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5816 Mirror Ridge Drive Fort Worth, TX 76179

3 Beds 2 Baths 1,507 sqft Built 2011

INVESTimate

$222,000

List Price

$1,500

$1,350 - $1,650

Rent Est.

$241,203  ( +8.65%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $147.31
  • 7 Days on Market
  • MLS # : 14416954
  • Updated Date : 08/25/2020 at 10:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,507 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

Built in 2011, this Fort Worth one-story home offers a two-car garage. This home is vacant and cleaned regularly.

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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: The Parks at Boat Club

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $104k243k

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

Neighborhood: The Parks at Boat Club

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9191734

* 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
Lake Pointe Elementary School Primary Regular 664 35 8
Wayside Middle School Middle Regular 943 52 6
Boswell High School High Regular 1,605 106 7

Lake Pointe Elementary School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 35
8
GreatSchools Rating

Wayside Middle School

  • Education Level: Middle
  • # of students: 943
  • # of teachers: 52
6
GreatSchools Rating

Boswell High School

  • Education Level: High
  • # of students: 1,605
  • # of teachers: 106
7
GreatSchools Rating
 

$199,800$244,200$222,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$819
Property Tax -$509
Property Insurance -$114
HOA -$203
Property Management Fees -$99
CASH FLOW
-$245

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.

$222,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.65%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,580

INVESTMENT

$64,580

Down Payment
$55,500
Rehab Estimate
$5,750
Closing Costs
$3,330

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$819

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,500
Loan Amount $166,500
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$172

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,492

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5703$1,5954$1,5955$1,625
$1,625
RENT COMPS ANALYSIS
  • 5816 Mirror Ridge Drive Fort Worth, TX 1
    • 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 5724 Mirror Ridge Drive Fort Worth, TX 2
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2012
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $1.03
    •  
  • 5836 Mirror Ridge Drive Fort Worth, TX 3
    • 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 2013
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.97
    •  
  • 5829 Mountain Bluff Drive Fort Worth, TX 4
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 2014
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
  • 5724 Mountain Bluff Drive Fort Worth, TX 5
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2009
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.98
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416954
Last Updated: 08/25/2020
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