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6824 Ridgetop Road North Richland Hills, TX 76182

3 Beds 2 Baths 1,608 sqft Built 1983

$249,900

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $155.41
  • 4 Days on Market
  • MLS # : 14526241
  • Updated Date : 03/04/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,608 sqft
  • Baths : 2 full
Listing Agent

Phelps Realty Group, Llc

Listing Agent's Description

Beautifully updated home in the heart of NRH with all of the upgrades you could ever wish for! Special features include lovely wood and tile flooring, granite with waterfall edge in the kitchen, stainless steel appliances, granite in both bathrooms, and German schmear fireplace. Oversized primary suite has a sitting area and luxurious en-suite bath with dual sinks, large master shower with subway tile and frameless glass door. Spacious backyard features a covered patio, sprinkler system & storage shed. Wonderful area close to shopping, schools & entertainment. Walk to Cross Timber Park and Adventure Park. You will love all this home has to offer!

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: Foster Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $99k244k

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

Neighborhood: Foster Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9051786

* 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
Foster Village Elementary School Primary Regular 545 33 7
Richland High School High Regular 2,137 135 7
Foster Village Elementary School Primary Unknown NA

Foster Village Elementary School

  • Education Level: Primary
  • # of students: 545
  • # of teachers: 33
7
GreatSchools Rating

Richland High School

  • Education Level: High
  • # of students: 2,137
  • # of teachers: 135
7
GreatSchools Rating

Foster Village Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$868
Property Tax -$548
Property Insurance -$120
Property Management Fees -$99
CASH FLOW
$85

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.

$249,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.8%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$17,429

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,721

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6003$1,6504$1,7205$1,750
$1,750
RENT COMPS ANALYSIS
  • 6824 Ridgetop Road North Richland Hills, TX 4
    • 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.07
    •  
  • 6637 Fair Oaks Drive Watauga, TX 1
    • 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1982
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.04
    •  
  • 6621 High Lawn Terrace Watauga, TX 2
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1984
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.05
    •  
  • 7809 Tyra Court Watauga, TX 3
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1982
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.10
    •  
  • 6709 Starnes Road North Richland Hills, TX 5
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1977
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.09
    •  
PROPERTY LISTING DETAILS
Megan Phelps
Phelps Realty Group, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14526241
Last Updated: 03/04/2021
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