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2903 Wren Lane Richardson, TX 75082

4 Beds 3 Baths 2,905 sqft Built 1988

$395,000

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $135.97
  • 3 Days on Market
  • MLS # : 14496307
  • Updated Date : 01/09/2021 at 15:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,905 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

If location says it all, then all has been said. Couple of minutes off 190 (Bush) and 75 and one minute off Renner Rd at Bush. This outstanding one story has it all, 4 bedrooms, 3 full baths, 2 large living areas, all of this in the highly desirable Richardson Whitechapel subdivision. Nice drive up and nice backyard. Across the street from The Sherrill Park Golf Course and just minutes away from Richardson's City Line, State Farm and Raytheon.

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: Fairways of Sherrill Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k452k

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

Neighborhood: Fairways of Sherrill Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262715

* 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
 

$355,500$434,500$395,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$1,372
Property Tax -$730
Property Insurance -$195
HOA -$38
Property Management Fees -$99
CASH FLOW
$85

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.

$395,000

PROJECTED PRICE

$2,520

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.2%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$24,353

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,506

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4503$2,5004$2,5205$2,550
$2,550
RENT COMPS ANALYSIS
  • 2903 Wren Lane Richardson, TX 4
    • 4 beds 3 baths ∙ 2,905 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,905 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $0.87
    •  
  • 3105 Wren Lane Richardson, TX 1
    • 3 beds 2 baths ∙ 2,611 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,611 Sqft ∙ Built 1989
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.90
    •  
  • 2804 Foxboro Drive Richardson, TX 2
    • 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 1990
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.85
    •  
  • 2310 Windsor Drive Richardson, TX 3
    • 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 1981 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 1981
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.82
    •  
  • 2700 Sherrill Park Drive Richardson, TX 5
    • 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 1979
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.88
    •  
PROPERTY LISTING DETAILS
Carolyn Jenkins
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496307
Last Updated: 01/09/2021
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