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1309 Mullins Drive Plano, TX 75025

3 Beds 2 Baths 1,665 sqft Built 1984

$263,500

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $158.26
  • 9 Days on Market
  • MLS # : 14501328
  • Updated Date : 01/22/2021 at 18:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,665 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

Listing Agent's Description

BACK ON THE MARKET! Buyer backed out before inspection. Lovely home in the Cross Creek neighborhood of Central Plano minutes away from Hobiltzelle Park. This wonderful floor plan consists of 3 bedrooms, 2 full baths and an extra closet addition off the Master bedroom. Plenty of living and dining space that can also be converted into a study. Bring your ideas! This home has lots of potential. Large backyard for play and entertainment. **Update** - Multiple Offers Recieved again. Best and Final January 23rd at 6pm

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: Cross Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Cross Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10892224

* 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
Hedgcoxe Elementary School Primary Regular 410 32 9
Hendrick Middle School Middle Regular 800 51 7
Plano Senior High School High Regular 2,766 155 9

Hedgcoxe Elementary School

  • Education Level: Primary
  • # of students: 410
  • # of teachers: 32
9
GreatSchools Rating

Hendrick Middle School

  • Education Level: Middle
  • # of students: 800
  • # of teachers: 51
7
GreatSchools Rating

Plano Senior High School

  • Education Level: High
  • # of students: 2,766
  • # of teachers: 155
9
GreatSchools Rating
 

$237,150$289,850$263,500

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 -$915
Property Tax -$448
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
$134

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.

$263,500

PROJECTED PRICE

$1,720

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,578

INVESTMENT

$75,578

Down Payment
$65,875
Rehab Estimate
$5,750
Closing Costs
$3,953

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$915

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,875
Loan Amount $197,625
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$24,104

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
  • $1.03

    LIST RENT PER SQFT
  • $1,711

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,720
1$1,7202$1,7503$1,7954$1,7955$1,850
$1,850
RENT COMPS ANALYSIS
  • 1309 Mullins Drive Plano, TX 1
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.03
    •  
  • 1209 Gannon Drive Plano, TX 2
    • 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,745 Sqft ∙ Built 1982
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
  • 1013 Summertree Circle Plano, TX 3
    • 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1983
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
  • 1320 Finley Drive Plano, TX 4
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1982
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
  • 1421 Heidi Drive Plano, TX 5
    • 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1985
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.05
    •  
PROPERTY LISTING DETAILS
Patrick Dixon
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501328
Last Updated: 01/22/2021
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