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516 Colgate Drive Allen, TX 75013

4 Beds 3 Baths 2,658 sqft Built 1997

$383,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $144.09
  • 3 Days on Market
  • MLS # : 14514960
  • Updated Date : 02/26/2021 at 14:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,658 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Beautiful Drees Home, near Connemara Nature Reserve and nature trails, Watters Creek shopping and easy access to US 75 and 121! This house has many custom updates! Wood floors throughout the house (only one upstairs bedroom has carpet) Large open kitchen with lots of granite counter space, refinished cabinets and beautiful tile backsplash Downstairs Owners' Suite, with updated bathroom with beautiful granite counters and large walk in closet with custom closet system, 3 bedrooms upstairs, and updated bathroom with granite counters and beautiful tile work. Upstairs game room Extended covered patio. Community amenities include clubhouse, pool + cabanas, nature trails, play areas, events + activities

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: Suncreek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $123k434k

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

Neighborhood: Suncreek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262628

* 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
Ereckson Middle School Middle Regular 1,156 69 9
Lowery Freshman Center High Regular 1,571 104 8
Ereckson Middle School Middle Unknown NA

Ereckson Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 69
9
GreatSchools Rating

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating

Ereckson Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$344,700$421,300$383,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,330
Property Tax -$737
Property Insurance -$181
HOA -$31
Property Management Fees -$99
CASH FLOW
-$229

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.

$383,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.3%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,245

INVESTMENT

$107,245

Down Payment
$95,750
Rehab Estimate
$5,750
Closing Costs
$5,745

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,330

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,750
Loan Amount $287,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,818

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,299

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,3003$2,3004$2,4005$2,495
$2,495
RENT COMPS ANALYSIS
  • 516 Colgate Drive Allen, TX 1
    • 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.81
    •  
  • 512 Oakwood Drive Allen, TX 2
    • 4 beds 4 baths ∙ 2,763 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,763 Sqft ∙ Built 1997
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.83
    •  
  • 505 Suncreek Drive Allen, TX 3
    • 4 beds 3 baths ∙ 2,657 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,657 Sqft ∙ Built 1997
    property image
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 1419 Lighthouse Lane Allen, TX 4
    • 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,845 Sqft ∙ Built 1996
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.84
    •  
  • 1505 Westmont Drive Allen, TX 5
    • 4 beds 4 baths ∙ 2,703 Sqft ∙ Built 1998 4 beds 4 baths ∙ 2,703 Sqft ∙ Built 1998
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.92
    •  
PROPERTY LISTING DETAILS
Hilde Verhaegen
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514960
Last Updated: 02/26/2021
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