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2221 Trace Ridge Drive Weatherford, TX 76087

3 Beds 2 Baths 1,996 sqft Built 2003

$259,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2003
  • Price/Sqft : $129.76
  • 9 Days on Market
  • MLS # : 14460270
  • Updated Date : 10/26/2020 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,996 sqft
  • Baths : 2 full
Listing Agent

Texasrealestatesavings.com

Listing Agent's Description

EXCEPTIONAL HOME IN A GREAT NEIGHBORHOOD located close to I 20 for easy access to everything! Large spacious den area with vaulted ceilings and a wood burning fireplace! Sizeable kitchen with granite countertops and double sinks! Large master with double sinks, huge shower, and jetted tub! 2nd and 3rd bedrooms are spacious! Sink and closet in the laundry room! Covered east facing back porch and a stone terraced and fenced backyard with a storage building! New HWH 2019! Automatic lighting on front of house. Very nice property in very good condition!

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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: 76087

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $104k342k

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

Zip Code: 76087

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11212171

* 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
Stephen F. Austin Elementary School Primary Regular 579 35 6
Stephen F. Austin Elementary School Middle Regular 579 35 6
Weatherford High School High Regular 2,238 148 6

Stephen F. Austin Elementary School

  • Education Level: Primary
  • # of students: 579
  • # of teachers: 35
6
GreatSchools Rating

Stephen F. Austin Elementary School

  • Education Level: Middle
  • # of students: 579
  • # of teachers: 35
6
GreatSchools Rating

Weatherford High School

  • Education Level: High
  • # of students: 2,238
  • # of teachers: 148
6
GreatSchools Rating
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$956
Property Tax -$551
Property Insurance -$143
Property Management Fees -$99
CASH FLOW
$302

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.

$259,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$956

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$44,891

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,121

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7453$2,0504$2,1005$2,400
$2,400
RENT COMPS ANALYSIS
  • 2221 Trace Ridge Drive Weatherford, TX 3
    • 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.03
    •  
  • 1121 Timber Creek Drive Weatherford, TX 1
    • 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,682 Sqft ∙ Built 2002
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.01
    •  
  • 416 Lockwood Lane Weatherford, TX 2
    • 3 beds 2 baths ∙ 1,806 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,806 Sqft ∙ Built 2014
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.97
    •  
  • 109 Thousand Oaks Circle Weatherford, TX 4
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 1999
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.15
    •  
  • 629 Zachary Drive Weatherford, TX 5
    • 4 beds 2 baths ∙ 2,137 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,137 Sqft ∙ Built 2018
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.12
    •  
PROPERTY LISTING DETAILS
Greg Willis
Texasrealestatesavings.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460270
Last Updated: 10/26/2020
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