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3620 Bankside The Colony, TX 75056

6 Beds 5 Baths 4,762 sqft Built 2016

$699,900

List Price

$3,650

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $146.98
  • 5 Days on Market
  • MLS # : 14488790
  • Updated Date : 01/16/2021 at 12:39
CONSTRUCTION
  • Beds : 6
  • Floor Size : 4,762 sqft
  • Baths : 5 full
Listing Agent

Tng Realty

Listing Agent's Description

Beautiful home built by Grand Home Builder with lots of upgrades and a very spacious floor plan great for entertaining and plenty of room for everyone. As you enter the home, an amazing dual staircase with wrought iron balusters will definitely wow everyone. 6 beds, 5 baths, double front doors, game room, media room, custom kitchen has 6 burner gas cooktop and open concept from kitchen to family room and wet bar. In the nestled of Tribute community offers parks, playgrounds, multiple pools, miles of trails, paths, golf courses, and close walking distance to great schools rating Prestwick K-8 Stem Academy.

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

Zip Code: 75056

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $120k336k

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

Zip Code: 75056

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Prestwick Stem Academy Primary Unknown 667 40 8
Prestwick Stem Academy Middle Unknown 667 40 8
Little Elm High School High Regular 1,866 97 6

Prestwick Stem Academy

  • Education Level: Primary
  • # of students: 667
  • # of teachers: 40
8
GreatSchools Rating

Prestwick Stem Academy

  • Education Level: Middle
  • # of students: 667
  • # of teachers: 40
8
GreatSchools Rating

Little Elm High School

  • Education Level: High
  • # of students: 1,866
  • # of teachers: 97
6
GreatSchools Rating
 

$629,910$769,890$699,900

PURCHASE PRICE

$3,285$4,015$3,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,650
EXPENSES Loan Payment -$2,431
Property Tax -$1,339
Property Insurance -$302
HOA -$100
Property Management Fees -$99
CASH FLOW
-$621

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.

$699,900

PROJECTED PRICE

$3,650

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.8%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,717

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,650

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $3,127

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,0003$3,6004$3,650
$3,650
RENT COMPS ANALYSIS
  • 3620 Bankside The Colony, TX 4
    • 6 beds 5 baths ∙ 4,762 Sqft ∙ Built 2016 6 beds 5 baths ∙ 4,762 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $0.77
    •  
  • 5164 Havasu Drive Frisco, TX 1
    • 5 beds 4 baths ∙ 5,016 Sqft ∙ Built 2015 5 beds 4 baths ∙ 5,016 Sqft ∙ Built 2015
    LEASED 10/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.60
    •  
  • 6517 Terrace Drive The Colony, TX 2
    • 5 beds 4 baths ∙ 4,670 Sqft ∙ Built 2007 5 beds 4 baths ∙ 4,670 Sqft ∙ Built 2007
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.64
    •  
  • 1189 Twin Harbors Frisco, TX 3
    • 5 beds 4 baths ∙ 4,936 Sqft ∙ Built 2014 5 beds 4 baths ∙ 4,936 Sqft ∙ Built 2014
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.73
    •  
PROPERTY LISTING DETAILS
Diane Nguyen
Tng Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14488790
Last Updated: 01/16/2021
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