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5857 Concord Lane The Colony, TX 75056

4 Beds 3 Baths 3,505 sqft Built 2000

$465,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $132.67
  • 2 Days on Market
  • MLS # : 14537073
  • Updated Date : 03/20/2021 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,505 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Dpr

Listing Agent's Description

Can’t beat this LOCATION! Spacious 4bed, 2.5bath w. pool in Legends Bend. Grand entrance with soaring ceilings. Engineered hardwoods, tile, new carpet in bedrooms. Kitchen boasts tons of cabinets, large breakfast bar, gas range, huge walk-in pantry, overlooks family room fireplace w gas logs. Wall of windows for beautiful view of pool waterfall. Combo living room study with French doors provides a great flex space. Large walk in closets. Game Room Pool Table stays Newer roof with Impact resistant shingles, Radiant Barrier, pergola, natural gas cooking unit on patio. Shed on concrete pad Near Sam Rayburn Tollway and minutes from Stonebriar mall, Legacy Business corridor, Grandscape, Legacy West, The Star!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Legend Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $120k358k

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

Neighborhood: Legend Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262280

* 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
 

$418,500$511,500$465,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,615
Property Tax -$890
Property Insurance -$230
HOA -$37
Property Management Fees -$99
CASH FLOW
-$310

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.

$465,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.9%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$3,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,576

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4003$2,4004$2,4955$2,560
$2,560
RENT COMPS ANALYSIS
  • 5857 Concord Lane The Colony, TX 5
    • 4 beds 3 baths ∙ 3,505 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,505 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.73
    •  
  • 5628 Norris Drive The Colony, TX 1
    • 4 beds 3 baths ∙ 3,255 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,255 Sqft ∙ Built 2001
    LEASED 02/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.74
    •  
  • 5536 Eagle River Drive The Colony, TX 2
    • 4 beds 3 baths ∙ 3,516 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,516 Sqft ∙ Built 2002
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.68
    •  
  • 6625 Wilshire Lane The Colony, TX 3
    • 5 beds 3 baths ∙ 3,233 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,233 Sqft ∙ Built 1999
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.74
    •  
  • 5632 Sundance Drive The Colony, TX 4
    • 4 beds 3 baths ∙ 3,203 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,203 Sqft ∙ Built 2001
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.78
    •  
PROPERTY LISTING DETAILS
Rachelle Sevin
Keller Williams Realty Dpr
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14537073
Last Updated: 03/20/2021
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