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8305 Richmond Court Irving, TX 75063

4 Beds 3 Baths 3,175 sqft Built 2000

$390,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $122.83
  • 2 Days on Market
  • MLS # : 14485447
  • Updated Date : 12/12/2020 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,175 sqft
  • Baths : 3 full
Listing Agent

Dfw Home

Listing Agent's Description

Great Location 4beds, 3 full baths with 2 dinning areas house and the front patio in highly sought Glen Cove neighborhood! Brand new Luxury Vinyl Plank floor through the whole first floor with the great paint color. The Living room opens to the kitchen with a beautiful tile fireplace. Elegant master suite with a pretty frameless tile shower room. French door bedroom can be a study room next to another full bathroom in the first floor. Spacious game room and media room in the upstairs are good for kids and family entertainment. Easily access to 635, 114 and George Bush and Irving Industrial area. Move in ready!

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: Southridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $107k384k

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

Neighborhood: Southridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10432302

* 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
Tom Landry Elementary School Primary Regular 466 27 2
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

Tom Landry Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 27
2
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$351,000$429,000$390,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$1,439
Property Tax -$862
Property Insurance -$211
HOA -$45
Property Management Fees -$99
CASH FLOW
$164

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.

$390,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,100

INVESTMENT

$109,100

Down Payment
$97,500
Rehab Estimate
$5,750
Closing Costs
$5,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,500
Loan Amount $292,500
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$35,466

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $3,294

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,820
1$2,8202$3,1003$3,2004$3,3005$3,700
$3,700
RENT COMPS ANALYSIS
  • 8305 Richmond Court Irving, TX 1
    • 4 beds 3 baths ∙ 3,175 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,175 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $0.89
    •  
  • 8902 Lakewood Drive Irving, TX 2
    • 4 beds 4 baths ∙ 3,302 Sqft ∙ Built 1996 4 beds 4 baths ∙ 3,302 Sqft ∙ Built 1996
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $0.94
    •  
  • 108 Spear Court Irving, TX 3
    • 4 beds 4 baths ∙ 2,988 Sqft ∙ Built 2014 4 beds 4 baths ∙ 2,988 Sqft ∙ Built 2014
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.07
    •  
  • 8651 Drayton Drive Irving, TX 4
    • 4 beds 4 baths ∙ 3,351 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,351 Sqft ∙ Built 2003
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $0.98
    •  
  • 7968 Ashwood Lane Irving, TX 5
    • 4 beds 4 baths ∙ 3,189 Sqft ∙ Built 2020 4 beds 4 baths ∙ 3,189 Sqft ∙ Built 2020
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.16
    •  
PROPERTY LISTING DETAILS
Meiqin Huang
Dfw Home
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14485447
Last Updated: 12/12/2020
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