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1509 Drexel Court Allen, TX 75013

4 Beds 4 Baths 2,762 sqft Built 1997

$400,000

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $144.82
  • 2 Days on Market
  • MLS # : 14534358
  • Updated Date : 03/20/2021 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,762 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

WELCOME HOME to this stunning 2 story home in West Allen. Master suite is on 1st floor with walk in custom closet design. Large family room with walls of windows boasts an abundance of natural light as well as a cozy gas fireplace. Chef's kitchen with breakfast bar, island, granite and SS appliances is great for entertaining. 3 bedrooms and 2 full baths upstairs with living area or can be used as game room. One bedroom is wired as a media room and projector will convey. Hiking and bike trails just across the street. Neighborhood amenities include sparkling pool, club house and park. You don't want to miss this jewel.

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: Suncreek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $123k434k

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

Neighborhood: Suncreek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262628

* 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
Ereckson Middle School Middle Regular 1,156 69 9
Lowery Freshman Center High Regular 1,571 104 8
Ereckson Middle School Middle Unknown NA

Ereckson Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
9
GreatSchools Rating

Lowery Freshman Center

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

Ereckson Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,389
Property Tax -$770
Property Insurance -$187
HOA -$31
Property Management Fees -$99
CASH FLOW
-$296

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.

$400,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.3%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,324

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,389

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$2,180
1$2,1802$2,3003$2,3004$2,4005$2,495
$2,495
RENT COMPS ANALYSIS
  • 1509 Drexel Court Allen, TX 1
    • 4 beds 4 baths ∙ 2,762 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,762 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.79
    •  
  • 512 Oakwood Drive Allen, TX 2
    • 4 beds 4 baths ∙ 2,763 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,763 Sqft ∙ Built 1997
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.83
    •  
  • 505 Suncreek Drive Allen, TX 3
    • 4 beds 3 baths ∙ 2,657 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,657 Sqft ∙ Built 1997
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 1419 Lighthouse Lane Allen, TX 4
    • 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 1996
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.84
    •  
  • 1505 Westmont Drive Allen, TX 5
    • 4 beds 4 baths ∙ 2,703 Sqft ∙ Built 1998 4 beds 4 baths ∙ 2,703 Sqft ∙ Built 1998
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.92
    •  
PROPERTY LISTING DETAILS
Traci Long
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14534358
Last Updated: 03/20/2021
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