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2417 Open Range Drive Fort Worth, TX 76177

3 Beds 2 Baths 2,423 sqft Built 2017

INVESTimate

$349,900

List Price

$2,000

$1,800 - $2,200

Rent Est.

$372,958  ( +6.59%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $144.41
  • 6 Days on Market
  • MLS # : 14413087
  • Updated Date : 08/21/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,423 sqft
  • Baths : 2 full
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Stunning! Shows better than a model! 1 story with 3 bedrooms PLUS study in amazing Oak Creek Trails! High end finishes: extensive wide plank wood flooring (NO CARPET),Iron front door,gray stacked stone quartzite accent walls at study and dining,designer lighting,SAMSUNG FRONT LOAD WASHER & DRYER! Alexa enabled smart features: sprinkler,garage door,smoke detectors,dining light,thermostat,Ring doorbell! Amazing gourmet kitchen with TWO eat-in islands,quartz counters,upgraded SAMSUNG appliances INCLUDING Smart Hub French Door REFRIGERATOR! Master w bay window, two closets,Restoration Hardware tilt mirrors!Outdoor oasis with water feature,extended patio.incredible landscape! This home is a show stopper!

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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

Neighborhood: Oak Creek Trails

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $104k336k

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

Neighborhood: Oak Creek Trails

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9192171

* 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
W.r. Hatfield Elementary School Primary Regular 411 30 6
Gene Pike Middle School Middle Regular 743 53 7
Northwest High School High Regular 2,793 170 6

W.r. Hatfield Elementary School

  • Education Level: Primary
  • # of students: 411
  • # of teachers: 30
6
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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,800$2,200$2,000

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

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 $2,000
EXPENSES Loan Payment -$1,291
Property Tax -$729
Property Insurance -$167
HOA -$33
Property Management Fees -$99
CASH FLOW
-$319

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.

$349,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.59%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$1,401

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,090

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0503$2,0954$2,1005$2,250
$2,250
RENT COMPS ANALYSIS
  • 2417 Open Range Drive Fort Worth, TX 1
    • 3 beds 2 baths ∙ 2,423 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,423 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.83
    •  
  • 15940 Blaketree Drive Fort Worth, TX 2
    • 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 2010
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.87
    •  
  • 15936 Blaketree Drive Fort Worth, TX 3
    • 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 2011
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.89
    •  
  • 15945 White Mill Road Fort Worth, TX 4
    • 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2019
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 2444 Open Range Drive Fort Worth, TX 5
    • 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 2018
    property image
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.86
    •  
PROPERTY LISTING DETAILS
Donna Bradshaw
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14413087
Last Updated: 08/21/2020
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