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4500 Lake Ridge Drive The Colony, TX 75056

4 Beds 4 Baths 4,053 sqft Built 1992

INVESTimate

$500,000

List Price

$2,610

$2,360 - $2,860

Rent Est.

$543,850  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $123.37
  • 5 Days on Market
  • MLS # : 14419057
  • Updated Date : 08/22/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,053 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Completely and tastefully updated home with TONS of space for your family where you can just move on in! Home is situated on a lot for complete privacy on greenbelt and backs up to core of engineer and walking trails to lake! All new flooring, new AC units, new roof, new lighting, new fixtures and can go on and on! Kitchen is a chefs dream! Granite counters, large island, built in microwave-convection oven and a wine cooler! Upstairs has 3 large bedrooms plus 2 additional rooms that could be living-game-media Utility has sink plus room for refrig. Backyard has a new deck with bench seating plus tons of grass on corner lot!You will not want to miss this home....you will fall in love the minute you walk in!!!

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: Lake Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $120k336k

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

Neighborhood: Lake Ridge Estates

NeighborhoodNIR 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
Ethridge Elementary School Primary Regular 513 32 6
Lakeview Middle School Middle Regular 817 62 3
The Colony High School High Regular 1,987 139 8

Ethridge Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 32
6
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
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,349$2,871$2,610

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

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 $2,610
EXPENSES Loan Payment -$1,845
Property Tax -$956
Property Insurance -$261
Property Management Fees -$99
CASH FLOW
-$552

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.

$500,000

PROJECTED PRICE

$2,610

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$710

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,610

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $2,776

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6103$2,800
$2,800
RENT COMPS ANALYSIS
  • 4500 Lake Ridge Drive The Colony, TX 2
    • 4 beds 4 baths ∙ 4,053 Sqft ∙ Built 1992 4 beds 4 baths ∙ 4,053 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,610
    • $0.64
    •  
  • 645 Mandalay Bay Drive Lewisville, TX 1
    • 5 beds 4 baths ∙ 4,000 Sqft ∙ Built 2006 5 beds 4 baths ∙ 4,000 Sqft ∙ Built 2006
    property image
    LEASED 03/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.65
    •  
  • 1119 Twilight Drive Lewisville, TX 3
    • 5 beds 4 baths ∙ 3,914 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,914 Sqft ∙ Built 2007
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.72
    •  
PROPERTY LISTING DETAILS
Aundrea Whalen
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14419057
Last Updated: 08/22/2020
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