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2923 River Ridge Court Granbury, TX 76048

3 Beds 2 Baths 1,350 sqft Built 2020

INVESTimate

$199,000

List Price

$1,590

$1,431 - $1,749

Rent Est.

$209,647  ( +5.35%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $147.41
  • 6 Days on Market
  • MLS # : 14418016
  • Updated Date : 08/21/2020 at 05:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,350 sqft
  • Baths : 2 full
Listing Agent

Winston Properties, Llc

Listing Agent's Description

Spectacular new build in the up-and-coming subdivision of Canyon Creek! Prospective purchaser will have option to choose various items like paint colors, flooring, appliances assuming they are within budget and contract accepted before completion of home.

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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

Zip Code: 76048

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $82k243k

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

Zip Code: 76048

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9991734

* 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
Mambrino Elementary School Primary Regular 563 34 5
Granbury Middle School Middle Regular 711 50 4
Granbury High School High Regular 1,414 115 6

Mambrino Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 34
5
GreatSchools Rating

Granbury Middle School

  • Education Level: Middle
  • # of students: 711
  • # of teachers: 50
4
GreatSchools Rating

Granbury High School

  • Education Level: High
  • # of students: 1,414
  • # of teachers: 115
6
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$734
Property Tax -$270
Property Insurance -$105
HOA -$26
Property Management Fees -$99
CASH FLOW
$356

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$199,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.35%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,735

INVESTMENT

$54,735

Down Payment
$49,750
Rehab Estimate
$2,000
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

13.92

YEARS SAVED

$53,361

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,586

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5253$1,5904$1,7005$1,800
$1,800
RENT COMPS ANALYSIS
  • 2923 River Ridge Court Granbury, TX 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $1.18
    •  
  • 2409 Steepleridge Circle Granbury, TX 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 2004
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.17
    •  
  • 1306 Laredo Drive Granbury, TX 2
    • 3 beds 2 baths ∙ 1,306 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,306 Sqft ∙ Built 2010
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.17
    •  
  • 2300 Steepleridge Circle Granbury, TX 4
    • 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 2019
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.13
    •  
  • 5818 Stonegate Circle Granbury, TX 5
    • 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 2019
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.23
    •  
PROPERTY LISTING DETAILS
Grant Winston
Winston Properties, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418016
Last Updated: 08/21/2020
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