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7028 Dry Creek Drive Plano, TX 75025

3 Beds 3 Baths 2,197 sqft Built 2006

INVESTimate

$372,000

List Price

$2,160

$1,944 - $2,376

Rent Est.

$396,180  ( +6.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $169.32
  • 5 Days on Market
  • MLS # : 14405277
  • Updated Date : 08/24/2020 at 11:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,197 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dfwcityhomes

Listing Agent's Description

Gorgeous & centrally located Plano home in Village at Legacy with a beautiful view of the community park. Versatile floorplan,bright, open, soaring ceiling in central living room. Updates include Samsung kitchen suite (double oven, grill-microwave & StormWash dishwasher), wood flooring & stairs, shaker style white cabinets, porcelain kitchen flooring & backsplash, Vicostone quartz countertop, fresh paint, modern powder, memory foam carpet, nest thermostats, skybell, ring floodlight camera. Roof (2018),water heater(2019), new blinds, kwikset locks,smoke & CO2 alarms. Spacious master bath with dual vanities,large walk-in closet. Walk in pantry. Oversized garage.Beautiful stone patio surrounded by artificial turf.

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: Village at Legacy

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Village at Legacy

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262224

* 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
Hedgcoxe Elementary School Primary Regular 410 32 9
Hendrick Middle School Middle Regular 800 51 7
Plano Senior High School High Regular 2,766 155 9

Hedgcoxe Elementary School

  • Education Level: Primary
  • # of students: 410
  • # of teachers: 32
9
GreatSchools Rating

Hendrick Middle School

  • Education Level: Middle
  • # of students: 800
  • # of teachers: 51
7
GreatSchools Rating

Plano Senior High School

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

$334,800$409,200$372,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,373
Property Tax -$633
Property Insurance -$154
HOA -$75
Property Management Fees -$99
CASH FLOW
-$174

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.

$372,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.50%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$104,330

INVESTMENT

$104,330

Down Payment
$93,000
Rehab Estimate
$5,750
Closing Costs
$5,580

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,373

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,000
Loan Amount $279,000
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$8,543

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,164

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0503$2,1254$2,1605$2,195
$2,195
RENT COMPS ANALYSIS
  • 7028 Dry Creek Drive Plano, TX 4
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.98
    •  
  • 7008 Dry Creek Drive Plano, TX 1
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.91
    •  
  • 7101 Occidental Road Plano, TX 2
    • 3 beds 3 baths ∙ 2,051 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,051 Sqft ∙ Built 2007
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.00
    •  
  • 7124 Dry Creek Drive Plano, TX 3
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $0.97
    •  
  • 7024 Dry Creek Drive Plano, TX 5
    • 3 beds 3 baths ∙ 2,078 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,078 Sqft ∙ Built 2007
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.06
    •  
PROPERTY LISTING DETAILS
Tod Franklin
Dfwcityhomes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14405277
Last Updated: 08/24/2020
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