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6320 Fall River Drive The Colony, TX 75056

4 Beds 3 Baths 2,764 sqft Built 2001

$396,900

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $143.60
  • 1 Days on Market
  • MLS # : 14530988
  • Updated Date : 03/13/2021 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,764 sqft
  • Baths : 3 full
Listing Agent

Exp Realty

Listing Agent's Description

DON'T MISS THIS GEM! 4 bdrm, 3 bath home with loads of features & in a great community. Open living area, dining area & kitchen feature stainless appliances, awesome layout & breakfast bar. Living area w mantle & brick fireplace is spacious & inviting. Hardwoods in entry & gorgeous arched entryways throughout. Large primary bdrm w incredible ensuite bath. Bath has dual sinks & vanity, claw foot soaker tub & walk-in shower for spa-like retreat. Secondary bdrm downstairs w bath. Upstairs features large living area & extra bedrooms. Spacious utility room and large backyard perfect for pets complete this incredible home. You have to see all the gorgeous features in this house to believe it! THIS WILL NOT LAST!

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 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
 

$357,210$436,590$396,900

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$1,379
Property Tax -$759
Property Insurance -$187
HOA -$33
Property Management Fees -$99
CASH FLOW
-$137

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.

$396,900

PROJECTED PRICE

$2,320

PROJECTED RENT

0.58%

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-$6.0k-$4.0k-$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$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,929

INVESTMENT

$110,929

Down Payment
$99,225
Rehab Estimate
$5,750
Closing Costs
$5,954

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,379

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,225
Loan Amount $297,675
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$8,740

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,287

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0503$2,2004$2,3205$2,495
$2,495
RENT COMPS ANALYSIS
  • 6320 Fall River Drive The Colony, TX 4
    • 4 beds 3 baths ∙ 2,764 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,764 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $0.84
    •  
  • 5957 Snow Creek Drive The Colony, TX 1
    • 4 beds 4 baths ∙ 2,572 Sqft ∙ Built 2009 4 beds 4 baths ∙ 2,572 Sqft ∙ Built 2009
    property image
    LEASED 02/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.76
    •  
  • 6352 Rolling Hill Road The Colony, TX 2
    • 3 beds 2 baths ∙ 2,602 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,602 Sqft ∙ Built 2001
    property image
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.79
    •  
  • 5809 Concord Lane The Colony, TX 3
    • 3 beds 3 baths ∙ 2,784 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,784 Sqft ∙ Built 2000
    property image
    LEASED 12/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 5408 Worley Drive The Colony, TX 5
    • 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2001
    property image
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.97
    •  
PROPERTY LISTING DETAILS
Stacey Leslie
Exp Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530988
Last Updated: 03/13/2021
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