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7112 Sharps Drive Plano, TX 75025

4 Beds 3 Baths 2,676 sqft Built 1988

$327,500

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $122.38
  • 4 Days on Market
  • MLS # : 14463427
  • Updated Date : 11/02/2020 at 13:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,676 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart Stars

Listing Agent's Description

Traditional 2 story, 4-bd, 2.5 bath home. Lovely, light filled rooms throughout. Roof 2016. Kitchen and breakfast room are open to the second living area. Spacious owners suite upstairs with its own fireplace. The owners bath has a nice, open feeling, two walk-in closets, separate vanities, and separate shower. First floor layout and covered back porch make entertaining easy in this home. Great home in PISD with easy access to schools, shopping and major roads, in an established neighborhood. Priced to allow you to update kitchen and more to your own taste. Check out the 3-D Tour! Multiple offers - best and highest offers by 5 pm, Nov 3rd. Electric car charger in garage is negotiable.

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: Covington Square

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Covington Square

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262246

* 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
 

$294,750$360,250$327,500

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,208
Property Tax -$557
Property Insurance -$182
Property Management Fees -$99
CASH FLOW
$154

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.

$327,500

PROJECTED PRICE

$2,200

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
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$92,538

INVESTMENT

$92,538

Down Payment
$81,875
Rehab Estimate
$5,750
Closing Costs
$4,913

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,208

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,875
Loan Amount $245,625
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$34,317

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,188

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0503$2,0994$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 7112 Sharps Drive Plano, TX 5
    • 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.82
    •  
  • 6712 Catalpa Trail Plano, TX 1
    • 4 beds 3 baths ∙ 2,535 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,535 Sqft ∙ Built 1991
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
  • 1928 Walters Drive Plano, TX 2
    • 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1990
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.83
    •  
  • 7004 Childrens Way Plano, TX 3
    • 3 beds 3 baths ∙ 2,505 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,505 Sqft ∙ Built 2001
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,099
    • $0.84
    •  
  • 6901 Aimpoint Drive Plano, TX 4
    • 4 beds 4 baths ∙ 2,706 Sqft ∙ Built 1989 4 beds 4 baths ∙ 2,706 Sqft ∙ Built 1989
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.81
    •  
PROPERTY LISTING DETAILS
Neva Warnock
Homesmart Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463427
Last Updated: 11/02/2020
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