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2622 Ridge Oak Pl Garland, TX 75044

3 Beds 2 Baths 2,122 sqft Built 1982

$315,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $148.44
  • 3 Days on Market
  • MLS # : 14475155
  • Updated Date : 11/20/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,122 sqft
  • Baths : 2 full
Listing Agent

Regal, Realtors

Listing Agent's Description

Must see completely renovated from top to bottom home! Brand new double oven-electric range cooktop, original brick wood-burning fireplace. New roof December 2020. You don't want to miss out on this!

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: 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
 

$283,500$346,500$315,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,162
Property Tax -$741
Property Insurance -$140
Property Management Fees -$99
CASH FLOW
-$462

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.

$315,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.1%
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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$19

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
  • $0.86

    LIST RENT PER SQFT
  • $1,752

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6803$1,6954$1,7005$1,850
$1,850
RENT COMPS ANALYSIS
  • 2622 Ridge Oak Pl Garland, TX 2
    • 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.86
    •  
  • 3317 Bending Oaks Garland, TX 1
    • 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 1983
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.81
    •  
  • 2114 Blossom Lane Richardson, TX 3
    • 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1971
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.93
    •  
  • 3022 Eastpark Drive Garland, TX 4
    • 4 beds 3 baths ∙ 1,842 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,842 Sqft ∙ Built 1973
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
  • 2501 Golden Oaks Drive Garland, TX 5
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1983 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1983
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.92
    •  
PROPERTY LISTING DETAILS
Marjorie Bradford
Regal, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14475155
Last Updated: 11/20/2020
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