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608 Granite Ridge Drive Fort Worth, TX 76179

3 Beds 2 Baths 1,665 sqft Built 2004

$225,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $135.14
  • 2 Days on Market
  • MLS # : 14505209
  • Updated Date : 01/23/2021 at 08:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,665 sqft
  • Baths : 2 full
Listing Agent

Realty Hub Llc

Listing Agent's Description

WONDERFULLY updated home great community with pool just outside of Fort Worth! Upon entering is the expansive living room with larger kitchen and breakfast area. Many recent upgrades and features include wood flooring, completely renovated kitchen, fresh sod in backyard, stainless steel appliances, RARE master suite with separate shower and tub, and LARGE workshop! Truly a great home with space in all the right places.

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

Zip Code: 76179

ZipNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $104k243k

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

Zip Code: 76179

ZipNIR 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
Remington Point Elementary School Primary Regular 637 37 5
Ed Willkie Middle School Middle Regular 862 53 5

Remington Point Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 37
5
GreatSchools Rating

Ed Willkie Middle School

  • Education Level: Middle
  • # of students: 862
  • # of teachers: 53
5
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$782
Property Tax -$516
Property Insurance -$123
HOA -$30
Property Management Fees -$99
CASH FLOW
-$59

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.

$225,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.5%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$5,465

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,573

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,5503$1,5504$1,6455$1,650
$1,650
RENT COMPS ANALYSIS
  • 608 Granite Ridge Drive Fort Worth, TX 1
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.89
    •  
  • 729 Tuscany Trail Fort Worth, TX 2
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2005
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 5804 Show Master Lane Fort Worth, TX 3
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2004
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.92
    •  
  • 849 Fox Hunt Trail Fort Worth, TX 4
    • 3 beds 2 baths ∙ 1,734 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,734 Sqft ∙ Built 2002
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.95
    •  
  • 924 Rose Crystal Way Fort Worth, TX 5
    • 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 2004
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.98
    •  
PROPERTY LISTING DETAILS
Robert Miller
Realty Hub Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14505209
Last Updated: 01/23/2021
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