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2705 Carnation Drive Richardson, TX 75082

3 Beds 2 Baths 1,800 sqft Built 1993

$320,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $177.78
  • 5 Days on Market
  • MLS # : 14503512
  • Updated Date : 01/20/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,800 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Richardson one-story home offers a two-car garage. This home is vacant and cleaned regularly.

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: Creekmere

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k373k

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

Neighborhood: Creekmere

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,111
Property Tax -$592
Property Insurance -$131
Property Management Fees -$99
CASH FLOW
-$83

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.

$320,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$9,268

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,859

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,9004$1,9505$2,150
$2,150
RENT COMPS ANALYSIS
  • 2705 Carnation Drive Richardson, TX 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.03
    •  
  • 7414 Courtside Drive Garland, TX 1
    • 3 beds 3 baths ∙ 1,737 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,737 Sqft ∙ Built 1984
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
  • 3003 Warm Springs Lane Richardson, TX 3
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1990
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.04
    •  
  • 2716 Carnation Drive Richardson, TX 4
    • 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,913 Sqft ∙ Built 1993
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.02
    •  
  • 3012 Warm Springs Lane Richardson, TX 5
    • 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 1992
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.04
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503512
Last Updated: 01/20/2021
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