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6321 High Cliff Drive The Colony, TX 75056

3 Beds 2 Baths 2,212 sqft Built 2001

$355,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $160.49
  • 6 Days on Market
  • MLS # : 14528942
  • Updated Date : 03/11/2021 at 12:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,212 sqft
  • Baths : 2 full
Listing Agent

Repeat Realty, Llc

Listing Agent's Description

MULTIPLE OFFERS! OFFER DEADLINE IS FRIDAY AT 5PM. Welcome to your new home! This one is move in ready and conveniently located off 121 in The Colony. Large 2nd bedroom with private entrance to bathroom can be used as second master suite or converted to a 4th bedroom. This one is perfect to entertain your guests with a open floorpan and oversized family and dinning room area. Pool sized backyard with a flat multiple car length drive way. Neighborhood pool is a short walk away.

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
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,233
Property Tax -$679
Property Insurance -$155
HOA -$37
Property Management Fees -$99
CASH FLOW
-$53

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.

$355,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.61%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,233

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$12,208

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,273

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1003$2,1004$2,1505$2,150
$2,150
RENT COMPS ANALYSIS
  • 6321 High Cliff Drive The Colony, TX 5
    • 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.97
    •  
  • 5813 Stone Mountain Road The Colony, TX 1
    • 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2008
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.01
    •  
  • 5826 Pinebrook Drive The Colony, TX 2
    • 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2008
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
  • 6309 Lost Valley Drive The Colony, TX 3
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2009
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
  • 5845 Pinebrook Drive The Colony, TX 4
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 2008
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.04
    •  
PROPERTY LISTING DETAILS
Denver Kemery
Repeat Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14528942
Last Updated: 03/11/2021
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