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8016 Cornelius Drive Plano, TX 75024

3 Beds 3 Baths 2,129 sqft Built 2020

$579,000

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $271.96
  • 3 Days on Market
  • MLS # : 14493343
  • Updated Date : 01/08/2021 at 20:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,129 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allie Beth Allman & Associates

Listing Agent's Description

Luxury meets convenience!Enjoy immediate access to major Plano Legacy West, trendy restaurants, boutique shopping, parks&entertainment. Low maintenance 3BR 2.5BA spacious home shows like a model w-over one hundred thousand dollars in upgrades. Open floor plan anchored by a stylish kitchen with upgraded stainless steel appliances& cabinets, designer lighting, large island&stunning quartz countertops.Owner’s retreat boasts picture windows, tray ceiling&chandelier.Elegant owner's bath will be your retreat w-oversized shower, sleek tile floors, quartz countertops& WIC w-organization system w-laundry hook ups. Home located in a wonderful community w-walking trails,open space for dogs,covered pavilion &picnic area.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Zip Code: 75024

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k457k

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

Zip Code: 75024

ZipNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262827

* 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
Jessie Marie Riddle Elementary School Primary Regular 753 42 8
Adelle R. Clark Middle School Middle Regular 853 65 8
Lebanon Trail High School High Regular NA

Jessie Marie Riddle Elementary School

  • Education Level: Primary
  • # of students: 753
  • # of teachers: 42
8
GreatSchools Rating

Adelle R. Clark Middle School

  • Education Level: Middle
  • # of students: 853
  • # of teachers: 65
8
GreatSchools Rating

Lebanon Trail High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$521,100$636,900$579,000

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$2,011
Property Tax -$985
Property Insurance -$150
HOA -$150
Property Management Fees -$99
CASH FLOW
-$1,135

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$579,000

PROJECTED PRICE

$2,260

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 3.00%
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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$155,435

INVESTMENT

$155,435

Down Payment
$144,750
Rehab Estimate
$2,000
Closing Costs
$8,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,011

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $144,750
Loan Amount $434,250
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$47

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,257

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2003$2,2604$2,3955$2,700
$2,700
RENT COMPS ANALYSIS
  • 8016 Cornelius Drive Plano, TX 3
    • 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $1.06
    •  
  • 4674 Cecile Road Plano, TX 1
    • 3 beds 3 baths ∙ 2,086 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,086 Sqft ∙ Built 2013
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.05
    •  
  • 8623 Empire Boulevard Plano, TX 2
    • 3 beds 3 baths ∙ 2,319 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,319 Sqft ∙ Built 2006
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.95
    •  
  • 8701 Naomi Street Plano, TX 4
    • 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 2011 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 2011
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.03
    •  
  • 4616 Spalding Plano, TX 5
    • 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2013
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.21
    •  
PROPERTY LISTING DETAILS
Nanette Ecklund-luker
Allie Beth Allman & Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14493343
Last Updated: 01/08/2021
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