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671 Ridgemont Drive Allen, TX 75002

3 Beds 3 Baths 2,331 sqft Built 1992

INVESTimate

$370,000

List Price

$1,990

$1,791 - $2,189

Rent Est.

$404,410  ( +9.30%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1992
  • Price/Sqft : $158.73
  • 10 Days on Market
  • MLS # : 14411796
  • Updated Date : 08/20/2020 at 09:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,331 sqft
  • Baths : 2 full , 1 half
Listing Agent

Colleen Frost Real Estate Serv

Listing Agent's Description

This gorgeous remodeled 2 story, 3 bedroom 2.5 bath and bonus room home in an established neighborhood is move in ready! Stunning curb appeal w front elevation, beautiful iron accents on front door and windows. Upgrades include freshly painted interior and exterior, window coverings, LED decorative lighting, new luxury vinyl flooring, new carpet, walk-in closets, lots of cabinets and storage space. The just remodeled master bath includes a frameless shower, updated ceramic tile flooring, new quartz countertop w double sinks, brushed nickel fixtures, hardware, and mirror. The garden jetted tub includes updated ceramic tile surround and a quartz window seal. Private backyard, patio area pond w waterfalls.

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: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k372k

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

Neighborhood: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10862213

* 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
Vaughan Elementary School Primary Regular 508 35 9
Ford Middle School Middle Regular 877 55 9
Ford Middle School High Regular 877 55 9

Vaughan Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 35
9
GreatSchools Rating

Ford Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating

Ford Middle School

  • Education Level: High
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating
 

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

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$1,365
Property Tax -$712
Property Insurance -$162
Property Management Fees -$99
CASH FLOW
-$348

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

$1,990

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.30%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

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 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,365

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$1,499

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,022

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,9553$1,9904$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 671 Ridgemont Drive Allen, TX 3
    • 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,331 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.85
    •  
  • 608 Ashby Court Allen, TX 1
    • 3 beds 3 baths ∙ 2,171 Sqft ∙ Built 1986 3 beds 3 baths ∙ 2,171 Sqft ∙ Built 1986
    property image
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.86
    •  
  • 1206 Spring Creek Drive Allen, TX 2
    • 4 beds 2 baths ∙ 2,157 Sqft ∙ Built 1992 4 beds 2 baths ∙ 2,157 Sqft ∙ Built 1992
    property image
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,955
    • $0.91
    •  
  • 1005 Ashby Drive Allen, TX 4
    • 4 beds 3 baths ∙ 2,404 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,404 Sqft ∙ Built 1986
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
  • 800 Ridgemont Drive Allen, TX 5
    • 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1986
    property image
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
PROPERTY LISTING DETAILS
Tracy Warne
Colleen Frost Real Estate Serv
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14411796
Last Updated: 08/20/2020
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