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5005 Ridgecrest Drive The Colony, TX 75056

4 Beds 3 Baths 2,128 sqft Built 1992

$380,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $178.57
  • 1 Days on Market
  • MLS # : 14530855
  • Updated Date : 03/13/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,128 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty, Llc

Listing Agent's Description

Welcome home to this move in ready 2-story home in The Colony! This single-owner home has been lovingly and meticulously maintained. Located on a corner lot in a fantastic area close to Lake Lewisville, with easy access to major highways. Featuring four bedrooms, 2.5 baths, home office and 2 dining spaces. Kitchen boasts granite countertops, stainless steel appliances and plenty of space! A backyard oasis with a beautiful heated, saltwater pool and outdoor entertaining area provides fantastic family fun all year round. Solar screens throughout entire exterior of home. You won't want to miss this one....and it won't last long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Lake Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $120k336k

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

Neighborhood: Lake Ridge Estates

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
Ethridge Elementary School Primary Regular 513 32 6
Lakeview Middle School Middle Regular 817 62 3
The Colony High School High Regular 1,987 139 8

Ethridge Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 32
6
GreatSchools Rating

Lakeview Middle School

  • Education Level: Middle
  • # of students: 817
  • # of teachers: 62
3
GreatSchools Rating

The Colony High School

  • Education Level: High
  • # of students: 1,987
  • # of teachers: 139
8
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,320
Property Tax -$727
Property Insurance -$150
Property Management Fees -$99
CASH FLOW
-$216

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.

$380,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.8%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,537

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,016

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7503$1,9454$1,9955$2,080
$2,080
RENT COMPS ANALYSIS
  • 5005 Ridgecrest Drive The Colony, TX 5
    • 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.98
    •  
  • 4809 Pemberton Lane The Colony, TX 1
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1976
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.89
    •  
  • 4912 Brandenburg Lane The Colony, TX 2
    • 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 1976
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
  • 5109 Gilliam Circle The Colony, TX 3
    • 3 beds 2 baths ∙ 1,976 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,976 Sqft ∙ Built 1975
    LEASED 02/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.98
    •  
  • 4713 Lemmon Court The Colony, TX 4
    • 3 beds 2 baths ∙ 1,955 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,955 Sqft ∙ Built 1976
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.02
    •  
PROPERTY LISTING DETAILS
Kristen Wright
Fathom Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530855
Last Updated: 03/13/2021
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