Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

420 Palamedes Street The Colony, TX 75056

3 Beds 4 Baths 3,171 sqft Built 2015

INVESTimate

$489,900

List Price

$2,990

$2,740 - $3,240

Rent Est.

$532,864  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $154.49
  • 6 Days on Market
  • MLS # : 14417982
  • Updated Date : 08/25/2020 at 10:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,171 sqft
  • Baths : 3 full , 1 half
Listing Agent

Ebby Halliday, Realtors-frisco

Listing Agent's Description

Work From Home in style. Who cares when you can back into an office when you have home like this. Have less than an hour for lunch? Need to run errands and get back to a zoom meeting? Movies, restaurants, shopping, expressways are all at your disposal. Whether you work from home or have to commute, this ideal location allows you the flexibility. With two living spaces on separate floors and a media room upstairs socially distancing can be done in style and relaxation. If you still have to commute for work check out the accessibility to the expressways to get to The Star, DFW Airport, Downtown Dallas, The Corporate Corridor in Plano and just about anywhere in the Metroplex. Your new home is right here.

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

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
Peters Colony Elementary School Primary Regular 845 59 5
Lakeview Middle School Middle Regular 817 62 3
The Colony High School High Regular 1,987 139 8

Peters Colony Elementary School

  • Education Level: Primary
  • # of students: 845
  • # of teachers: 59
5
GreatSchools Rating

Lakeview Middle School

  • Education Level: Middle
  • # of students: 817
  • # of teachers: 62
3
GreatSchools Rating

The Colony High School

  • Education Level: High
  • # of students: 1,987
  • # of teachers: 139
8
GreatSchools Rating
 

$440,910$538,890$489,900

PURCHASE PRICE

$2,691$3,289$2,990

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,990
EXPENSES Loan Payment -$1,808
Property Tax -$937
Property Insurance -$210
HOA -$70
Property Management Fees -$99
CASH FLOW
-$134

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.

$489,900

PROJECTED PRICE

$2,990

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.77%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,574

INVESTMENT

$135,574

Down Payment
$122,475
Rehab Estimate
$5,750
Closing Costs
$7,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,475
Loan Amount $367,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$16,487

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,990

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $3,020

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,9003$2,9504$2,9905$3,100
$3,100
RENT COMPS ANALYSIS
  • 420 Palamedes Street The Colony, TX 4
    • 3 beds 4 baths ∙ 3,171 Sqft ∙ Built 2015 3 beds 4 baths ∙ 3,171 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.94
    •  
  • 416 Palamedes Street Lewisville, TX 1
    • 3 beds 3 baths ∙ 2,865 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,865 Sqft ∙ Built 2015
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.94
    •  
  • 608 Highwood Trail Lewisville, TX 2
    • 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 2015
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.92
    •  
  • 604 Wiltshire Boulevard Lewisville, TX 3
    • 4 beds 4 baths ∙ 3,111 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,111 Sqft ∙ Built 2015
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.95
    •  
  • 708 Wiltshire Boulevard Lewisville, TX 5
    • 4 beds 4 baths ∙ 3,085 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,085 Sqft ∙ Built 2015
    property image
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.00
    •  
PROPERTY LISTING DETAILS
Howard Roth
Ebby Halliday, Realtors-frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417982
Last Updated: 08/25/2020
BESbswy