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1924 Lorraine Avenue Allen, TX 75002

5 Beds 4 Baths 3,951 sqft Built 2002

$599,900

List Price

$3,330

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $151.83
  • 2 Days on Market
  • MLS # : 14496232
  • Updated Date : 01/09/2021 at 15:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,951 sqft
  • Baths : 4 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Lovejoy ISD! Stunning 5 bedroom, 4 full bath home with 3 car garage located in prestigious Stacy Ridge Estates in Allen. Corner lot with beautiful backyard oasis features sparkling Pebble Tec saltwater pool with waterfall, built in Weber grill and refrigerator. Professional landscaping. Board on board fence. Open floorplan. Large kitchen with island, double ovens, stainless appliances, granite countertops and plenty of cabinets for storage. Master suite with sitting area, jacuzzi tub, shower, large walk in closet and separate vanities. Crown moldings. Wine grotto with custom iron door. Large gameroom. Media room. Lots of storage. Community pool, park and nature trails nearby.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Stacy Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k552k

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

Neighborhood: Stacy Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263477

* 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
Lovejoy Elementary School Primary Regular 435 33 10
Sloan Creek Intermediate School Middle Regular 679 43 10
Lovejoy High School High Regular 1,259 90 10

Lovejoy Elementary School

  • Education Level: Primary
  • # of students: 435
  • # of teachers: 33
10
GreatSchools Rating

Sloan Creek Intermediate School

  • Education Level: Middle
  • # of students: 679
  • # of teachers: 43
10
GreatSchools Rating

Lovejoy High School

  • Education Level: High
  • # of students: 1,259
  • # of teachers: 90
10
GreatSchools Rating
 

$539,910$659,890$599,900

PURCHASE PRICE

$2,997$3,663$3,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,330
EXPENSES Loan Payment -$2,084
Property Tax -$1,155
Property Insurance -$255
HOA -$50
Property Management Fees -$99
CASH FLOW
-$313

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.

$599,900

PROJECTED PRICE

$3,330

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.3%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,724

INVESTMENT

$164,724

Down Payment
$149,975
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,975
Loan Amount $449,925
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$7,617

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,330

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $3,388

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$3,1503$3,3304$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 1924 Lorraine Avenue Allen, TX 3
    • 5 beds 4 baths ∙ 3,951 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,951 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $3,330
    • $0.84
    •  
  • 1001 Carlsbad Drive Allen, TX 1
    • 4 beds 4 baths ∙ 3,631 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,631 Sqft ∙ Built 2002
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.80
    •  
  • 1610 Sweetbay Drive Allen, TX 2
    • 4 beds 4 baths ∙ 3,808 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,808 Sqft ∙ Built 2003
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $0.83
    •  
  • 1602 Country Bend Allen, TX 4
    • 5 beds 4 baths ∙ 3,901 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,901 Sqft ∙ Built 2002
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.90
    •  
  • 1722 Mossbrook Lane Allen, TX 5
    • 4 beds 4 baths ∙ 4,016 Sqft ∙ Built 2001 4 beds 4 baths ∙ 4,016 Sqft ∙ Built 2001
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.90
    •  
PROPERTY LISTING DETAILS
Shana Cummings
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496232
Last Updated: 01/09/2021
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