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1120 Colony Street Flower Mound, TX 75028

3 Beds 2 Baths 2,288 sqft Built 1984

$320,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $139.86
  • 3 Days on Market
  • MLS # : 14496593
  • Updated Date : 01/08/2021 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,288 sqft
  • Baths : 2 full
Listing Agent

Repeat Realty, Llc

Listing Agent's Description

1.5 story on a corner lot. This truly versatile floor plan has been beautifully updated with rich wood flooring, granite, and plantation shutters. Entertainers dream with secluded treed patio accessed through french doors off of the large kitchen. Kitchen is open to the family room. Master Retreat has views of XLG backyard and has two large walk in closets. Upstairs living could be a media room or a study. New AC's and carpet. Walking distance to all 3 schools and 2 parks on Colony St.

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

Neighborhood: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $121k402k

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

Neighborhood: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10772573

* 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
Prairie Trail Elementary School Primary Regular 609 41 8
Lamar Middle School Middle Regular 764 51 9
Marcus High School High Regular 2,439 151 8

Prairie Trail Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 41
8
GreatSchools Rating

Lamar Middle School

  • Education Level: Middle
  • # of students: 764
  • # of teachers: 51
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,111
Property Tax -$553
Property Insurance -$159
Property Management Fees -$99
CASH FLOW
$138

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.

$320,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$26,823

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,111

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0503$2,0604$2,0955$2,100
$2,100
RENT COMPS ANALYSIS
  • 1120 Colony Street Flower Mound, TX 3
    • 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $0.90
    •  
  • 5321 Barkridge Trail Flower Mound, TX 1
    • 4 beds 3 baths ∙ 2,324 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,324 Sqft ∙ Built 2004
    property image
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.86
    •  
  • 1432 Sunswept Terrace Lewisville, TX 2
    • 3 beds 2 baths ∙ 2,251 Sqft ∙ Built 1995 3 beds 2 baths ∙ 2,251 Sqft ∙ Built 1995
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.91
    •  
  • 1814 Tucson Drive Lewisville, TX 4
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1974 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1974
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.95
    •  
  • 1208 Shamrock Drive Flower Mound, TX 5
    • 3 beds 3 baths ∙ 2,173 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,173 Sqft ∙ Built 2004
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.97
    •  
PROPERTY LISTING DETAILS
Denver Kemery
Repeat Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496593
Last Updated: 01/08/2021
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