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4607 Mill Wood Drive Colleyville, TX 76034

4 Beds 4 Baths 4,133 sqft Built 1996

$695,000

List Price

$4,010

$3.8K - $4.3K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $168.16
  • 3 Days on Market
  • MLS # : 14503401
  • Updated Date : 01/22/2021 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,133 sqft
  • Baths : 3 full , 1 half
Listing Agent

Offerpad Brokerage, Llc

Listing Agent's Description

VACANT! Breathtaking home within walking distance to the local park! New carpet and fresh paint throughout make this home feel brand-new! Spacious and bright open floor plan. 3 living areas! The backyard oasis features a sparkling pool and is an excellent spot to entertain! Come see it today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mill Creek Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $123k604k

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

Neighborhood: Mill Creek Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000320034003600Rent in $11263633

* 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
Bransford Elementary School Primary Regular 425 30 10
Colleyville Middle School Middle Regular 725 40 9
Grapevine High School High Regular 2,015 129 7

Bransford Elementary School

  • Education Level: Primary
  • # of students: 425
  • # of teachers: 30
10
GreatSchools Rating

Colleyville Middle School

  • Education Level: Middle
  • # of students: 725
  • # of teachers: 40
9
GreatSchools Rating

Grapevine High School

  • Education Level: High
  • # of students: 2,015
  • # of teachers: 129
7
GreatSchools Rating
 

$625,500$764,500$695,000

PURCHASE PRICE

$3,609$4,411$4,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,010
EXPENSES Loan Payment -$2,414
Property Tax -$1,339
Property Insurance -$266
HOA -$32
Property Management Fees -$99
CASH FLOW
-$140

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.

$695,000

PROJECTED PRICE

$4,010

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.0%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$189,925

INVESTMENT

$189,925

Down Payment
$173,750
Rehab Estimate
$5,750
Closing Costs
$10,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,414

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $173,750
Loan Amount $521,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$21,500

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,010

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $3,761

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$3,9253$4,010
$4,010
RENT COMPS ANALYSIS
  • 4607 Mill Wood Drive Colleyville, TX 3
    • 4 beds 4 baths ∙ 4,133 Sqft ∙ Built 1996 4 beds 4 baths ∙ 4,133 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $4,010
    • $0.97
    •  
  • 7204 Everglade Drive North Richland Hills, TX 1
    • 5 beds 5 baths ∙ 4,363 Sqft ∙ Built 2015 5 beds 5 baths ∙ 4,363 Sqft ∙ Built 2015
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $0.86
    •  
  • 905 Briar Ridge Drive Colleyville, TX 2
    • 4 beds 4 baths ∙ 4,095 Sqft ∙ Built 1985 4 beds 4 baths ∙ 4,095 Sqft ∙ Built 1985
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,925
    • $0.96
    •  
PROPERTY LISTING DETAILS
Robert Jones
Offerpad Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503401
Last Updated: 01/22/2021
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