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613 Hanover Drive Allen, TX 75002

3 Beds 3 Baths 1,768 sqft Built 1986

$265,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $149.89
  • 5 Days on Market
  • MLS # : 14489725
  • Updated Date : 12/23/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,768 sqft
  • Baths : 2 full , 1 half
Listing Agent

Summit, Realtors

Listing Agent's Description

Beautifully maintained 1 story 3 bedroom 2.5 bath home in an awesome Allen neighborhood. The home has many upgrades including granite counter tops, stainless steel appliances, upgraded master bath and much more. Large kitchen with Island and breakfast nook. Large backyard with a new storage shed. Great location near several parks, schools, and Oak Point Park and Nature Preserve! Come see it today. Buyer's agent and buyer to verify all schools and measurements.

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: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k372k

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

Neighborhood: Cottonwood Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10862213

* 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
Vaughan Elementary School Primary Regular 508 35 9
Ford Middle School Middle Regular 877 55 9
Ford Middle School High Regular 877 55 9

Vaughan Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 35
9
GreatSchools Rating

Ford Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating

Ford Middle School

  • Education Level: High
  • # of students: 877
  • # of teachers: 55
9
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$978
Property Tax -$510
Property Insurance -$129
Property Management Fees -$99
CASH FLOW
$34

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.

$265,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$18,042

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,768

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,8504$1,9005$1,995
$1,995
RENT COMPS ANALYSIS
  • 613 Hanover Drive Allen, TX 2
    • 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 711 Rolling Hills Drive Allen, TX 1
    • 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,770 Sqft ∙ Built 1994
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 562 Freestone Drive Allen, TX 3
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1985
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.00
    •  
  • 1207 Brook Drive Allen, TX 4
    • 4 beds 2 baths ∙ 1,953 Sqft ∙ Built 1992 4 beds 2 baths ∙ 1,953 Sqft ∙ Built 1992
    property image
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.97
    •  
  • 1109 Ashby Drive Allen, TX 5
    • 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 1988
    property image
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.04
    •  
PROPERTY LISTING DETAILS
Bilal Omar
Summit, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14489725
Last Updated: 12/23/2020
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