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1506 Spring Street Allen, TX 75002

3 Beds 2 Baths 1,413 sqft Built 1986

$244,950

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $173.35
  • 4 Days on Market
  • MLS # : 14508097
  • Updated Date : 01/30/2021 at 17:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,413 sqft
  • Baths : 2 full
Listing Agent

Better Homes And Gardens Real Estate, Winans

Listing Agent's Description

Beautiful Drive appeal, Wow factor Open Floor plan, Move in Ready, Allen Home in Cottonwood Bend, Lots of natural light, Beautiful high ceilings with crown moldings, Split 3 bedroom, 2 full baths, Master includes a garden tub, updated double sinks and walk in closet. Spacious Kitchen open to Living and Dining area, granite counter top and built in Microwave, 16 inch tile floor throughout main area, New Carpet as of Jan. 25th, 2021 in 2 secondary bedrooms. Full size laundry with shelves for storage, Freshly painted,. Agent related to Seller. MULTIPLE OFFER, SEND BEST AND FINAL BY END OF TODAY SATURDAY JAN 30TH, 2021.

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: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k372k

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

Neighborhood: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10862213

* 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
Vaughan Elementary School Primary Regular 508 35 9
Ford Middle School Middle Regular 877 55 9
Ford Middle School High Regular 877 55 9

Vaughan Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 35
9
GreatSchools Rating

Ford Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating

Ford Middle School

  • Education Level: High
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating
 

$220,455$269,445$244,950

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$851
Property Tax -$450
Property Insurance -$109
Property Management Fees -$99
CASH FLOW
$161

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.

$244,950

PROJECTED PRICE

$1,670

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.3%
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$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,662

INVESTMENT

$70,662

Down Payment
$61,238
Rehab Estimate
$5,750
Closing Costs
$3,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,238
Loan Amount $183,713
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$25,533

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,667

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5253$1,5754$1,6705$1,699
$1,699
RENT COMPS ANALYSIS
  • 1506 Spring Street Allen, TX 4
    • 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $1.18
    •  
  • 553 Ridgemont Allen, TX 1
    • 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1977
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.15
    •  
  • 562 Hanover Drive Allen, TX 2
    • 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1977
    property image
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.17
    •  
  • 649 Spring Valley Road Allen, TX 3
    • 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1986
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.19
    •  
  • 653 Spring Valley Road Allen, TX 5
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1986
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $1.21
    •  
PROPERTY LISTING DETAILS
Maggie Meza
Better Homes And Gardens Real Estate, Winans
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508097
Last Updated: 01/30/2021
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