Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2510 Richoak Drive Garland, TX 75044

3 Beds 2 Baths 1,728 sqft Built 1986

INVESTimate

$288,000

List Price

$1,680

$1,512 - $1,848

Rent Est.

$317,146  ( +10.12%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $166.67
  • 2 Days on Market
  • MLS # : 14420299
  • Updated Date : 08/25/2020 at 23:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,728 sqft
  • Baths : 2 full
Listing Agent

Beam Real Estate, Llc

Listing Agent's Description

1-Story Beautifully kept home with Walking distance pre-k , elementary, high school under half mile and across the house and road is a recreation center with a swimming pool and trail. This single story house has porcelain 17 x 17 travetine tiles everywhere. Plus all bathrooms (2 bath) have skylight and family room has two huge skylights. Popcorn ceiling was removed throughout the entire house. We received multiple offer please send best and highest offer. Owner will finalise on 29th August, Saturday at 7.00 PM

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: Oakridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $99k280k

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

Neighborhood: Oakridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9401814

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$259,200$316,800$288,000

PURCHASE PRICE

$1,512$1,848$1,680

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

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 $1,680
EXPENSES Loan Payment -$1,063
Property Tax -$677
Property Insurance -$127
Property Management Fees -$99
CASH FLOW
-$286

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.

$288,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.12%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,070

INVESTMENT

$82,070

Down Payment
$72,000
Rehab Estimate
$5,750
Closing Costs
$4,320

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,063

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,000
Loan Amount $216,000
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$780

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,672

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6803$1,7004$1,7005$1,790
$1,790
RENT COMPS ANALYSIS
  • 2510 Richoak Drive Garland, TX 2
    • 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.97
    •  
  • 2405 Creekdale Drive Garland, TX 1
    • 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 1972
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 2718 Big Oaks Drive Garland, TX 3
    • 3 beds 2 baths ∙ 1,731 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,731 Sqft ∙ Built 1984
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
  • 2437 Creekdale Drive Garland, TX 4
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1974
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.97
    •  
  • 2609 Big Oaks Drive Garland, TX 5
    • 3 beds 2 baths ∙ 1,826 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,826 Sqft ∙ Built 1987
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.98
    •  
PROPERTY LISTING DETAILS
Jiji Thomas
Beam Real Estate, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14420299
Last Updated: 08/25/2020
BESbswy