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3605 Omar Lane Plano, TX 75023

3 Beds 3 Baths 2,470 sqft Built 1985

$359,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $145.34
  • 2 Days on Market
  • MLS # : 14504206
  • Updated Date : 01/23/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,470 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Spacious 3 bed, 2.5 bath home in desirable Spring Creek Parkway Estates. Open & bright living room with cozy fireplace, large corner lot, SS appliances, & an eat-in breakfast area. Roof replaced in 2017, 2018 HVAC system updated, Tankless Hot Water Heater, Plantation Shutters throughout, and extra parking pad for car or boat! Walk to park, walking trails, and Plano Rec centers (Jack Carter Pool and Carpenter Park). Easy access to major highways, DFW Airports, shopping, dining, and recreational activities.

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: Spring Creek Parkway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Spring Creek Parkway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262224

* 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
Gulledge Elementary School Primary Regular 615 44 9
Robinson Middle School Middle Regular 970 56 9
Jasper High School High Regular 1,406 76 9

Gulledge Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 44
9
GreatSchools Rating

Robinson Middle School

  • Education Level: Middle
  • # of students: 970
  • # of teachers: 56
9
GreatSchools Rating

Jasper High School

  • Education Level: High
  • # of students: 1,406
  • # of teachers: 76
9
GreatSchools Rating
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,247
Property Tax -$611
Property Insurance -$160
Property Management Fees -$99
CASH FLOW
$3

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.

$359,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 11.5%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$17,322

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,175

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,1003$2,1004$2,1205$2,295
$2,295
RENT COMPS ANALYSIS
  • 3605 Omar Lane Plano, TX 4
    • 3 beds 3 baths ∙ 2,295 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,295 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $0.92
    •  
  • 6308 Candlepath Trail Plano, TX 1
    • 3 beds 2 baths ∙ 2,112 Sqft ∙ Built 1987 3 beds 2 baths ∙ 2,112 Sqft ∙ Built 1987
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.94
    •  
  • 3708 Racquet Court Plano, TX 2
    • 4 beds 2 baths ∙ 2,220 Sqft ∙ Built 1988 4 beds 2 baths ∙ 2,220 Sqft ∙ Built 1988
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.95
    •  
  • 5113 Teddington Park Drive Plano, TX 3
    • 4 beds 2 baths ∙ 2,397 Sqft ∙ Built 1995 4 beds 2 baths ∙ 2,397 Sqft ∙ Built 1995
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.88
    •  
  • 6200 Candlepath Trail Plano, TX 5
    • 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 1994
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.02
    •  
PROPERTY LISTING DETAILS
Thomas Bills
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14504206
Last Updated: 01/23/2021
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