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502 S Weatherred Drive Richardson, TX 75080

3 Beds 2 Baths 1,930 sqft Built 1994

$349,900

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $181.30
  • 4 Days on Market
  • MLS # : 14469793
  • Updated Date : 11/12/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,930 sqft
  • Baths : 2 full
Listing Agent

Posey Property Management,inc

Listing Agent's Description

Looking for newer, open floorplan in the established neighborhood of Richardson Heights? Look no further. Two doors down from Durham Park and convenient to restaurants, shopping, and schools. Lots of windows for light, 10-foot ceilings, just refreshed with new carpet and paint. Enter to living room and dining room featuring a double-sided fireplace. The family room is great for entertaining, open to kitchen with breakfast bar. Ceramic tile in all wet areas, wood floors in living areas. Master suite is split from the other two BRs for privacy. Master bath has separate shower, garden tub, and dual sinks. Great location, minutes from Hwy 75 and easy access to 635 and 190.

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: Richardson Heights

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $111k336k

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

Neighborhood: Richardson Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10562171

* 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
Richardson Heights Elementary School Primary Regular 492 31 4
Richardson West Junior High School Middle Regular 757 53 7
Richardson High School High Regular 2,653 173 8

Richardson Heights Elementary School

  • Education Level: Primary
  • # of students: 492
  • # of teachers: 31
4
GreatSchools Rating

Richardson West Junior High School

  • Education Level: Middle
  • # of students: 757
  • # of teachers: 53
7
GreatSchools Rating

Richardson High School

  • Education Level: High
  • # of students: 2,653
  • # of teachers: 173
8
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,291
Property Tax -$817
Property Insurance -$139
Property Management Fees -$99
CASH FLOW
-$366

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.

$349,900

PROJECTED PRICE

$1,980

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$651

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,014

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,8953$1,9804$2,195
$2,195
RENT COMPS ANALYSIS
  • 502 S Weatherred Drive Richardson, TX 3
    • 3 beds 2 baths ∙ 1,930 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,930 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.03
    •  
  • 643 Williams Way Richardson, TX 1
    • 4 beds 2 baths ∙ 1,677 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,677 Sqft ∙ Built 1974
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.01
    •  
  • 1209 Plaza Way Richardson, TX 2
    • 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 2007
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.14
    •  
  • 430 Park Bend Drive Richardson, TX 4
    • 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 1999
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.98
    •  
PROPERTY LISTING DETAILS
Dee Ann Cook
Posey Property Management,inc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469793
Last Updated: 11/12/2020
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