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803 Cornell Lane Allen, TX 75002

4 Beds 3 Baths 2,546 sqft Built 1995

$355,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $139.43
  • 4 Days on Market
  • MLS # : 14507556
  • Updated Date : 02/11/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,546 sqft
  • Baths : 2 full , 1 half
Listing Agent

Competitive Edge Realty Llc

Listing Agent's Description

Come see this lovely updated home. Two story home on a cul-de-sac street boasts a great floor plan with formal living and dining, 4 bedrooms, 2.5 baths with all bedrooms upstairs. Kitchen has granite counter tops, stainless steel appliances, breakfast area is open to family room. Master bedroom with granite, seamless shower frame, walk in closet. Corner lot with oversized backyard. Excellent Allen ISD schools.

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: Heritage Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k372k

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

Neighborhood: Heritage Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262213

* 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
Lowery Freshman Center High Regular 1,571 104 8
Allen High School High Unknown NA
Lowery Freshman Center High Unknown NA

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating

Allen High School

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

Lowery Freshman Center

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

$319,500$390,500$355,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,233
Property Tax -$683
Property Insurance -$174
Property Management Fees -$99
CASH FLOW
-$190

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.

$355,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.1%
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

PROJECTED ANNUAL CASH FLOW

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

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$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$4,638

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,999

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0003$2,0004$2,0255$2,075
$2,075
RENT COMPS ANALYSIS
  • 803 Cornell Lane Allen, TX 3
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
  • 16 Monroe Court Allen, TX 1
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.75
    •  
  • 912 Heritage Parkway Allen, TX 2
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 1995
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
  • 1218 Harvard Lane Allen, TX 4
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 1994
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.82
    •  
  • 1023 Monroe Street Allen, TX 5
    • 4 beds 3 baths ∙ 2,649 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,649 Sqft ∙ Built 1989
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.78
    •  
PROPERTY LISTING DETAILS
Julia Ryabova
Competitive Edge Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14507556
Last Updated: 02/11/2021
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