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602 Stone Canyon Drive Irving, TX 75063

4 Beds 3 Baths 2,711 sqft Built 1985

$439,500

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1985
  • Price/Sqft : $162.12
  • 6 Days on Market
  • MLS # : 14462060
  • Updated Date : 11/03/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,711 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Central

Listing Agent's Description

Remodeled NORTH facing home, in top rated COPPELL ISD. Features include PRIVATE loft upstairs in master! Leaded glass windows, new hardwood floors and carpet in bedrooms 2018, new roof 2018, new paint 2016 and 2018! Unique glass wall between living and dining room. CUSTOM granite kitchen counters, SS applainces, Saltillo tile! Plantation shutters throughout! Large built in bookcase in 2nd living room! Copper sinks in baths, HUGE master shower and limestone counters! Wet bar with fridge and access to pool! Scenic walking trails and playgroud nearby!

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: Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $107k392k

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

Neighborhood: Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10432590

* 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
Valley Ranch Elementary School Primary Regular 638 37 10
Coppell Middle East Middle Regular 905 55 10
Coppell High School High Regular 3,136 192 8

Valley Ranch Elementary School

  • Education Level: Primary
  • # of students: 638
  • # of teachers: 37
10
GreatSchools Rating

Coppell Middle East

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 55
10
GreatSchools Rating

Coppell High School

  • Education Level: High
  • # of students: 3,136
  • # of teachers: 192
8
GreatSchools Rating
 

$395,550$483,450$439,500

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,622
Property Tax -$971
Property Insurance -$184
HOA -$58
Property Management Fees -$99
CASH FLOW
-$334

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.

$439,500

PROJECTED PRICE

$2,600

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.3%
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-$5.0k$0.0$5.0k

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$122,218

INVESTMENT

$122,218

Down Payment
$109,875
Rehab Estimate
$5,750
Closing Costs
$6,593

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,622

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $109,875
Loan Amount $329,625
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$3,153

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,589

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,3753$2,5954$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 602 Stone Canyon Drive Irving, TX 5
    • 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.96
    •  
  • 566 Southridge Way Irving, TX 1
    • 3 beds 3 baths ∙ 2,556 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,556 Sqft ∙ Built 1998
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.92
    •  
  • 112 Midcrest Drive Irving, TX 2
    • 4 beds 3 baths ∙ 2,584 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,584 Sqft ∙ Built 1996
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.92
    •  
  • 9416 Abbey Road Irving, TX 3
    • 4 beds 4 baths ∙ 2,580 Sqft ∙ Built 1990 4 beds 4 baths ∙ 2,580 Sqft ∙ Built 1990
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.01
    •  
  • 8806 Lakewood Drive Irving, TX 4
    • 4 beds 3 baths ∙ 2,678 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,678 Sqft ∙ Built 1996
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.97
    •  
PROPERTY LISTING DETAILS
Benetta Robbins
Keller Williams Central
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462060
Last Updated: 11/03/2020
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