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370 Oak Ridge Drive Fairview, TX 75069

4 Beds 4 Baths 3,643 sqft Built 1988

$567,900

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $155.89
  • 2 Days on Market
  • MLS # : 14460257
  • Updated Date : 11/14/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,643 sqft
  • Baths : 3 full , 1 half
Listing Agent

United Real Estate

Listing Agent's Description

Spectacular home on corner lot in highly desirable River Oaks subdivision in Fairview. If you're looking for a home that provides peace and quiet of living outside the city, but offers convenient access to everything the city provides, then this is the home for you and your family. This custom built home on heavily treed acre lot features tall ceilings, ornate molding throughout, 3 fireplaces, back yard pool area perfect for entertaining, oversized 3 car garage w attached air conditioned workshop & dog run in back yard! Shopping & restaurants are just minutes away with easy access to 75 & 121. Price reflects some updating needed inside. Selling *as is*. Roof repl'd 2019. Wood deck & pool perimeter repl'd 2019.

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k472k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10122551

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Faubion Middle School Middle Regular 976 64 7
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Faubion Middle School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 64
7
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$511,110$624,690$567,900

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,095
Property Tax -$1,028
Property Insurance -$238
Property Management Fees -$99
CASH FLOW
-$510

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.

$567,900

PROJECTED PRICE

$2,950

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
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$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$156,244

INVESTMENT

$156,244

Down Payment
$141,975
Rehab Estimate
$5,750
Closing Costs
$8,519

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,095

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $141,975
Loan Amount $425,925
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,928

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,659

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,8004$2,8955$2,950
$2,950
RENT COMPS ANALYSIS
  • 370 Oak Ridge Drive Fairview, TX 5
    • 4 beds 4 baths ∙ 3,643 Sqft ∙ Built 1988 4 beds 4 baths ∙ 3,643 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.81
    •  
  • 1740 Honey Creek Lane Allen, TX 1
    • 5 beds 4 baths ∙ 3,682 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,682 Sqft ∙ Built 2006
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.65
    •  
  • 380 Parkvillage Avenue Fairview, TX 2
    • 4 beds 4 baths ∙ 3,469 Sqft ∙ Built 2004 4 beds 4 baths ∙ 3,469 Sqft ∙ Built 2004
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.71
    •  
  • 5607 Emerson Court Fairview, TX 3
    • 5 beds 4 baths ∙ 3,726 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,726 Sqft ∙ Built 2006
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.75
    •  
  • 1606 Bryce Canyon Lane Allen, TX 4
    • 4 beds 4 baths ∙ 3,554 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,554 Sqft ∙ Built 2005
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.81
    •  
PROPERTY LISTING DETAILS
Carlos Galvan
United Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460257
Last Updated: 11/14/2020
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