Analysis – 700 Richmond Dr McKinney

Hi All

I went to this property today, although it is well maintained and updated, I do feel price is a bit on higher side. That said, this area is selling like hot cakes (See Attached).
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See Photos
Analysis
1. Price – Looks like neighboring properties were sold more around $120 to $125 range, 1 was sold around $129, and one very small one was sold for $147 per sqft range.
2. School – This is in Prosper ISD – McKinney cuts into McKinney/Frisco/Plano/Prosper ISDs.
3. Rating – School rating is pretty good here, 9 out of 10
 
4. Rental – This has not been a strong rental market yet, most were leased out at around $1650 range to $1700 range, I will try to list at around $1800 range to test the market – as there were also very few properties rented out, so it depends what tenants are willing to pay.
 
5. Location – This is a bit further away from the main “McKinney” area, Prosper is a fast growing area, and families here go to work either in McKinney, Frisco, Plano, and nowadays, as Northern part of metroplex is also picking up, some families do work in Sherman as well.
 
6. 4 Bedrooms – As you know, I like 1-story, 4 bedroom properties – they do sell at premium, so it is likely this one will sell at listing price, and possibly even higher. 
 
7. Condition – Mostly updated, they did foundation repairs in the past and warranty will be transferred. Roof age was not disclosed. 

Property Idea: 803 Wateka Way Richardson

This is a recent remodelled move-in ready property in Richardson that attends JJ Pearce Area, its garage has been converted into a 2nd living room, it has very spacious lot in the backyard and it’s very clean.

2016-02-10 08.35.14 2016-02-10 08.37.51 2016-02-10 08.38.30

OUR PHOTOS

https://www.dropbox.com/sh/e2sm8ln8y3feebk/AAC2uGOrU0rAC-65onA16yRta?dl=0

Agents Comments 2-10-2016

Area: This is what I call as Up and Coming Richardson Area. This area goes to Greenwood, Richardson North and JJ Pearce High School. This area underwent notable growth last 2 years as both JJ Pearce and Richardson High School consistently perform well, and this location is also eligible for Richardson West Magnet Middle School, one of the fast rising schools in Richardson School District.

Neighborhood: In the past, this area was a bit of mixed area, but almost all properties sold recent months were well above $160,000, and we also start to see properties sold above $200,000.

About This Property: This property had been on market for a while – more than 90 days on the market, and it is the only property available in this area at moment.

Layout: This is a 1-garage converted property, the original garage is estimated around 200 sq.ft, so the pre-conversion size is roughly 1250 sq.ft. The garage is converted into a decent sized living room – which maybe potentially converted into a 4th bedroom (but no windows), it is more designed as a 2nd living area.

Condition: The condition of the property is good – it is fully updated with new flooring, paint and blinds. Kitchen appliances have also been updated.

Pros and Cons Analysis

Pros

  1. Condition: Property condition is considered as move-in ready condition, very few items need to be repaired.
  2. Layout: 3 good sized bedrooms, better than most properties in this area (which tend to have smaller bedrooms).
  3. Yard: Backyard is a very nice sized backyard, one of the biggest lots we have seen in this subdivision.
  4. No big trees – some big trees were removed, Richardson is known to have big trees which create foundation issues.

Cons

  1. No garage space – most properties on this street does have garage, so I think this is a disadvantage.
  2. Kitchen size – kitchen size is kind of small and no formal dining area, just a breakfast area.
  3. Laundry and 2nd living area – I think these rooms can be utilized, laundry is bigger than usual laundry and could be utilized as 2nd bathroom
  4. Master bathroom is just a toilet, no shower area.

Possible Improvements

  1. Trees along fences – the joining fence still have 3 or 4 big trees – 1 particular tree has grown and pressuring the fence.
  2. Laundry – The laundry is really big and good size – they put in a fridge there right now – this laundry is sufficient to have a shower area or a toilet there if it helps – this is just an idea.
  3. Some light fixtures – I will probably add a light in living room, right now it’s just plug-in switch floor lamps, no wires on ceiling.

Description

Category: Residential Type: RES-Single Family
Area: 23/1 Also for Lease: N Lst $ / SqFt: $134.21
Subdv: Richardson Heights 12 Lease MLS#:
County: Dallas Lake Name:
Parcel ID: 42174501340150000 Plan Dvlpmnt:
Lot: 15 Block: 134
Legal: RICHARDSON HEIGHTS 12 BLK 134 LOT 15 VOL87211/2240
Multi Prcl: No MUD Dst:No Unexempt Taxes: $3,057
Bedrooms: 3 Tot Baths: 1.1 Liv Areas: 2 Stories: 1
Fireplaces: 0 Full Baths: 1 Dining Areas: 1 Pool: No
Sec Sys: No Half Baths: 1
SqFt: 1,479 / Appraiser Appraiser Name: Randy Bulloch Hdcp Am: No
# Gar Spaces: 0 Cvrd Park: 0
# Carprt Spcs: 0 Garage Size: 0 x 0 Yr Built: 1962 / Preowned
Acres: 0.176 Lot Dimen: Will Subdiv: No
HOA: None HOA Dues:
HOA Co: HOA Co.Phone:
Accessory Unit: Accessory Unit Type:
School Dist: Richardson ISD
Elementary School: Greenwood Middle School: High School: Pearce
Primary School: Intermediate School: Junior High School: Richardsno

**Important Disclaimer**  This is not our listing, we are buyers’ agents, we represent buyers to purchase properties in Texas.

