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6862 Colonnade Drive Irving, TX 75039

3 Beds 3 Baths 2,657 sqft Built 2020

INVESTimate

$482,596

List Price

$2,870

$2,620 - $3,120

Rent Est.

$500,983  ( +3.81%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $181.63
  • 7 Days on Market
  • MLS # : 14417772
  • Updated Date : 08/21/2020 at 05:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,657 sqft
  • Baths : 2 full , 1 half
Listing Agent

David M. Weekley

Listing Agent's Description

Beautiful Home in Terraces of Las Colinas. The Spielman entry welcomes you with a private study perfect for working from home or a study area. The kitchen and dining room open to a huge family room with 2 story 20' high ceilings. Plenty of cabinets space and design upgrades create a chef's dream kitchen with an island and granite countertops. The family room spans the width of the home and makes it easy for gatherings, movie night, or games!  Going up to the 2nd floor, you'll have an extra space in a retreat to have as a reading area, workout space, or play room. The Owner's Retreat has large windows and the bath features a separate garden tub and shower with tile upgrades.

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

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $107k482k

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

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $10433419

* 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
La Villita Elementary School Primary Regular 584 34 7
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

La Villita Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 34
7
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$434,336$530,856$482,596

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

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-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,781
Property Tax -$1,501
Property Insurance -$181
HOA -$100
Property Management Fees -$99
CASH FLOW
-$791

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$482,596

PROJECTED PRICE

$2,870

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.81%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$129,888

INVESTMENT

$129,888

Down Payment
$120,649
Rehab Estimate
$2,000
Closing Costs
$7,239

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,781

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $120,649
Loan Amount $361,947
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$18

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,896

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,8703$2,9004$2,9005$2,995
$2,995
RENT COMPS ANALYSIS
  • 6862 Colonnade Drive Irving, TX 2
    • 3 beds 3 baths ∙ 2,657 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,657 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $1.08
    •  
  • 6815 Deleon Street Irving, TX 1
    • 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2015
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.03
    •  
  • 644 Courtyard Lane Irving, TX 3
    • 3 beds 3 baths ∙ 2,557 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,557 Sqft ∙ Built 2019
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.13
    •  
  • 7322 Comal Drive Irving, TX 4
    • 3 beds 3 baths ∙ 2,650 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,650 Sqft ∙ Built 2009
    LEASED 07/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.09
    •  
  • 423 Palacio Street Irving, TX 5
    • 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2013
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.11
    •  
PROPERTY LISTING DETAILS
Jimmy Rado
David M. Weekley
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417772
Last Updated: 08/21/2020
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