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3609 Ridgestone Drive Garland, TX 75040

3 Beds 2 Baths 1,704 sqft Built 1990

$238,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $140.20
  • 4 Days on Market
  • MLS # : 14466640
  • Updated Date : 11/06/2020 at 21:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,704 sqft
  • Baths : 2 full
Listing Agent

Monument Realty

Listing Agent's Description

Welcome to Your Beautiful New Home near Tons of Shopping, Schools, and Jobs! This Clean, Well-Kept One Story Hits the Market for Under Market Value and with a Large, Grassy Lot and Open Floorplan! Hand-Scraped Wood Floors in the Master Bedroom and a Kitchen with an Island that Opens Up into the Living Room and Open View of the Backyard! This Home is Ready to Go and Looking For Some Happy Buyers to Take It Off the Market! Come and Get It Before It's Gone!

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: Meadowood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $99k255k

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

Neighborhood: Meadowood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9401734

* 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
 

$215,010$262,790$238,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$881
Property Tax -$562
Property Insurance -$126
Property Management Fees -$99
CASH FLOW
-$18

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.

$238,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.69%

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

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,059

INVESTMENT

$69,059

Down Payment
$59,725
Rehab Estimate
$5,750
Closing Costs
$3,584

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$881

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,725
Loan Amount $179,175
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$11,044

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,687

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6504$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 3609 Ridgestone Drive Garland, TX 3
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.97
    •  
  • 702 Torrance Drive Garland, TX 1
    • 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1979
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.95
    •  
  • 3601 Creststone Drive Garland, TX 2
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1984
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 318 Faircrest Drive Garland, TX 4
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 1978
    property image
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 502 Overland Drive Garland, TX 5
    • 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1982
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.08
    •  
PROPERTY LISTING DETAILS
Jonathan King
Monument Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14466640
Last Updated: 11/06/2020
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