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1624 Summerfield Drive Allen, TX 75002

5 Beds 3 Baths 3,031 sqft Built 2005

$428,500

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $141.37
  • 4 Days on Market
  • MLS # : 14521522
  • Updated Date : 02/25/2021 at 19:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,031 sqft
  • Baths : 3 full
Listing Agent

Krystal Womble Elite Realtors

Listing Agent's Description

Gorgeous Well-lit open floor plan with 5 bedrooms, 3 full bath, spacious family room, and game room. 2 bedrooms and 2 full baths down, 3 bedrooms and game room upstairs. This home also features a spacious well-lit high ceiling living room, bar area and butler pantry on the first floor. Formal living room could be used as a study. NEW Wood, Tile and Carpet floors throughout the entire home. Spacious backyard with NEW board on board privacy fence and beautiful landscaping. Walking distance from Orchards park and a short bike ride away from Celebration park. Conveniently located near The Village at Allen, Fair view Town Center and Allen Premium Outlets. Easy access to Hwy. You must come see this beautiful home!

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: The Orchards

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k372k

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

Neighborhood: The Orchards

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11212213

* 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
Lowery Freshman Center High Regular 1,571 104 8
Allen High School High Unknown NA
Lowery Freshman Center High Unknown NA

Lowery Freshman Center

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

Allen High School

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

Lowery Freshman Center

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

$385,650$471,350$428,500

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,488
Property Tax -$825
Property Insurance -$202
HOA -$13
Property Management Fees -$99
CASH FLOW
-$347

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.

$428,500

PROJECTED PRICE

$2,280

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.2%
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-$10k-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,303

INVESTMENT

$119,303

Down Payment
$107,125
Rehab Estimate
$5,750
Closing Costs
$6,428

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,488

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,125
Loan Amount $321,375
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$1,880

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,455

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,2803$2,2954$2,3955$2,600
$2,600
RENT COMPS ANALYSIS
  • 1624 Summerfield Drive Allen, TX 2
    • 5 beds 3 baths ∙ 3,031 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,031 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.75
    •  
  • 1518 Warm Springs Drive Allen, TX 1
    • 4 beds 3 baths ∙ 2,980 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,980 Sqft ∙ Built 2001
    LEASED 02/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.74
    •  
  • 1611 Tanglewood Drive Allen, TX 3
    • 4 beds 3 baths ∙ 2,854 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,854 Sqft ∙ Built 2004
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.80
    •  
  • 1524 Tanglewood Drive Allen, TX 4
    • 4 beds 3 baths ∙ 2,976 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,976 Sqft ∙ Built 2000
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.80
    •  
  • 1632 Lake Travis Drive Allen, TX 5
    • 4 beds 3 baths ∙ 2,879 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,879 Sqft ∙ Built 2006
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.90
    •  
PROPERTY LISTING DETAILS
Monty Montgomery
Krystal Womble Elite Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521522
Last Updated: 02/25/2021
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