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5404 Norris Drive The Colony, TX 75056

4 Beds 3 Baths 2,602 sqft Built 2002

$389,900

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $149.85
  • 6 Days on Market
  • MLS # : 14464160
  • Updated Date : 11/04/2020 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,602 sqft
  • Baths : 2 full , 1 half
Listing Agent

Beam Real Estate, Llc

Listing Agent's Description

COMPLETELY UPDATED BEAUTIFUL SINGLE STORY HOME IN A HIGHLY REPUTED THE COLONY CITY LIMIT.HOME FEATURES NEW PAINT IN AND OUT,NEW CARPET IN ALL BEDROOM,NEW ENGINEERING WOOD IN LIVING AREA, KITCHEN AND BATHROOM GRANITE COUNTER TOP,NEW LIGHT FIXTURES.OPEN FLOOR PLAN AND KITCHEN SUNLIGHT ROOF GLASS GET LOT OF LIGHT ALWAYS IN KITCHEN.SIDE LONG DRIVEWAY ENTRY USEFUL FOR PARKING RV OR BOAT.NOW A DAYS VERY RARE TO FIND LIKE THIS 2602 SQF 4 BEDROOM ,2.5 BATH BIG SINGLE STORY HOME.HURRY HURRY HURRY UP !!!

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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: Legend Crest

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $120k380k

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

Neighborhood: Legend Crest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262146

* 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
Morningside Elementary School Primary Regular 431 31 8
Griffin Middle School Middle Regular 765 57 5
The Colony High School High Regular 1,987 139 8

Morningside Elementary School

  • Education Level: Primary
  • # of students: 431
  • # of teachers: 31
8
GreatSchools Rating

Griffin Middle School

  • Education Level: Middle
  • # of students: 765
  • # of teachers: 57
5
GreatSchools Rating

The Colony High School

  • Education Level: High
  • # of students: 1,987
  • # of teachers: 139
8
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,439
Property Tax -$746
Property Insurance -$178
Property Management Fees -$99
CASH FLOW
-$261

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$389,900

PROJECTED PRICE

$2,200

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

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-$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$4,667

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,238

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$1,9953$2,1954$2,2005$2,300
$2,300
RENT COMPS ANALYSIS
  • 5404 Norris Drive The Colony, TX 4
    • 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.85
    •  
  • 6501 Matson Drive The Colony, TX 1
    • 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2002
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
  • 6608 Adobe Circle The Colony, TX 2
    • 4 beds 3 baths ∙ 2,464 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,464 Sqft ∙ Built 2000
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 5512 Glenview Lane The Colony, TX 3
    • 3 beds 2 baths ∙ 2,452 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,452 Sqft ∙ Built 2001
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.90
    •  
  • 5405 Rockwood Drive The Colony, TX 5
    • 3 beds 2 baths ∙ 2,426 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,426 Sqft ∙ Built 2001
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.95
    •  
PROPERTY LISTING DETAILS
Dennis Thomas
Beam Real Estate, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14464160
Last Updated: 11/04/2020
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