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616 Crest Ridge Drive Irving, TX 75061

3 Beds 4 Baths 2,630 sqft Built 1985

$370,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $140.68
  • 2 Days on Market
  • MLS # : 14518109
  • Updated Date : 02/12/2021 at 21:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,630 sqft
  • Baths : 3 full , 1 half
Listing Agent

Attorney Broker Services

Listing Agent's Description

Amazing 3 bedroom 2 and a half bath home just a short walk away from a beautiful park and pond. Home boasts new ceramic flooring throughout the master bedroom, kitchen and living areas as well as fresh paint and beautiful vaulted ceiling in the living room with a gas log fireplace. New stainless steel appliances, granite countertops and gorgeous wooden staircase. Spacious master suite has a garden tub and separate shower, two large living areas and two dining areas.

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: Townlake

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $88k281k

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

Neighborhood: Townlake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9452144

* 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
Davis Elementary School Primary Regular 880 57 4
Lady Bird Johnson Middle School Middle Regular 1,002 65 4
Irving High School High Regular 2,429 164 4

Davis Elementary School

  • Education Level: Primary
  • # of students: 880
  • # of teachers: 57
4
GreatSchools Rating

Lady Bird Johnson Middle School

  • Education Level: Middle
  • # of students: 1,002
  • # of teachers: 65
4
GreatSchools Rating

Irving High School

  • Education Level: High
  • # of students: 2,429
  • # of teachers: 164
4
GreatSchools Rating
 

$333,000$407,000$370,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,285
Property Tax -$818
Property Insurance -$179
Property Management Fees -$99
CASH FLOW
-$221

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.

$370,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$3,080

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,157

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,160
$2,160
RENT COMPS ANALYSIS
  • 616 Crest Ridge Drive Irving, TX 2
    • 3 beds 4 baths ∙ 2,630 Sqft ∙ Built 1985 3 beds 4 baths ∙ 2,630 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.82
    •  
  • 1420 Carver Lane Irving, TX 1
    • 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 1988
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jose Bosquez
Attorney Broker Services
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14518109
Last Updated: 02/12/2021
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