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605 Wills Point Drive Allen, TX 75013

4 Beds 4 Baths 3,479 sqft Built 2001

$599,900

List Price

$3,060

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $172.43
  • 3 Days on Market
  • MLS # : 14520576
  • Updated Date : 02/26/2021 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,479 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Twin Creeks 2,over a quarter acre lot with a backyard paradise! includes your own Tiki bar plus outdoor living area and gorgeous pool and spa.Plus yard.Transitionally updated home is gorgeous! Updated paint, updated lighting, updated kitchen and master bath. Hardwood floors on most of bottom level. Master down,3 bedrooms, gameroom, media and walk in wetbar up.Formals and study off of entry.Two story family room is open to kitchen. Island kitchen with updated granite, stainless appliances including gas cooktop and more. Master bath updated with cabinets, separate shower and freestanding tub. Walk in closet. Sitting area in master. Plantation shutters, 8 ft doors down, 3 car garage. Gorgeous and ready for move in

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: Twin Creeks

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Twin Creeks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263455

* 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
Ereckson Middle School Middle Regular 1,156 69 9
Lowery Freshman Center High Regular 1,571 104 8
Ereckson Middle School Middle Unknown NA

Ereckson Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
9
GreatSchools Rating

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating

Ereckson Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$539,910$659,890$599,900

PURCHASE PRICE

$2,754$3,366$3,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,060
EXPENSES Loan Payment -$2,084
Property Tax -$1,155
Property Insurance -$228
HOA -$52
Property Management Fees -$99
CASH FLOW
-$558

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.

$599,900

PROJECTED PRICE

$3,060

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,724

INVESTMENT

$164,724

Down Payment
$149,975
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,975
Loan Amount $449,925
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,188

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,060

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,740

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6953$2,8004$2,9955$3,060
$3,060
RENT COMPS ANALYSIS
  • 605 Wills Point Drive Allen, TX 5
    • 4 beds 4 baths ∙ 3,479 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,479 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $3,060
    • $0.88
    •  
  • 1117 Hampton Drive Allen, TX 1
    • 4 beds 4 baths ∙ 3,464 Sqft ∙ Built 1994 4 beds 4 baths ∙ 3,464 Sqft ∙ Built 1994
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.75
    •  
  • 1059 Enchanted Rock Drive Allen, TX 2
    • 4 beds 3 baths ∙ 3,621 Sqft ∙ Built 2014 4 beds 3 baths ∙ 3,621 Sqft ∙ Built 2014
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.74
    •  
  • 1032 Margo Drive Allen, TX 3
    • 4 beds 4 baths ∙ 3,411 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,411 Sqft ∙ Built 2017
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.82
    •  
  • 1230 Brenham Drive Allen, TX 4
    • 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.84
    •  
PROPERTY LISTING DETAILS
Michelle Jones
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520576
Last Updated: 02/26/2021
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