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288 Palisades Boulevard Richardson, TX 75080

4 Beds 3 Baths 2,331 sqft Built 2017

$459,000

List Price

$2,750

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $196.91
  • 6 Days on Market
  • MLS # : 14502425
  • Updated Date : 01/21/2021 at 17:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,331 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Served by top rated Prairie Creek Elem in Richardson ISD! This corner lot home has an upgraded stone elevation and a rare side yard with patio and deck. Living room boasts high ceilings and corner fireplace. Charming kitchen includes SS appliances, granite countertops, corner pantry, and custom bench built-ins for dining and storage. Gorgeous master suite on first floor has large shower and dual sinks. The second level features an open game room, a large home office, and two bedrooms with walk-in-closets. Built in 2017, this like-new home features: a security system, Low E windows, radiant barrier decking, high efficiency tankless water heater, and ENERGY STAR 3.0® certification. It's a 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
Prairie Creek Elementary School Primary Regular 328 20 10
Prairie Creek Elementary School Middle Regular 328 20 10
Pearce High School High Regular 2,253 144 6

Prairie Creek Elementary School

  • Education Level: Primary
  • # of students: 328
  • # of teachers: 20
10
GreatSchools Rating

Prairie Creek Elementary School

  • Education Level: Middle
  • # of students: 328
  • # of teachers: 20
10
GreatSchools Rating

Pearce High School

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

$413,100$504,900$459,000

PURCHASE PRICE

$2,475$3,025$2,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,750
EXPENSES Loan Payment -$1,594
Property Tax -$1,072
Property Insurance -$162
HOA -$160
Property Management Fees -$99
CASH FLOW
-$337

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.

$459,000

PROJECTED PRICE

$2,750

PROJECTED RENT

0.60%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,385

INVESTMENT

$127,385

Down Payment
$114,750
Rehab Estimate
$5,750
Closing Costs
$6,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,594

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $114,750
Loan Amount $344,250
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,019

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,750

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $3,013

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,9003$2,9504$2,9505$2,950
$2,950
RENT COMPS ANALYSIS
  • 288 Palisades Boulevard Richardson, TX 1
    • 4 beds 3 baths ∙ 2,331 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,331 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.18
    •  
  • 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
    •  
  • 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
    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
    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
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.31
    •  
PROPERTY LISTING DETAILS
Sherri Levan
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14502425
Last Updated: 01/21/2021
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