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3834 Canot Lane Addison, TX 75001

3 Beds 3 Baths 2,810 sqft Built 1992

$495,000

List Price

$2,580

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $176.16
  • 3 Days on Market
  • MLS # : 14473169
  • Updated Date : 11/21/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,810 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Premier

Listing Agent's Description

Newly listed, in the heart of family-friendly Addison! 15 minutes to Plano and downtown, 20 minutes to DFW and Love Field airports. This 3 bedroom, 2.5 bath house has the largest family room in the Addison area, and includes a wood burning fireplace. New quartz counters and gas cooktop along with double ovens, first floor master, private study, and two additional bedrooms on second floor. Gardens surround the side and back of house, with new arbor and patio to relax in privacy. Recent improvements include roof, remodeled bathrooms, tile floors in family room and master bedroom, freshly painted throughout. 2019 water heater. One block to Addison Athletic Club with $10 one-time membership fee for residents

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: Addison

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k363k

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

Neighborhood: Addison

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262409

* 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
George Herbert Walker Bush Elementary School Primary Regular 667 41 NA
E.d. Walker Middle School Middle Regular 748 46 3
W. T. White High School High Regular 2,290 134 4

George Herbert Walker Bush Elementary School

  • Education Level: Primary
  • # of students: 667
  • # of teachers: 41
NA
GreatSchools Rating

E.d. Walker Middle School

  • Education Level: Middle
  • # of students: 748
  • # of teachers: 46
3
GreatSchools Rating

W. T. White High School

  • Education Level: High
  • # of students: 2,290
  • # of teachers: 134
4
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$2,322$2,838$2,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,580
EXPENSES Loan Payment -$1,826
Property Tax -$1,080
Property Insurance -$190
Property Management Fees -$99
CASH FLOW
-$615

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.

$495,000

PROJECTED PRICE

$2,580

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.4%
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-$15k-$10k-$5.0k$0.0

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$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,826

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$218

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,838

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,499
1$2,4992$2,5803$2,5954$2,8005$2,900
$2,900
RENT COMPS ANALYSIS
  • 3834 Canot Lane Addison, TX 2
    • 3 beds 3 baths ∙ 2,810 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,810 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.92
    •  
  • 2822 Carriage Lane Carrollton, TX 1
    • 4 beds 3 baths ∙ 2,555 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,555 Sqft ∙ Built 1973
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,499
    • $0.98
    •  
  • 14613 Waterview Circle Addison, TX 3
    • 3 beds 3 baths ∙ 2,638 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,638 Sqft ∙ Built 1992
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.98
    •  
  • 3757 Brookwood Lane Addison, TX 4
    • 3 beds 3 baths ∙ 2,612 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,612 Sqft ∙ Built 1995
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.07
    •  
  • 3887 Emerald Court Addison, TX 5
    • 4 beds 3 baths ∙ 2,858 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,858 Sqft ∙ Built 1996
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.01
    •  
PROPERTY LISTING DETAILS
Lynn Stofer
Re/max Premier
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473169
Last Updated: 11/21/2020
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