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5008 Joseph Street The Colony, TX 75056

3 Beds 2 Baths 2,511 sqft Built 2015

INVESTimate

$455,000

List Price

$2,550

$2,300 - $2,800

Rent Est.

$494,903  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $181.20
  • 4 Days on Market
  • MLS # : 14419317
  • Updated Date : 08/23/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,511 sqft
  • Baths : 2 full
Listing Agent

Grand Ark Llc

Listing Agent's Description

Fabulous one-story home in Castle Hills with many upgrades built by Highland Homes. Open kitchen with a farm house sink, 5-burner gas cooktop that vents outside. Beautiful finish on white cabinets with complimentary color on upgraded island. In addition to 3 bdrms, a separate media room & office. Nail-down hardwood flooring, plantation shutters throughout, stone fireplace, carpet in bdrms & c-tile in baths. Master suite has a sitting area & granite in bath. Metal fence post in concrete, gas hookup on extended patio. Sink and extra cabinets in laundry room. Garage widened with holiday switch for seasonal outside lighting & separate plug for freezer or extra refrigerator. Tankless hwh and so much more!

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
 

$409,500$500,500$455,000

PURCHASE PRICE

$2,295$2,805$2,550

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$1,679
Property Tax -$870
Property Insurance -$172
HOA -$65
Property Management Fees -$99
CASH FLOW
-$335

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.

$455,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.56%

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$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,679

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$4,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,568

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,5504$2,6005$3,000
$3,000
RENT COMPS ANALYSIS
  • 5008 Joseph Street The Colony, TX 3
    • 3 beds 2 baths ∙ 2,511 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,511 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.02
    •  
  • 4604 Ridgepointe Drive The Colony, TX 1
    • 4 beds 2 baths ∙ 2,347 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,347 Sqft ∙ Built 1997
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.89
    •  
  • 3953 Creek Hollow Way The Colony, TX 2
    • 4 beds 2 baths ∙ 2,223 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,223 Sqft ∙ Built 1998
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 313 Palamedes Street The Colony, TX 4
    • 3 beds 3 baths ∙ 2,361 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,361 Sqft ∙ Built 2016
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.10
    •  
  • 133 Warwick Boulevard The Colony, TX 5
    • 3 beds 3 baths ∙ 2,577 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,577 Sqft ∙ Built 2015
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.16
    •  
PROPERTY LISTING DETAILS
Annie Lin
Grand Ark Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14419317
Last Updated: 08/23/2020
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