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2612 Collins Drive Richardson, TX 75080

4 Beds 3 Baths 2,243 sqft Built 2019

$498,950

List Price

$2,940

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $222.45
  • 3 Days on Market
  • MLS # : 14509074
  • Updated Date : 02/05/2021 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,243 sqft
  • Baths : 3 full
Listing Agent

Clay Stapp + Co

Listing Agent's Description

Look no further, this is the home you've been searching for! This beautiful 4 bed, 3 FULL bath home is located right in the heart of North Dallas. Perched atop one of the biggest corner lots in the neighborhood, the outside of this home is beautiful- but the interior is absolutely jaw dropping. From the upgraded finishes to the custom walkway, you can tell no expense was spared or detail missed. The perfect place to unwind after a long day by hanging out and watching the sunset from your prive master balcony or taking a nice long stroll by the waterfalls of Prairie Creek Park. This rare home is an absolute MUST see!!

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: 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
Aldridge Elementary School Primary Regular 508 35 7
Wilson Middle School Middle Regular 877 62 6
Plano Senior High School High Regular 2,766 155 9

Aldridge Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 35
7
GreatSchools Rating

Wilson Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 62
6
GreatSchools Rating

Plano Senior High School

  • Education Level: High
  • # of students: 2,766
  • # of teachers: 155
9
GreatSchools Rating
 

$449,055$548,845$498,950

PURCHASE PRICE

$2,646$3,234$2,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,940
EXPENSES Loan Payment -$1,733
Property Tax -$923
Property Insurance -$157
HOA -$116
Property Management Fees -$99
CASH FLOW
-$87

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.

$498,950

PROJECTED PRICE

$2,940

PROJECTED RENT

0.59%

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-$5.0k$0.0$5.0k$10k$15k

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$137,972

INVESTMENT

$137,972

Down Payment
$124,738
Rehab Estimate
$5,750
Closing Costs
$7,484

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,738
Loan Amount $374,213
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$16,279

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,940

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,899

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9403$2,9504$2,9505$2,950
$2,950
RENT COMPS ANALYSIS
  • 2612 Collins Drive Richardson, TX 2
    • 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $1.31
    •  
  • 287 Moorland Drive Richardson, TX 1
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2017
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.27
    •  
  • 2530 N Collins Boulevard Richardson, TX 3
    • 3 beds 3 baths ∙ 2,223 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,223 Sqft ∙ Built 2018
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.33
    •  
  • 2612 Cathedral Drive Richardson, TX 4
    • 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2019
    property image
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.26
    •  
  • 2480 Cathedral Drive Richardson, TX 5
    • 3 beds 3 baths ∙ 2,247 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,247 Sqft ∙ Built 2018
    property image
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.31
    •  
PROPERTY LISTING DETAILS
Vincent Dvorin
Clay Stapp + Co
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14509074
Last Updated: 02/05/2021
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