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1724 Millsap Lane Plano, TX 75074

3 Beds 3 Baths 2,404 sqft Built 2020

INVESTimate

$457,900

List Price

$2,370

$2,133 - $2,607

Rent Est.

$501,355  ( +9.49%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $190.47
  • 9 Days on Market
  • MLS # : 14415649
  • Updated Date : 08/19/2020 at 14:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,404 sqft
  • Baths : 3 full
Listing Agent

Texas Intownhomes, Ltd.

Listing Agent's Description

Luxury Living in Downtown Plano: DART Station - 2.5 blks, Haggard Park - 1.5 blks, McCall Plaza - 3 blks, Fillmore Pub - 3 blks, Lockhart Bar-B-Q - 4 blks. Named one of the four best neighborhoods in the US. Owner's Suite down with upstairs Game Room that has Juliet balcony over looking LR, outdoor 2nd-story deck too. 8 ft eat-in island with seating bar, 12 foot ceilings in an open bright living space. ECO-HIP energy saving features; 2x6 exterior walls, tank-less water-heater, attic radiant barrier, 16+ SEER, and 10 inches of attic insulation combine for low low utility bills. Secondary and Owner's Bath marble counter-tops, plus marble for floor, shower, tub, and tub deck of Owner's Bath. Huge walk-in closets.

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

Zip Code: 75074

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k370k

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

Zip Code: 75074

ZipNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10232224

* 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
Mendenhall Elementary School Primary Regular 591 56 4
Otto Middle School Middle Regular 990 66 7
Plano East Senior High School High Regular 2,841 183 8

Mendenhall Elementary School

  • Education Level: Primary
  • # of students: 591
  • # of teachers: 56
4
GreatSchools Rating

Otto Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 66
7
GreatSchools Rating

Plano East Senior High School

  • Education Level: High
  • # of students: 2,841
  • # of teachers: 183
8
GreatSchools Rating
 

$412,110$503,690$457,900

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,689
Property Tax -$779
Property Insurance -$166
HOA -$75
Property Management Fees -$99
CASH FLOW
-$439

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$457,900

PROJECTED PRICE

$2,370

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.49%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$123,344

INVESTMENT

$123,344

Down Payment
$114,475
Rehab Estimate
$2,000
Closing Costs
$6,869

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,689

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $114,475
Loan Amount $343,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,748

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,849

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,370
1$2,3702$2,7993$2,800
$2,800
RENT COMPS ANALYSIS
  • 1724 Millsap Lane Plano, TX 1
    • 3 beds 3 baths ∙ 2,404 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,404 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $0.99
    •  
  • 720 18th Street Plano, TX 2
    • 3 beds 3 baths ∙ 2,257 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,257 Sqft ∙ Built 2016
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,799
    • $1.24
    •  
  • 1725 G Avenue Plano, TX 3
    • 3 beds 3 baths ∙ 2,469 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,469 Sqft ∙ Built 2017
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.13
    •  
PROPERTY LISTING DETAILS
Frank Liu
Texas Intownhomes, Ltd.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415649
Last Updated: 08/19/2020
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