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6721 Norway Court Plano, TX 75023

3 Beds 2 Baths 1,636 sqft Built 1988

$285,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $174.21
  • 4 Days on Market
  • MLS # : 14522518
  • Updated Date : 03/04/2021 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,636 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Quick walk to the park from this meticulously cared for 3 bedroom, 2 bath Plano home. Soaring ceilings and large windows allow the home to be filled with natural light. Dream eat-in kitchen features a fireplace, built-in stainless steel appliances, crisp white cabinetry, and ample prep space. The large and inviting living room sits at the heart of the home. Serene primary suite boasts a vaulted ceiling, French doors, separate shower, skylight, walk-in closet, and private backyard access. Spacious secondary bedrooms and full bath. Private backyard oasis with a patio provides additional outdoor living and entertaining space.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Creek Trails

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Creek Trails

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10402224

* 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
Thomas Elementary School Primary Regular 617 53 3
Carpenter Middle School Middle Regular 722 58 5
Plano Senior High School High Regular 2,766 155 9

Thomas Elementary School

  • Education Level: Primary
  • # of students: 617
  • # of teachers: 53
3
GreatSchools Rating

Carpenter Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 58
5
GreatSchools Rating

Plano Senior High School

  • Education Level: High
  • # of students: 2,766
  • # of teachers: 155
9
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$990
Property Tax -$485
Property Insurance -$122
HOA -$21
Property Management Fees -$99
CASH FLOW
$74

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.

$285,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.2%
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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$19,464

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,783

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7903$1,7954$1,8955$1,895
$1,895
RENT COMPS ANALYSIS
  • 6721 Norway Court Plano, TX 2
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.09
    •  
  • 6849 Douglas Creek Plano, TX 1
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2002
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.07
    •  
  • 916 Gordon Oaks Drive Plano, TX 3
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1988
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.09
    •  
  • 1112 Gordon Oaks Drive Plano, TX 4
    • 3 beds 3 baths ∙ 1,732 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,732 Sqft ∙ Built 1988
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.09
    •  
  • 1213 Gordon Oaks Drive Plano, TX 5
    • 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1986
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.11
    •  
PROPERTY LISTING DETAILS
David Devout
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14522518
Last Updated: 03/04/2021
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