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6520 Gretchen Lane Dallas, TX 75252

4 Beds 3 Baths 2,308 sqft Built 1981

$365,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $158.15
  • 2 Days on Market
  • MLS # : 14495848
  • Updated Date : 01/09/2021 at 11:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,308 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Location says it all, welcome to the highly sought-after Preston Highlands neighborhood, walking distance from shopping and dining at Preston and Frankford in the excellent Plano ISD. This home has lots of potential and is ready for buyer to make it their own. Great single-story floorplan with 2 large living areas, 2 dining areas, fireplace, vaulted ceilings, eat in kitchen with breakfast bar and double oven, lots of natural light, rear entry garage, 5-year-old roof, newer HVAC, sprinkler system, gutters, large backyard, great appeal. Large master suite with door to covered patio and spacious master bath. Awesome value in this Far North Dallas home located near upscale eateries & ZONED FOR PLANO ISD!!!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Preston Highlands

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $102k408k

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

Neighborhood: Preston Highlands

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9472788

* 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
Jackson Elementary School Primary Regular 594 54 6
Frankford Middle School Middle Regular 1,122 72 6
Plano West Senior High School High Regular 2,896 165 7

Jackson Elementary School

  • Education Level: Primary
  • # of students: 594
  • # of teachers: 54
6
GreatSchools Rating

Frankford Middle School

  • Education Level: Middle
  • # of students: 1,122
  • # of teachers: 72
6
GreatSchools Rating

Plano West Senior High School

  • Education Level: High
  • # of students: 2,896
  • # of teachers: 165
7
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,268
Property Tax -$721
Property Insurance -$161
HOA -$15
Property Management Fees -$99
CASH FLOW
$107

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.

$365,000

PROJECTED PRICE

$2,370

PROJECTED RENT

0.65%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$24,901

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,429

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3253$2,3704$2,4505$2,995
$2,995
RENT COMPS ANALYSIS
  • 6520 Gretchen Lane Dallas, TX 3
    • 4 beds 3 baths ∙ 2,308 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,308 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.03
    •  
  • 6317 Crested Butte Drive Dallas, TX 1
    • 3 beds 3 baths ∙ 2,256 Sqft ∙ Built 1984 3 beds 3 baths ∙ 2,256 Sqft ∙ Built 1984
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.02
    •  
  • 6508 Wrenwood Drive Dallas, TX 2
    • 4 beds 3 baths ∙ 2,379 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,379 Sqft ∙ Built 1979
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,325
    • $0.98
    •  
  • 6519 Garlinghouse Lane Dallas, TX 4
    • 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1979
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.01
    •  
  • 6604 Mimms Drive Dallas, TX 5
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 1984
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.20
    •  
PROPERTY LISTING DETAILS
Tierny Jordan
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14495848
Last Updated: 01/09/2021
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