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1053 Spencer Street Allen, TX 75013

5 Beds 4 Baths 3,367 sqft Built 2020

INVESTimate

$657,588

List Price

$2,790

$2,540 - $3,040

Rent Est.

$692,374  ( +5.29%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $195.30
  • 8 Days on Market
  • MLS # : 14416981
  • Updated Date : 08/21/2020 at 17:02
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,367 sqft
  • Baths : 4 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14416981 - Built by Darling Homes - Ready Now! ~ Study, eat in kitchen open to family room with corner fireplace, master suite, additional bedroom and bath down; upstairs game room, 3 additional bedrooms, 2 full bath; covered porch and patio...

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

Zip Code: 75013

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Zip Code: 75013

ZipNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Norton Elementary School Primary Regular 573 39 10
Norton Elementary School Middle Regular 573 39 10
Lowery Freshman Center High Regular 1,571 104 8

Norton Elementary School

  • Education Level: Primary
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Norton Elementary School

  • Education Level: Middle
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating
 

$591,829$723,347$657,588

PURCHASE PRICE

$2,511$3,069$2,790

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$2,426
Property Tax -$1,266
Property Insurance -$222
HOA -$95
Property Management Fees -$99
CASH FLOW
-$1,318

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.

$657,588

PROJECTED PRICE

$2,790

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 5.29%
Maintenance Year (1-5) 3.00%
Vacancy 7.37%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$176,261

INVESTMENT

$176,261

Down Payment
$164,397
Rehab Estimate
$2,000
Closing Costs
$9,864

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,426

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $164,397
Loan Amount $493,191
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$3

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,744

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,7903$2,8004$2,8505$2,995
$2,995
RENT COMPS ANALYSIS
  • 1053 Spencer Street Allen, TX 2
    • 5 beds 4 baths ∙ 3,367 Sqft ∙ Built 2020 5 beds 4 baths ∙ 3,367 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $0.83
    •  
  • 1136 Philip Drive Allen, TX 1
    • 4 beds 4 baths ∙ 3,511 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,511 Sqft ∙ Built 2007
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.75
    •  
  • 1205 Philip Drive Allen, TX 3
    • 5 beds 4 baths ∙ 3,633 Sqft ∙ Built 2008 5 beds 4 baths ∙ 3,633 Sqft ∙ Built 2008
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.77
    •  
  • 506 Mefford Lane Allen, TX 4
    • 4 beds 4 baths ∙ 3,175 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,175 Sqft ∙ Built 2007
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.90
    •  
  • 1230 Brenham Drive Allen, TX 5
    • 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416981
Last Updated: 08/21/2020
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