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309 Rustic Ridge Drive Garland, TX 75040

3 Beds 2 Baths 1,981 sqft Built 1981

$290,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $146.39
  • 5 Days on Market
  • MLS # : 14491269
  • Updated Date : 12/30/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,981 sqft
  • Baths : 2 full
Listing Agent

Orchard Brokerage

Listing Agent's Description

Click the Virtual Tour link to view the 3D Matterport walkthrough. Lovely single-story home on a spacious lot with rear alley access to the garage, mature landscaping, and a spacious covered entryway. Impressive foyer with a vaulted ceiling, expansive Luxury Vinyl Plank flooring that carries to the living room, and numerous windows that provide natural lighting. The living room has a brick wood-burning fireplace. Massive dining area with a built-in desk Upgraded kitchen features include stainless steel gas appliances, granite counters that extend to the island with a breakfast bar, and backsplash. Luxurious master with custom California Closet and recently remodeled bath. Spacious yard with a covered patio.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Glenbrook

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $99k275k

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

Neighborhood: Glenbrook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9401841

* 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
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,070
Property Tax -$682
Property Insurance -$142
Property Management Fees -$99
CASH FLOW
-$192

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.

$290,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 11.9%
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-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,090

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,808

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7953$1,8004$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 309 Rustic Ridge Drive Garland, TX 4
    • 3 beds 2 baths ∙ 1,981 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,981 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
  • 629 Torrance Drive Garland, TX 1
    • 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1979
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 230 Rustic Ridge Drive Garland, TX 2
    • 3 beds 2 baths ∙ 2,078 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,078 Sqft ∙ Built 1981
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 132 Rustic Ridge Drive Garland, TX 3
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 1984
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.96
    •  
  • 3810 Purcell Drive Garland, TX 5
    • 4 beds 2 baths ∙ 1,964 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,964 Sqft ∙ Built 1980
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.94
    •  
PROPERTY LISTING DETAILS
Alexandra Clement
Orchard Brokerage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14491269
Last Updated: 12/30/2020
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