fees -$99
CASH FLOW
-$98

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$287,293

PROJECTED PRICE

$1,860

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.71%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,133

INVESTMENT

$78,133

Down Payment
$71,823
Rehab Estimate
$2,000
Closing Costs
$4,309

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,060

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,823
Loan Amount $215,470
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$8,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,872

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7003$1,8504$1,8605$1,995
$1,995
RENT COMPS ANALYSIS
  • 1120 Misty Ridge Justin, TX 4
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $1.01
    •  
  • 243 Pine Crest Drive Justin, TX 1
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 2004
    LEASED 03/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.99
    •  
  • 105 N Blue Bonnet Circle Justin, TX 2
    • 4 beds 2 baths ∙ 1,684 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,684 Sqft ∙ Built 2000
    LEASED 04/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.01
    •  
  • 276 Hilltop Drive Justin, TX 3
    • 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 2017
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.98
    •  
  • 2433 Red Draw Road Justin, TX 5
    • 3 beds 2 baths ∙ 1,849 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,849 Sqft ∙ Built 2019
    LEASED 06/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.08
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Imp Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418115
Last Updated: 08/22/2020
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