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

3060 Misty Ridge Lane Rockwall, TX 75032

3 Beds 2 Baths 1,593 sqft Built 2005

$265,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $166.35
  • 2 Days on Market
  • MLS # : 14485436
  • Updated Date : 12/12/2020 at 14:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Jp & Associates Frisco

Listing Agent's Description

Welcome Home! Beautifully updated 3 bed 2 bath home. Brand new flooring, freshly painted in grays and whites, all new stainless steel stove, and dishwasher. Inviting living area with wood burning fire place. Stunning updated bathrooms with new vanities, master bath with frameless walk in shower. This home is ready for its new owner!

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: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Hickory Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Ouida Springer Elementary School Primary Regular 660 43 6
Cain Middle School Middle Regular 941 50 7
Rockwall-heath High School High Regular 2,200 119 8

Ouida Springer Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 43
6
GreatSchools Rating

Cain Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 50
7
GreatSchools Rating

Rockwall-heath High School

  • Education Level: High
  • # of students: 2,200
  • # of teachers: 119
8
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$978
Property Tax -$477
Property Insurance -$119
HOA -$30
Property Management Fees -$99
CASH FLOW
-$163

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.

$265,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

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-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$4,097

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,541

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5953$1,6254$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 3060 Misty Ridge Lane Rockwall, TX 1
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.97
    •  
  • 3049 Dusty Ridge Drive Rockwall, TX 2
    • 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,719 Sqft ∙ Built 2005
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
  • 3102 Limestone Hill Lane Rockwall, TX 3
    • 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2005
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.97
    •  
  • 3020 Misty Ridge Lane Rockwall, TX 4
    • 3 beds 2 baths ∙ 1,738 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,738 Sqft ∙ Built 2005
    property image
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 3062 Dusty Ridge Drive Rockwall, TX 5
    • 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 2004
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Brandi Oliva
Jp & Associates Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14485436
Last Updated: 12/12/2020
BESbswy