About Thomas Su Group

Thomas Su Group is licensed through Keller Williams Preston Road Dallas office. Thomas Su Group specializes in helping international and interstate investors buying in Dallas areas. Its clients include investors from Australia, Canada, China, Hong Kong, Taiwan, Great Britain, Saudi Arabia, Latin America and India. We have also helped interstate clients from California, New York, Illinois, Florida and Georgia.

PLEASE CONTACT US IF YOU ARE INTERESTED IN BUYING OR LISTING PROPERTIES IN DALLAS, TEXAS

Thomas Su – Realtor (English & Chinese)

Thomas Su Group

Keller Williams Realty Preston Road

Email: rwp1688@gmail.com

Phone: (469) 347 1839

 

Denise Gonzalez-Rubio (English & Spanish)

Realtor

Keller Williams Realty Preston Road

Email: denisegrubio@kw.com

Phone: (972) 786 6198

 

Property Idea – 607 Town Home Ln Richardson

607 Towne House Ln

$144,500

3 Bed

2.5 Bath

1,817 Sq Ft

MLS LINK: Click here.

Pictures: http://bit.ly/607townehouse

This is an area located in Richardson, this area has spacious bedrooms, large bathrooms, the community has its own amenities, it is a HOA community.

Key Summary

 

Very well maintained home.

Wood like floors throughout first floor.

Great layout.

Separate vanity in master bedroom.

Good neighborhood, close to elementary schools.

Close to grocery stores and restaurants.

 

This property backs into a railroad track, not sure how noisy it is or how often trains go by.

No garage but it does have covered parking spaces.

 

Disclaimer: We are not listing agents of this property.

 

If you are interested in this property, please contact us:

 

Thomas Su – Realtor (English & Chinese)

Thomas Su Group

Keller Williams Realty Preston Road

Email: rwp1688@gmail.com

Phone: (469) 347 1839

 

Denise Gonzalez-Rubio (English & Spanish)

Realtor

Keller Williams Realty Preston Road

Email: denisegrubio@kw.com

Property Idea – 1300 Summerwood Ln Richardson

We checked out this property in February, here is a quick summary about this property. This is located in a highly-sought after area of Richardson, Richardson is well known for its schools and near telecom corridor and a lot of financial and insurance companies are setting up their headquarters around this area. This seems like a good opportunity for investors to get into Richardson area.
Photo Feb 04, 10 15 57 AM Photo Feb 04, 10 19 27 AM Photo Feb 04, 10 19 48 AM

1300 Summerwood Ln

$160,000

3 Bed

2.5 Bath

2,103 Sq Ft

MLS LINK: Click here.

More Pictures: http://bit.ly/1300summerwood

 

Key Summary

Property was originally priced at $180k, was lowered to $160k.

Large master bedroom with extra closets, oversized master closet.

Washer/dryer connections located in kitchen

Good size backyard

Fence is in good condition

Good neighborhood, very close to Yale Elementary (great school)

There is also a preschool located right across the street.

Great location, very close to highway 75.

 

 

All carpet needs to be replaced.

Outdated appliances in kitchen – appliances may need to be replaced

Spotted a large crack on wall, needs to check with foundation company to assess the issue

Hallway bathroom needs some wall/tile repairs

Front exterior needs a coat of paint, possibly repair.

Moderate rehab.

 

Disclaimer: We are not listing agents of this property.

 

If you are interested in this property, please contact us:

 

Thomas Su – Realtor (English & Chinese)

Thomas Su Group

Keller Williams Realty Preston Road

Email: rwp1688@gmail.com

Phone: (469) 347 1839

 

Denise Gonzalez-Rubio (English & Spanish)

Realtor

Keller Williams Realty Preston Road

Email: denisegrubio@kw.com

Phone: (972) 786 6198

Investor Special: 806 Ridgedale Dr Richardson (Total Rehab)

806 Ridgedale Dr Richardson – this is a total rehab opportunity. This is located in older Richardson area in Texas, this is a pier and beam property, wood floor, the property needs a complete interior make-up, and remove some of big trees, Richardson is a “Hot” area in Dallas area, with lots of families moving here.

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