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1607 Mission Ridge Trail Carrollton, TX 75007

4 Beds 2 Baths 2,084 sqft Built 1987

INVESTimate

$320,000

List Price

$1,900

$1,710 - $2,090

Rent Est.

$346,880  ( +8.40%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $153.55
  • 6 Days on Market
  • MLS # : 14412883
  • Updated Date : 08/23/2020 at 14:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,084 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Multiple offers- highest and best by Tuesday 25th 5 pm. Light & bright floor plan with great flow throughout! Spacious living room with vaulted ceilings & wall of windows that brings in lots of natural light! Kitchen features include beautiful two-tone cabinets, granite counters, eat-in kitchen & large pantry. Additional highlights include cork flooring, split bedroom design, large laundry room, solar screens, & remote control ceiling fans. Exterior lighting and huge oak tree shades entire backyard! Nature enthusiast will love being just blocks away from walking trails & greenbelt! Easy access to George Bush Turnpike, 35E & DNT. Great location with a treasure trove of amenities and conveniences nearby.

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: North Central Carrollton

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: North Central Carrollton

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11112171

* 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
Annie Heads Rainwater Elementary School Primary Regular 419 24 8
Charles M. Blalack Middle School Middle Regular 942 60 7
Creekview High School High Regular 1,964 124 7

Annie Heads Rainwater Elementary School

  • Education Level: Primary
  • # of students: 419
  • # of teachers: 24
8
GreatSchools Rating

Charles M. Blalack Middle School

  • Education Level: Middle
  • # of students: 942
  • # of teachers: 60
7
GreatSchools Rating

Creekview High School

  • Education Level: High
  • # of students: 1,964
  • # of teachers: 124
7
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,181
Property Tax -$584
Property Insurance -$148
Property Management Fees -$99
CASH FLOW
-$111

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.

$320,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.40%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$10,067

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,964

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,799
1$1,7992$1,9003$1,9004$1,9055$1,950
$1,950
RENT COMPS ANALYSIS
  • 1607 Mission Ridge Trail Carrollton, TX 3
    • 4 beds 2 baths ∙ 2,084 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,084 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.91
    •  
  • 2911 Fort Point Lane Carrollton, TX 1
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1987
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,799
    • $0.93
    •  
  • 1514 E Silverleaf Drive Carrollton, TX 2
    • 4 beds 2 baths ∙ 2,056 Sqft ∙ Built 1983 4 beds 2 baths ∙ 2,056 Sqft ∙ Built 1983
    property image
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.92
    •  
  • 3007 Sierra Drive Carrollton, TX 4
    • 4 beds 2 baths ∙ 1,892 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,892 Sqft ∙ Built 1986
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,905
    • $1.01
    •  
  • 2911 Creekside Court Carrollton, TX 5
    • 3 beds 2 baths ∙ 2,146 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,146 Sqft ∙ Built 1985
    property image
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.91
    •  
PROPERTY LISTING DETAILS
Jennifer Viner
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14412883
Last Updated: 08/23/2020
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