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5208 Colonial Drive Flower Mound, TX 75028

3 Beds 2 Baths 1,694 sqft Built 1985

$279,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $164.70
  • 1 Days on Market
  • MLS # : 14487989
  • Updated Date : 12/19/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,694 sqft
  • Baths : 2 full
Listing Agent

The Property Shop

Listing Agent's Description

This Lovely Priarie Creek home in Flower Mound has high ceilings and large kithen with GAS stove and SS appliances. Home has ceramic tile floors thoughout the main living of the home and laminate hardwood in the bedrooms. Master bath has been updated with mosaic top vanity and floating glass shower doors. Lots of natural light flows through with a wonderful size back yard! Owner had new plumber done few years ago, HVAC replace September 2020, Foundation repaired by Structure Foundation in 2014 with transferable warranty. Walking distance from Prairie Creek Park and Tons of city bike ridding trails! Endless places to eat and shop nearby. Marcus High School ISD.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $121k402k

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

Neighborhood: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10772573

* 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
Prairie Trail Elementary School Primary Regular 609 41 8
Lamar Middle School Middle Regular 764 51 9
Marcus High School High Regular 2,439 151 8

Prairie Trail Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 41
8
GreatSchools Rating

Lamar Middle School

  • Education Level: Middle
  • # of students: 764
  • # of teachers: 51
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$251,100$306,900$279,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,029
Property Tax -$482
Property Insurance -$125
Property Management Fees -$99
CASH FLOW
$95

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.

$279,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,685

INVESTMENT

$79,685

Down Payment
$69,750
Rehab Estimate
$5,750
Closing Costs
$4,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,750
Loan Amount $209,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$25,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,825

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,6753$1,6954$1,8305$1,850
$1,850
RENT COMPS ANALYSIS
  • 5208 Colonial Drive Flower Mound, TX 4
    • 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $1.08
    •  
  • 5212 Timber Creek Road Flower Mound, TX 1
    • 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1983
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.07
    •  
  • 1319 Colony Court Flower Mound, TX 2
    • 3 beds 4 baths ∙ 1,538 Sqft ∙ Built 1984 3 beds 4 baths ∙ 1,538 Sqft ∙ Built 1984
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.09
    •  
  • 5201 Timber Creek Road Flower Mound, TX 3
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1983
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.11
    •  
  • 5224 Timber Creek Road Flower Mound, TX 5
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1983
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.04
    •  
PROPERTY LISTING DETAILS
Lea Gonzalez
The Property Shop
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14487989
Last Updated: 12/19/2020
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