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2044 Colborne Drive Plano, TX 75025

3 Beds 3 Baths 2,362 sqft Built 1989

$344,900

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $146.02
  • 4 Days on Market
  • MLS # : 14460988
  • Updated Date : 11/05/2020 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,362 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Stunning 3 bedroom, 2.5 bath plus loft in Plano warmly welcomes you home! Soaring ceilings and tall windows fill the grand foyer with natural light. Modern elegance flows through the formal living and dining room. Inviting den with fireplace and backyard views opens to the spacious kitchen. Eat-in kitchen features built-in SS appliances, a breakfast bar, pantry, and ample prep space. The impressive upstairs primary suite boasts gorgeous flooring, a separate shower, jetted tub, dual sinks, and walk-in closet. Additional living area, bedrooms, and bath on the 2nd floor. Private backyard with a covered patio, shady trees, and green grass provides extra outdoor living and entertaining space. 3D tour online!

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: Covington Square

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k370k

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

Neighborhood: Covington Square

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262246

* 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
Hedgcoxe Elementary School Primary Regular 410 32 9
Hendrick Middle School Middle Regular 800 51 7
Plano Senior High School High Regular 2,766 155 9

Hedgcoxe Elementary School

  • Education Level: Primary
  • # of students: 410
  • # of teachers: 32
9
GreatSchools Rating

Hendrick Middle School

  • Education Level: Middle
  • # of students: 800
  • # of teachers: 51
7
GreatSchools Rating

Plano Senior High School

  • Education Level: High
  • # of students: 2,766
  • # of teachers: 155
9
GreatSchools Rating
 

$310,410$379,390$344,900

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,273
Property Tax -$587
Property Insurance -$164
Property Management Fees -$99
CASH FLOW
-$42

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.

$344,900

PROJECTED PRICE

$2,080

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.1%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$97,149

INVESTMENT

$97,149

Down Payment
$86,225
Rehab Estimate
$5,750
Closing Costs
$5,174

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,225
Loan Amount $258,675
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$16,841

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,250

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0803$2,1254$2,2005$2,300
$2,300
RENT COMPS ANALYSIS
  • 2044 Colborne Drive Plano, TX 2
    • 3 beds 3 baths ∙ 2,362 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,362 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.88
    •  
  • 7132 Dry Creek Drive Plano, TX 1
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.91
    •  
  • 2132 Broadstone Drive Plano, TX 3
    • 3 beds 3 baths ∙ 2,206 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,206 Sqft ∙ Built 2006
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $0.96
    •  
  • 2052 Colborne Drive Plano, TX 4
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1989
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.95
    •  
  • 7204 Dry Creek Drive Plano, TX 5
    • 4 beds 4 baths ∙ 2,313 Sqft ∙ Built 2005 4 beds 4 baths ∙ 2,313 Sqft ∙ Built 2005
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.99
    •  
PROPERTY LISTING DETAILS
David Devout
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460988
Last Updated: 11/05/2020
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