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2424 College Parkway Flower Mound, TX 75028

4 Beds 3 Baths 2,771 sqft Built 1986

$400,000

List Price

$2,570

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $144.35
  • 6 Days on Market
  • MLS # : 14520367
  • Updated Date : 03/01/2021 at 08:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,771 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Excellent opportunity to own a charming storybook home in Flower Mound! This beautiful Bud Bartley home showcases a wonderful floor plan with 4 bedrooms, 3 full bathrooms and a loft game room & balcony! The kitchen features an island with Corian countertops, sleek black appliances, walk-in pantry and abundant cabinet and counter space. The living room anchored by a gas log fireplace and built-ins is the perfect space for entertaining! Your master suite is sure to impress with a gas log fireplace and dual closets! Relax outdoors and enjoy the private backyard with a screened porch, diving pool and a changing room w AC and electricity! Privacy gate w remote and additional parking. Walking distance to Gaston Park!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Timberview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k402k

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

Neighborhood: Timberview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200230024002500Rent in $11262573

* 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
Flower Mound Elementary School Primary Regular 499 35 9
Lamar Middle School Middle Regular 764 51 9
Marcus High School High Regular 2,439 151 8

Flower Mound Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 35
9
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
 

$360,000$440,000$400,000

PURCHASE PRICE

$2,313$2,827$2,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,570
EXPENSES Loan Payment -$1,389
Property Tax -$734
Property Insurance -$187
Property Management Fees -$99
CASH FLOW
$160

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.

$400,000

PROJECTED PRICE

$2,570

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 12.7%
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$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$31,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,570

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,626

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,225
1$2,2252$2,3003$2,5004$2,5705$2,695
$2,695
RENT COMPS ANALYSIS
  • 2424 College Parkway Flower Mound, TX 4
    • 4 beds 3 baths ∙ 2,771 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,771 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $2,570
    • $0.93
    •  
  • 5125 Timber Park Drive Flower Mound, TX 1
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 1998
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,225
    • $0.90
    •  
  • 1905 Torrey Pine Drive Flower Mound, TX 2
    • 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 1995
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
  • 2201 Timber Creek Trail Flower Mound, TX 3
    • 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1971 3 beds 3 baths ∙ 2,484 Sqft ∙ Built 1971
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.01
    •  
  • 2412 Conroe Court Flower Mound, TX 5
    • 3 beds 3 baths ∙ 2,873 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,873 Sqft ∙ Built 2003
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.94
    •  
PROPERTY LISTING DETAILS
Frankie Arthur
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520367
Last Updated: 03/01/2021
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