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2601 Ridgemeade Drive Garland, TX 75040

4 Beds 2 Baths 2,045 sqft Built 1993

$289,500

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $141.56
  • 5 Days on Market
  • MLS # : 14502830
  • Updated Date : 01/22/2021 at 09:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,045 sqft
  • Baths : 2 full
Listing Agent

Leslie Cain Realty

Listing Agent's Description

Beautiful 4-2 Updated One Owner Home. Open floorplan with living, kitchen, breakfast and dining area. Kitchen is updated with granite counter, painted custom hardwood cabinets, flooring and appliances. Three bedrooms are oversized with a fourth options of bedroom, office or game room. Private Back entrance and oversized garage includes utility sink. Enjoy mornings on large covered porch or playing in 12 X 16 Shop- mancave in the backyard which includes electricity, insulation and portable air condition. All windows have energy efficient solar screens. Roof was replaced in 2016.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Meadow Crest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $99k326k

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

Neighborhood: Meadow Crest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9401966

* 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
 

$260,550$318,450$289,500

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,006
Property Tax -$681
Property Insurance -$145
Property Management Fees -$99
CASH FLOW
-$81

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.

$289,500

PROJECTED PRICE

$1,850

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 11.1%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,468

INVESTMENT

$82,468

Down Payment
$72,375
Rehab Estimate
$5,750
Closing Costs
$4,343

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,006

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,375
Loan Amount $217,125
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$6,855

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,851

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,8003$1,8504$1,8505$1,895
$1,895
RENT COMPS ANALYSIS
  • 2601 Ridgemeade Drive Garland, TX 4
    • 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 1993 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.90
    •  
  • 1525 Glouchester Drive Garland, TX 1
    • 3 beds 2 baths ∙ 2,008 Sqft ∙ Built 1974 3 beds 2 baths ∙ 2,008 Sqft ∙ Built 1974
    property image
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.82
    •  
  • 1302 Wagon Wheel Road Garland, TX 2
    • 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 1988
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.92
    •  
  • 2722 Meadow Park Drive Garland, TX 3
    • 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 1974
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.95
    •  
  • 601 Ridgegate Drive Garland, TX 5
    • 3 beds 3 baths ∙ 2,043 Sqft ∙ Built 1976 3 beds 3 baths ∙ 2,043 Sqft ∙ Built 1976
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.93
    •  
PROPERTY LISTING DETAILS
Debra Mcatee
Leslie Cain Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14502830
Last Updated: 01/22/2021
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