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640 River Garden Drive Fort Worth, TX 76114

3 Beds 3 Baths 1,724 sqft Built 2020

INVESTimate

$238,500

List Price

$1,450

$1,305 - $1,595

Rent Est.

$267,883  ( +12.32%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $138.34
  • 9 Days on Market
  • MLS # : 14400326
  • Updated Date : 08/19/2020 at 04:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,724 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mission To Close

Listing Agent's Description

This beautiful home sits across from neighborhood park at back of the subdivision, walking distance to Trinity Trails. Features a large two-story, open-floor plan with durable luxury vinyl plank flooring & kitchen site lines to separate living & dining areas leading to backyard. Kitchen features quartz counters, stainless appliances, large pantry, & custom shaker cabinets. The second floor offers a large bonus flex space. Private master hosts dual vanity en-suite with a large garden tub & walk-in closet. Conveniently accessible to downtown Fort Worth & Westworth Village. Energy efficiencies include double-pane windows, R51 ceiling & R15 wall cavity insulation, electric water heater, and digital thermostats.

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: Eastgate

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $73k243k

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

Neighborhood: Eastgate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270080090010001100120013001400150016001700Rent in $6951734

* 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
Castleberry Elementary School Primary Regular 801 47 5
Marsh Middle School Middle Regular 938 49 4
Castleberry High School High Regular 928 53 4

Castleberry Elementary School

  • Education Level: Primary
  • # of students: 801
  • # of teachers: 47
5
GreatSchools Rating

Marsh Middle School

  • Education Level: Middle
  • # of students: 938
  • # of teachers: 49
4
GreatSchools Rating

Castleberry High School

  • Education Level: High
  • # of students: 928
  • # of teachers: 53
4
GreatSchools Rating
 

$214,650$262,350$238,500

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$880
Property Tax -$547
Property Insurance -$127
Property Management Fees -$99
CASH FLOW
-$202

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$238,500

PROJECTED PRICE

$1,450

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 12.32%
Maintenance Year (1-5) 3.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,203

INVESTMENT

$65,203

Down Payment
$59,625
Rehab Estimate
$2,000
Closing Costs
$3,578

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$880

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,625
Loan Amount $178,875
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$1,207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,603

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4953$1,5254$1,5295$1,599
$1,599
RENT COMPS ANALYSIS
  • 640 River Garden Drive Fort Worth, TX 1
    • 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.84
    •  
  • 6152 River Pointe Drive Fort Worth, TX 2
    • 4 beds 3 baths ∙ 1,748 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,748 Sqft ∙ Built 2007
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.86
    •  
  • 749 River Hill Lane Fort Worth, TX 3
    • 3 beds 3 baths ∙ 1,487 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,487 Sqft ∙ Built 2017
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.03
    •  
  • 768 River Garden Drive Fort Worth, TX 4
    • 4 beds 3 baths ∙ 1,788 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,788 Sqft ∙ Built 2006
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,529
    • $0.86
    •  
  • 668 River Garden Drive Fort Worth, TX 5
    • 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 2017
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.97
    •  
PROPERTY LISTING DETAILS
Kristin Harris
Mission To Close
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14400326
Last Updated: 08/19/2020
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