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7016 Redstone Lane Plano, TX 75024

3 Beds 4 Baths 2,404 sqft Built 2005

$499,000

List Price

$2,690

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $207.57
  • 4 Days on Market
  • MLS # : 14522104
  • Updated Date : 02/25/2021 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,404 sqft
  • Baths : 3 full , 1 half
Listing Agent

Ebby Halliday, Realtors-coit

Listing Agent's Description

Beautiful, 2-story home in the convenient neighborhood of Kings Ridge! Located in a cul-de-sac, this pretty home is close to 121, DNT, Legacy West and corporate headquarters! Current design and colors with flexible floorplan! Master, second bedroom and study down. Upstairs is large guest room or game-media! Recent updates include kitchen and Mudroom in 2019, HVAC in 2018, roof in 2018, and more! Outback is private yard with oversized, custom patio! Charming!

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: Kings Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $123k635k

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

Neighborhood: Kings Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200340036003800Rent in $11263887

* 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
Hicks Elementary School Primary Regular 615 43 9
Arbor Creek Middle School Middle Regular 894 59 8
Hebron High School High Regular 2,458 138 7

Hicks Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 43
9
GreatSchools Rating

Arbor Creek Middle School

  • Education Level: Middle
  • # of students: 894
  • # of teachers: 59
8
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,421$2,959$2,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,690
EXPENSES Loan Payment -$1,733
Property Tax -$870
Property Insurance -$166
HOA -$69
Property Management Fees -$99
CASH FLOW
-$248

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.

$499,000

PROJECTED PRICE

$2,690

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 2.9%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$7,135

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,690

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,416

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1003$2,1004$2,1505$2,690
$2,690
RENT COMPS ANALYSIS
  • 7016 Redstone Lane Plano, TX 5
    • 3 beds 3 baths ∙ 2,404 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,404 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,690
    • $1.12
    •  
  • 5961 Stone Mountain Road The Colony, TX 1
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.97
    •  
  • 6309 Lost Valley Drive The Colony, TX 2
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
  • 5917 Stone Mountain Road The Colony, TX 3
    • 3 beds 2 baths ∙ 2,114 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,114 Sqft ∙ Built 2009
    property image
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.99
    •  
  • 5845 Pinebrook Drive The Colony, TX 4
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2008
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.04
    •  
PROPERTY LISTING DETAILS
Pamela Lewis
Ebby Halliday, Realtors-coit
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14522104
Last Updated: 02/25/2021
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