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2362 Trace Ridge Drive Weatherford, TX 76087

4 Beds 2 Baths 2,131 sqft Built 2014

$274,900

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $129.00
  • 4 Days on Market
  • MLS # : 14479954
  • Updated Date : 12/03/2020 at 12:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,131 sqft
  • Baths : 2 full
Listing Agent

The Platinum Group Real Estate

Listing Agent's Description

Located near I-20, shopping, restaurants, and entertainment is this 4BR, 2BA home in Lockwood Estates. Situated on an oversized lot this property features a fenced backyard, beautiful landscaping, and an outdoor kitchen under the covered patio, leaving plenty for a storage shed or play structure. Inside the split bedroom design provides privacy while also allowing for each of the spacious bedrooms to have an abundance of natural light. Cozy up next to the wood-burning fireplace during the cold winter nights. The kitchen and dining area are located near the living room providing a semi open floor plan allowing for entertainment to be a breeze. The 4th bedroom would also make a great office. No H.O.A.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,014
Property Tax -$585
Property Insurance -$150
Property Management Fees -$99
CASH FLOW
$291

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.

$274,900

PROJECTED PRICE

$2,140

PROJECTED RENT

0.78%

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$44,370

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $2,333

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$2,1003$2,1404$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 2362 Trace Ridge Drive Weatherford, TX 3
    • 4 beds 2 baths ∙ 2,131 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,131 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $1.00
    •  
  • 416 Lockwood Lane Weatherford, TX 1
    • 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 2
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 1999
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.15
    •  
  • 1901 Clear Creek Drive Weatherford, TX 4
    • 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 2019 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 2019
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.14
    •  
  • 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 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.12
    •  
PROPERTY LISTING DETAILS
Wesley Stout
The Platinum Group Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14479954
Last Updated: 12/03/2020
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