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3562 Washington Drive Frisco, TX 75034

4 Beds 3 Baths 3,020 sqft Built 2003

$477,700

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $158.18
  • 4 Days on Market
  • MLS # : 14508330
  • Updated Date : 01/29/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,020 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wisdom Realtors

Listing Agent's Description

Gorgeous fully remodeled gem in a gated community, primely located in Frisco. The house just underwent 100k+ in renovations including new hardwood floors, new silestone quartz countertops, all new black stainless steel appliances, new carpets, all new plumbing fixtures, new marble tile floors in the bathrooms, brand new standing shower with modern black fixtures, standing tub in the master bath, as well as a new roof and new cedar wood fence with fresh stain. It is located in coveted Heritage Lakes community which boasts numerous amenities including a lazy river, lap pool, gym, basketball court, multiple lakes, golf and more. This house will not last long. Please submit offers with a pre-qualification letter.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Heritage Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $123k446k

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

Neighborhood: Heritage Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262798

* 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
Hicks Elementary School Primary Regular 615 43 9
Arbor Creek Middle School Middle Regular 894 59 8
Hebron High School High Regular 2,458 138 7

Hicks Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 43
9
GreatSchools Rating

Arbor Creek Middle School

  • Education Level: Middle
  • # of students: 894
  • # of teachers: 59
8
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$429,930$525,470$477,700

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$1,659
Property Tax -$841
Property Insurance -$202
HOA -$192
Property Management Fees -$99
CASH FLOW
-$292

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.

$477,700

PROJECTED PRICE

$2,700

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.7%
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$132,341

INVESTMENT

$132,341

Down Payment
$119,425
Rehab Estimate
$5,750
Closing Costs
$7,166

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,659

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,425
Loan Amount $358,275
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$4,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,710

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,6853$2,7004$2,8005$2,950
$2,950
RENT COMPS ANALYSIS
  • 3562 Washington Drive Frisco, TX 3
    • 4 beds 3 baths ∙ 3,020 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,020 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.89
    •  
  • 3904 Frio Way Frisco, TX 1
    • 3 beds 3 baths ∙ 2,888 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,888 Sqft ∙ Built 2001
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.80
    •  
  • 4224 Constitution Drive Frisco, TX 2
    • 5 beds 4 baths ∙ 2,962 Sqft ∙ Built 1999 5 beds 4 baths ∙ 2,962 Sqft ∙ Built 1999
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,685
    • $0.91
    •  
  • 3370 Nation Drive Frisco, TX 4
    • 4 beds 3 baths ∙ 3,004 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,004 Sqft ∙ Built 2004
    property image
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.93
    •  
  • 4758 Ridgeland Drive Frisco, TX 5
    • 4 beds 3 baths ∙ 3,103 Sqft ∙ Built 1999 4 beds 3 baths ∙ 3,103 Sqft ∙ Built 1999
    property image
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.95
    •  
PROPERTY LISTING DETAILS
Stephanie Epshteyn
Wisdom Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508330
Last Updated: 01/29/2021
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