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4940 Lakewood Drive Colleyville, TX 76034

4 Beds 4 Baths 3,718 sqft Built 1997

INVESTimate

$599,000

List Price

$3,630

$3,380 - $3,880

Rent Est.

$628,651  ( +4.95%)   1 YR EST. FORECAST

PROPERTY INFO

August 26, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $161.11
  • 1 Days on Market
  • MLS # : 14421047
  • Updated Date : 08/26/2020 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,718 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Bring your ideas for updating this custom home located in an established, gated community. Situated at the end of a cul-du-sac, features include an open floor plan that is great for entertaining, with great views of the canal, and an over-sized back yard. The outdoor spaces provides potential for year round enjoyment. The sellers have reduced the price substantially to accommodate for future improvements.

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: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k586k

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

Neighborhood: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263549

* 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
 

$539,100$658,900$599,000

PURCHASE PRICE

$3,267$3,993$3,630

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$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 $3,630
EXPENSES Loan Payment -$2,210
Property Tax -$1,154
Property Insurance -$242
HOA -$118
Property Management Fees -$99
CASH FLOW
-$193

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.

$599,000

PROJECTED PRICE

$3,630

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.95%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$17,788

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,630

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $3,811

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,6303$3,6504$3,9505$3,950
$3,950
RENT COMPS ANALYSIS
  • 4940 Lakewood Drive Colleyville, TX 2
    • 4 beds 4 baths ∙ 3,718 Sqft ∙ Built 1997 4 beds 4 baths ∙ 3,718 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,630
    • $0.98
    •  
  • 3103 River Bend Drive Colleyville, TX 1
    • 4 beds 4 baths ∙ 3,474 Sqft ∙ Built 2001 4 beds 4 baths ∙ 3,474 Sqft ∙ Built 2001
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.01
    •  
  • 4805 Lakewood Drive Colleyville, TX 3
    • 4 beds 4 baths ∙ 3,595 Sqft ∙ Built 1997 4 beds 4 baths ∙ 3,595 Sqft ∙ Built 1997
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $1.02
    •  
  • 1116 Guadalupe Court Colleyville, TX 4
    • 5 beds 4 baths ∙ 3,845 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,845 Sqft ∙ Built 2002
    property image
    LEASED 05/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $1.03
    •  
  • 5024 Preservation Avenue Colleyville, TX 5
    • 5 beds 5 baths ∙ 3,800 Sqft ∙ Built 2017 5 beds 5 baths ∙ 3,800 Sqft ∙ Built 2017
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $1.04
    •  
PROPERTY LISTING DETAILS
Michael Yarrito
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14421047
Last Updated: 08/26/2020
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