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7104 Lancaster Lane Plano, TX 75024

4 Beds 4 Baths 3,208 sqft Built 2010

$629,999

List Price

$3,440

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $196.38
  • 2 Days on Market
  • MLS # : 14471834
  • Updated Date : 11/21/2020 at 16:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,208 sqft
  • Baths : 3 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Stunning Toll Brothers Modern Mediterranean home located minutes from Legacy West, Top Golf, Toyota & Fed Ex headquarters, Grandscape & Nebraska Furniture!With 80K of builder upgrades + recent remodel this gorgeous home sits perched on a premium lot with water and greenbelt views at your doorsteps. Stained concrete walkway, wrought iron door, hand scraped hardwood floors throughout downstairs & master.SS Kitchenaid appliances, quartz countertops, custom tiled backsplash & mantle. 20' vaulted ceilings, surround sound, remote controlled hunter douglass shades.Relax in your back yard under the pergola next to the zen garden & built in gas grill.Zoned for Exemplary Hicks Elementary!Newer roof, HVAC & Water Heater

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: 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
 

$566,999$692,999$629,999

PURCHASE PRICE

$3,096$3,784$3,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,440
EXPENSES Loan Payment -$2,324
Property Tax -$1,099
Property Insurance -$213
HOA -$66
Property Management Fees -$99
CASH FLOW
-$361

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.

$629,999

PROJECTED PRICE

$3,440

PROJECTED RENT

0.55%

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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,324

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $157,500
Loan Amount $472,499
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$10,050

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,440

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,895

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,8503$2,9504$2,9955$3,440
$3,440
RENT COMPS ANALYSIS
  • 7104 Lancaster Lane Plano, TX 5
    • 4 beds 4 baths ∙ 3,208 Sqft ∙ Built 2010 4 beds 4 baths ∙ 3,208 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $3,440
    • $1.07
    •  
  • 6629 Terrace Mill Lane Plano, TX 1
    • 3 beds 4 baths ∙ 3,170 Sqft ∙ Built 2003 3 beds 4 baths ∙ 3,170 Sqft ∙ Built 2003
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.87
    •  
  • 6549 Riveredge Drive Plano, TX 2
    • 3 beds 3 baths ∙ 3,200 Sqft ∙ Built 2003 3 beds 3 baths ∙ 3,200 Sqft ∙ Built 2003
    LEASED 07/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.89
    •  
  • 7032 Luxborough Drive Plano, TX 3
    • 4 beds 4 baths ∙ 3,149 Sqft ∙ Built 2008 4 beds 4 baths ∙ 3,149 Sqft ∙ Built 2008
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.94
    •  
  • 6533 Riveredge Drive Plano, TX 4
    • 4 beds 3 baths ∙ 3,309 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,309 Sqft ∙ Built 2003
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.91
    •  
PROPERTY LISTING DETAILS
Nadia Fakih
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14471834
Last Updated: 11/21/2020
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