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1505 Baffin Bay Drive Plano, TX 75075

3 Beds 3 Baths 2,276 sqft Built 1981

$364,900

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $160.33
  • 3 Days on Market
  • MLS # : 14538829
  • Updated Date : 03/26/2021 at 17:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,276 sqft
  • Baths : 2 full , 1 half
Listing Agent

Marcum Real Estate

Listing Agent's Description

Lovely 3 bed plus bonus room with 2.5 baths and 2 car garage is ready for a new owner! Dark wood floors flow thru living area, the oversized dining room which could be second living area, and the sunroom with skylights that could make an office. Huge remodeled kitchen features SS appliances, granite counters, stone backsplash, decorative lighting, and eat in area. Laundry room is tucked out of sight thanks to a gorgeous barn door. The owner suite offers a large bathroom with 2 sinks, sunken tub, remodeled shower, and 2 closets. The flagstone patio provides ample space for outdoor living and grassy yard allows room for pets, sports, or gardening. Since 2016-new roof, Elec panel, many windows, gutters, skylights.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Briarmeade

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k380k

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

Neighborhood: Briarmeade

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $11262594

* 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
Harrington Elementary School Primary Regular 427 37 10
Carpenter Middle School Middle Regular 722 58 5
Plano Senior High School High Regular 2,766 155 9

Harrington Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 37
10
GreatSchools Rating

Carpenter Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 58
5
GreatSchools Rating

Plano Senior High School

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

$328,410$401,390$364,900

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,267
Property Tax -$621
Property Insurance -$159
Property Management Fees -$99
CASH FLOW
-$106

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.

$364,900

PROJECTED PRICE

$2,040

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.4%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,449

INVESTMENT

$102,449

Down Payment
$91,225
Rehab Estimate
$5,750
Closing Costs
$5,474

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,267

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,225
Loan Amount $273,675
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$10,199

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,071

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0003$2,0404$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 1505 Baffin Bay Drive Plano, TX 3
    • 3 beds 3 baths ∙ 2,276 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,276 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $0.90
    •  
  • 1901 Baffin Bay Drive Plano, TX 1
    • 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1976
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 1449 Debon Drive Plano, TX 2
    • 4 beds 3 baths ∙ 2,164 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,164 Sqft ∙ Built 1980
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.92
    •  
  • 1500 Idyllwild Drive Plano, TX 4
    • 3 beds 3 baths ∙ 2,316 Sqft ∙ Built 1978 3 beds 3 baths ∙ 2,316 Sqft ∙ Built 1978
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.91
    •  
  • 1424 Faringdon Drive Plano, TX 5
    • 4 beds 2 baths ∙ 2,290 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,290 Sqft ∙ Built 1996
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.94
    •  
PROPERTY LISTING DETAILS
Janet Marcum
Marcum Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14538829
Last Updated: 03/26/2021
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