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2416 Ridgestone Drive Dallas, TX 75287

3 Beds 2 Baths 1,222 sqft Built 1983

$249,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $203.76
  • 7 Days on Market
  • MLS # : 14476128
  • Updated Date : 11/23/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,222 sqft
  • Baths : 2 full
Listing Agent

Danny Augustus

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: Far North Dallas

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $102k403k

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

Neighborhood: Far North Dallas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9472548

* 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
Sheffield Elementary School Primary Regular NA
Dan F. Long Middle School Middle Regular 718 51 4
Newman Smith High School High Regular 1,973 126 6

Sheffield Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Dan F. Long Middle School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 51
4
GreatSchools Rating

Newman Smith High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 126
6
GreatSchools Rating
 

$224,100$273,900$249,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$919
Property Tax -$492
Property Insurance -$98
Property Management Fees -$99
CASH FLOW
-$198

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$249,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

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$71,735

INVESTMENT

$71,735

Down Payment
$62,250
Rehab Estimate
$5,750
Closing Costs
$3,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,250
Loan Amount $186,750
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,177

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,531

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,5953$1,6954$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 2416 Ridgestone Drive Dallas, TX 1
    • 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.15
    •  
  • 2103 Highbury Road Carrollton, TX 2
    • 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.18
    •  
  • 2108 Carlton Road Carrollton, TX 3
    • 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.26
    •  
  • 2607 Hunting Brook Court Carrollton, TX 4
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1981
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.30
    •  
  • 2615 Appledale Lane Dallas, TX 5
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1983
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.27
    •  
PROPERTY LISTING DETAILS
Danny Augustus
Danny Augustus
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14476128
Last Updated: 11/23/2020
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