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5612 Truitt Street The Colony, TX 75056

3 Beds 2 Baths 1,711 sqft Built 1983

INVESTimate

$259,000

List Price

$1,710

$1,539 - $1,881

Rent Est.

$281,714  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $151.37
  • 6 Days on Market
  • MLS # : 14415858
  • Updated Date : 08/23/2020 at 07:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,711 sqft
  • Baths : 2 full
Listing Agent

Renee Mears Realtors

Listing Agent's Description

Great Location. Beautiful 3 bedroom- 2 bath-2 livings, in the quite and centrally located city of the Colony. Kitchen opens to the family room which is perfect for entertaining. Spacious formal living Rm and Dining Rm. Fresh paints. Wood like floor all through the house. Covered patio with large backyard. It's ready for you to move in. Close to Parks and walking trail. Close to major HWYS 121, Dallas Tollway, and close to so many restaurants and shopping centers. Close to the Airport.

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
B B Owen Elementary School Primary Regular 496 38 5
Griffin Middle School Middle Regular 765 57 5
The Colony High School High Regular 1,987 139 8

B B Owen Elementary School

  • Education Level: Primary
  • # of students: 496
  • # of teachers: 38
5
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
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$956
Property Tax -$495
Property Insurance -$126
Property Management Fees -$99
CASH FLOW
$34

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.

$259,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.66%

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$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$956

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$17,764

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,702

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,7004$1,7105$1,725
$1,725
RENT COMPS ANALYSIS
  • 5612 Truitt Street The Colony, TX 4
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.00
    •  
  • 5508 Squires Drive The Colony, TX 1
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 5549 Vaden Street The Colony, TX 2
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.01
    •  
  • 5716 Trego Street The Colony, TX 3
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.97
    •  
  • 5601 Squires Drive The Colony, TX 5
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.01
    •  
PROPERTY LISTING DETAILS
Simin Mashreghi
Renee Mears Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415858
Last Updated: 08/23/2020
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