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946 Park Ridge Drive Allen, TX 75013

4 Beds 4 Baths 4,101 sqft Built 2015

$600,000

List Price

$3,420

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $146.31
  • 3 Days on Market
  • MLS # : 14524033
  • Updated Date : 03/13/2021 at 22:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,101 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

MULTIPLE OFFERS. HIGHEST & BEST SUNDAY, March 14, 9 PM. Spacious updated home in West Allen with wood floors, neutral palette & tons of windows! Open floor plan with fabulous chef's kitchen featuring 2 oversized islands, ss appliances, 6 burner gas cooktop, double ovens, granite & tons of cabinets. Private study off foyer with french doors & HUGE storage closet. Spacious master suite with HUGE walk-in closet. Spiral staircase with iron balusters leads to media, game room & 3 bedrooms up all with walk-in closets. Additional storage room upstairs. Lots of room to play in backyard or enjoy oversized covered patio. Enjoy community pool, pond & playground & quick access to trails. Close to shopping and dining.

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: Kitty Hawk Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Kitty Hawk Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000320034003600Rent in $11263652

* 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
Curtis Middle School Middle Regular 1,191 70 10
Lowery Freshman Center High Regular 1,571 104 8
Curtis Middle School Middle Unknown NA

Curtis Middle School

  • Education Level: Middle
  • # of students: 1,191
  • # of teachers: 70
10
GreatSchools Rating

Lowery Freshman Center

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

Curtis Middle School

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

$540,000$660,000$600,000

PURCHASE PRICE

$3,078$3,762$3,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,420
EXPENSES Loan Payment -$2,084
Property Tax -$1,155
Property Insurance -$264
HOA -$60
Property Management Fees -$99
CASH FLOW
-$242

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.

$600,000

PROJECTED PRICE

$3,420

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 5.3%
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$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$10,025

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,420

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $3,486

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,4003$3,4204$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 946 Park Ridge Drive Allen, TX 3
    • 4 beds 4 baths ∙ 4,101 Sqft ∙ Built 2015 4 beds 4 baths ∙ 4,101 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $3,420
    • $0.83
    •  
  • 1021 Hot Springs Drive Allen, TX 1
    • 5 beds 4 baths ∙ 3,938 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,938 Sqft ∙ Built 2007
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.81
    •  
  • 2265 Wakefield Lane Allen, TX 2
    • 5 beds 5 baths ∙ 4,094 Sqft ∙ Built 2010 5 beds 5 baths ∙ 4,094 Sqft ∙ Built 2010
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $0.83
    •  
  • 971 Holt Lane Allen, TX 4
    • 5 beds 4 baths ∙ 3,974 Sqft ∙ Built 2016 5 beds 4 baths ∙ 3,974 Sqft ∙ Built 2016
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.88
    •  
  • 1900 Keystone Drive Allen, TX 5
    • 5 beds 4 baths ∙ 4,092 Sqft ∙ Built 2003 5 beds 4 baths ∙ 4,092 Sqft ∙ Built 2003
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.88
    •  
PROPERTY LISTING DETAILS
Sharon Allen
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14524033
Last Updated: 03/13/2021
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