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114 Mill Crossing Colleyville, TX 76034

4 Beds 3 Baths 3,216 sqft Built 1994

$600,000

List Price

$3,300

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $186.57
  • 3 Days on Market
  • MLS # : 14477298
  • Updated Date : 11/27/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,216 sqft
  • Baths : 3 full
Listing Agent

Century 21 Judge Fite Co.

Listing Agent's Description

Showings start during the OPEN HOUSE, Sunday at 1pm. Don't miss this showstopper with extensive wood floors, plantation shutters, on trend paint, lighting, replaced windows, granite, & so much more. Outside you'll find the outdoor covered kitchen, pool, covered, patio, & multiple seating areas. With a wall of windows along the back of the home, you'll have breathtaking views of the grand outdoor spaces from multiple vantage points. Boasting three bedrooms, 2 living & dining rooms downstairs, this well designed floor plan offers flexible living & entertaining spaces. Upstairs you'll find a large gameroom & additional bedroom. You're also just a short walk to the Colleyville Nature Center and Trails.

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: Mill Creek Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $123k604k

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

Neighborhood: Mill Creek Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000320034003600Rent in $11263633

* 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
Bransford Elementary School Primary Regular 425 30 10
Colleyville Middle School Middle Regular 725 40 9
Grapevine High School High Regular 2,015 129 7

Bransford Elementary School

  • Education Level: Primary
  • # of students: 425
  • # of teachers: 30
10
GreatSchools Rating

Colleyville Middle School

  • Education Level: Middle
  • # of students: 725
  • # of teachers: 40
9
GreatSchools Rating

Grapevine High School

  • Education Level: High
  • # of students: 2,015
  • # of teachers: 129
7
GreatSchools Rating
 

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

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,300
EXPENSES Loan Payment -$2,214
Property Tax -$1,156
Property Insurance -$213
HOA -$32
Property Management Fees -$99
CASH FLOW
-$413

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

$3,300

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.0%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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.

$2,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$6,461

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,300

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $3,304

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,1503$3,3004$3,4005$3,500
$3,500
RENT COMPS ANALYSIS
  • 114 Mill Crossing Colleyville, TX 3
    • 4 beds 3 baths ∙ 3,216 Sqft ∙ Built 1994 4 beds 3 baths ∙ 3,216 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.03
    •  
  • 316 Springhill Drive Hurst, TX 1
    • 4 beds 3 baths ∙ 2,891 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,891 Sqft ∙ Built 1990
    property image
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.04
    •  
  • 705 Suellen Circle Colleyville, TX 2
    • 4 beds 4 baths ∙ 3,231 Sqft ∙ Built 1977 4 beds 4 baths ∙ 3,231 Sqft ∙ Built 1977
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $0.97
    •  
  • 613 Colleyville Terrace Colleyville, TX 4
    • 4 beds 3 baths ∙ 3,115 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,115 Sqft ∙ Built 2007
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.09
    •  
  • 3103 River Bend Drive Colleyville, TX 5
    • 4 beds 4 baths ∙ 3,474 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,474 Sqft ∙ Built 2001
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.01
    •  
PROPERTY LISTING DETAILS
Roslyn Gauntt
Century 21 Judge Fite Co.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477298
Last Updated: 11/27/2020
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