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307 Fairfax Drive Allen, TX 75013

4 Beds 3 Baths 2,554 sqft Built 1993

$439,900

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $172.24
  • 4 Days on Market
  • MLS # : 14497507
  • Updated Date : 01/15/2021 at 09:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,554 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mersal Realty

Listing Agent's Description

This highly desirable Watters Crossing beauty has it all! Completed remodeled from head to toe with high end finishes! REAL hand-scraped hardwood floors & a dream kitchen equipped with island, gas range, exotic level granite & stainless steel appliances. Entertain in your living room with stacked stone fireplace which flows right out to the pool! 8 ft BOB cedar fence for privacy, plenty of deck space & the perfect ambiance! Spa-like Master bath has expansive frameless shower with dual shower heads separate soaking tub, dual vanities and a closet fit for a King or Queen! With the window can double as an office. Open house Sat 1-3 & Sun 12-2! Furniture for sale! MULTIPLE OFFERS. HIGHEST & BEST BY SUN 1-17 AT 5PM!

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: Watters Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Watters Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Norton Elementary School Primary Regular 573 39 10
Norton Elementary School Middle Regular 573 39 10
Lowery Freshman Center High Regular 1,571 104 8

Norton Elementary School

  • Education Level: Primary
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Norton Elementary School

  • Education Level: Middle
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating
 

$395,910$483,890$439,900

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,528
Property Tax -$847
Property Insurance -$175
HOA -$63
Property Management Fees -$99
CASH FLOW
-$302

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.

$439,900

PROJECTED PRICE

$2,410

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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-$10k-$5.0k$0.0$5.0k$10k

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$122,324

INVESTMENT

$122,324

Down Payment
$109,975
Rehab Estimate
$5,750
Closing Costs
$6,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $109,975
Loan Amount $329,925
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,967

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,414

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2503$2,4104$2,5005$2,590
$2,590
RENT COMPS ANALYSIS
  • 307 Fairfax Drive Allen, TX 3
    • 4 beds 3 baths ∙ 2,554 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,554 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $0.94
    •  
  • 1221 Greenway Drive Allen, TX 1
    • 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 1996
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
  • 1309 Capstan Drive Allen, TX 2
    • 4 beds 2 baths ∙ 2,442 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,442 Sqft ∙ Built 1996
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.92
    •  
  • 1124 Belvedere Drive Allen, TX 4
    • 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 1995
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.95
    •  
  • 1204 Bel Air Drive Allen, TX 5
    • 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 1994
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $0.98
    •  
PROPERTY LISTING DETAILS
Chad Kugler
Mersal Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14497507
Last Updated: 01/15/2021
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