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6916 Elliot Court The Colony, TX 75056

3 Beds 2 Baths 1,206 sqft Built 1984

$234,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $194.78
  • 6 Days on Market
  • MLS # : 14510967
  • Updated Date : 02/06/2021 at 11:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,206 sqft
  • Baths : 2 full
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

SELLER HAS RECEIVED MULTIPEL OFFERS. SUBIMIT YOUR HIGHEST AND BEST OFFER BY 6PM TODAY 2-6-21 Great home in the heart of The Colony with lots of natural light & vaulted ceilings 3 bed, 2 baths with extra-long flat driveway perfect for a boat, RV or work trucks. This home is situated on a beautiful, peaceful street. Fresh paint throughout. Walking distance to schools, parks and beautiful Stewart Creek Park w new beach, playground, fishing piers. Close to 121 and Grandscape!

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

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
Stewarts Creek Elementary School Primary Regular 416 30 3
Lakeview Middle School Middle Regular 817 62 3
The Colony High School High Regular 1,987 139 8

Stewarts Creek Elementary School

  • Education Level: Primary
  • # of students: 416
  • # of teachers: 30
3
GreatSchools Rating

Lakeview Middle School

  • Education Level: Middle
  • # of students: 817
  • # of teachers: 62
3
GreatSchools Rating

The Colony High School

  • Education Level: High
  • # of students: 1,987
  • # of teachers: 139
8
GreatSchools Rating
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$816
Property Tax -$449
Property Insurance -$97
Property Management Fees -$99
CASH FLOW
-$1

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.

$234,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.8%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$10,838

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $1,450

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,4993$1,5004$1,5005$1,525
$1,525
RENT COMPS ANALYSIS
  • 6916 Elliot Court The Colony, TX 1
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.21
    •  
  • 4424 Nervin Street The Colony, TX 2
    • 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $1.19
    •  
  • 6700 Elliot Court The Colony, TX 3
    • 3 beds 1 baths ∙ 1,246 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,246 Sqft ∙ Built 1984
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
  • 4253 Caldwell Avenue The Colony, TX 4
    • 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.20
    •  
  • 4201 Driscoll Drive The Colony, TX 5
    • 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,255 Sqft ∙ Built 1984
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.22
    •  
PROPERTY LISTING DETAILS
Amyn Ahmed
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14510967
Last Updated: 02/06/2021
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