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2432 Cathedral Drive Richardson, TX 75080

3 Beds 3 Baths 2,471 sqft Built 2018

$515,000

List Price

$2,870

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $208.42
  • 4 Days on Market
  • MLS # : 14539039
  • Updated Date : 03/27/2021 at 08:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,471 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Pristine single owner home, built w almost $60k of upgrades incl a smarthome pkg! 21 ft ceilings in living room which opens to the updated kitchen w designer colors, painted cabnts, upgraded granite, ss apps, dbl oven, & 6 burner gas cooktop. Nailed down hrdwd floors all downstairs incl the 1st floor mstr bedroom. The mstr bath is an oasis w granite, dual sinks, garden tub, separate shower w dual shower heads and a rain shower. Upstairs is a study, gameroom, & 2 bdrms w jack & jill bathrm. 2 covered patios, lots extra storage, tankless water heater, radiant barrier, upgrd brick & stone elevation w uplighting creating the perfect exterior ambiance. Amazing location and highly sought after Richardson schools!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Richardson

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Richardson

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262872

* 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
Richardson North Junior High School Middle Regular 649 43 7
Pearce High School High Regular 2,253 144 6
Richardson North Junior High School Middle Unknown NA

Richardson North Junior High School

  • Education Level: Middle
  • # of students: 649
  • # of teachers: 43
7
GreatSchools Rating

Pearce High School

  • Education Level: High
  • # of students: 2,253
  • # of teachers: 144
6
GreatSchools Rating

Richardson North Junior High School

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

$463,500$566,500$515,000

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,789
Property Tax -$1,202
Property Insurance -$170
HOA -$160
Property Management Fees -$99
CASH FLOW
-$550

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.

$515,000

PROJECTED PRICE

$2,870

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.5%
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-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$142,225

INVESTMENT

$142,225

Down Payment
$128,750
Rehab Estimate
$5,750
Closing Costs
$7,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $128,750
Loan Amount $386,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$258

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $3,163

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,870
1$2,8702$2,9003$2,9504$2,950
$2,950
RENT COMPS ANALYSIS
  • 2432 Cathedral Drive Richardson, TX 1
    • 3 beds 3 baths ∙ 2,471 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,471 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $1.16
    •  
  • 287 Moorland Drive Richardson, TX 2
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2017
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.27
    •  
  • 2612 Cathedral Drive Richardson, TX 3
    • 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2019
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.26
    •  
  • 2480 Cathedral Drive Richardson, TX 4
    • 3 beds 3 baths ∙ 2,247 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,247 Sqft ∙ Built 2018
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.31
    •  
PROPERTY LISTING DETAILS
Lisa Wiggins
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 #: 14539039
Last Updated: 03/27/2021
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