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311 Misty Meadow Drive Allen, TX 75013

4 Beds 3 Baths 3,353 sqft Built 1999

$460,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $137.19
  • 7 Days on Market
  • MLS # : 14498000
  • Updated Date : 01/11/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,353 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Allen two-story cul-de-sac home offers granite countertops and a two-car garage. This home is vacant and cleaned regularly.

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: Beacon Hill

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k416k

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

Neighborhood: Beacon Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262388

* 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
Green Elementary School Primary Regular 682 45 8
Ereckson Middle School Middle Regular 1,156 69 9
Lowery Freshman Center High Regular 1,571 104 8

Green Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 45
8
GreatSchools Rating

Ereckson Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
9
GreatSchools Rating

Lowery Freshman Center

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

$414,000$506,000$460,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,598
Property Tax -$886
Property Insurance -$221
HOA -$29
Property Management Fees -$99
CASH FLOW
-$272

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.

$460,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.4%
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-$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,650

INVESTMENT

$127,650

Down Payment
$115,000
Rehab Estimate
$5,750
Closing Costs
$6,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,598

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $115,000
Loan Amount $345,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$4,568

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,758

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5603$2,6504$2,6955$2,795
$2,795
RENT COMPS ANALYSIS
  • 311 Misty Meadow Drive Allen, TX 2
    • 4 beds 3 baths ∙ 3,353 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,353 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.76
    •  
  • 1504 Mystic Cove Court Allen, TX 1
    • 4 beds 3 baths ∙ 3,243 Sqft ∙ Built 1996 4 beds 3 baths ∙ 3,243 Sqft ∙ Built 1996
    property image
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.77
    •  
  • 1621 Roma Lane Allen, TX 3
    • 3 beds 3 baths ∙ 3,224 Sqft ∙ Built 2005 3 beds 3 baths ∙ 3,224 Sqft ∙ Built 2005
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.82
    •  
  • 1431 Constellation Drive Allen, TX 4
    • 5 beds 3 baths ∙ 3,187 Sqft ∙ Built 1998 5 beds 3 baths ∙ 3,187 Sqft ∙ Built 1998
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.85
    •  
  • 405 Suncreek Drive Allen, TX 5
    • 4 beds 4 baths ∙ 3,291 Sqft ∙ Built 1999 4 beds 4 baths ∙ 3,291 Sqft ∙ Built 1999
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.85
    •  
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 #: 14498000
Last Updated: 01/11/2021
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