Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7021 Avery Lane Colleyville, TX 76034

4 Beds 4 Baths 3,642 sqft Built 2016

$599,000

List Price

$3,260

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $164.47
  • 3 Days on Market
  • MLS # : 14526178
  • Updated Date : 03/05/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,642 sqft
  • Baths : 4 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Don’t miss out on this beautiful 4 bedroom, 4 full bath, 2-story home located in Somerset Manor, Colleyville. You can’t help but enjoy this quite, extremely private gated community. Let the grand entry with 20 foot ceilings & on-trend colors welcome you to this move-in ready home. Kitchen features granite counters, island with breakfast bar overlooking the spacious living room with fireplace. Downstairs you will find the large split master offering a quiet haven from busy family life & guest suite. Upstairs you will find the perfect kid’s retreat with 2 bedrooms each with en-suite baths, game room & theater. No doubt a great home for entertaining. Enjoy the community’s private pond, walking trails & gazebo.

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: North Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $123k731k

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

Neighborhood: North Colleyville

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000320034003600Rent in $11263769

* 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
Liberty Elementary School Primary Regular 389 29 10
Keller High School High Regular 2,645 145 10
Liberty Elementary School Primary Unknown NA

Liberty Elementary School

  • Education Level: Primary
  • # of students: 389
  • # of teachers: 29
10
GreatSchools Rating

Keller High School

  • Education Level: High
  • # of students: 2,645
  • # of teachers: 145
10
GreatSchools Rating

Liberty Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,934$3,586$3,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,260
EXPENSES Loan Payment -$2,081
Property Tax -$1,154
Property Insurance -$238
HOA -$133
Property Management Fees -$99
CASH FLOW
-$445

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.

$599,000

PROJECTED PRICE

$3,260

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 5.0%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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$10k$15k

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$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$2,910

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,260

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $3,997

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$3,260
1$3,2602$3,5003$3,6004$3,7995$4,100
$4,100
RENT COMPS ANALYSIS
  • 7021 Avery Lane Colleyville, TX 1
    • 4 beds 4 baths ∙ 3,642 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,642 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,260
    • $0.90
    •  
  • 2416 Creekwood Court Keller, TX 2
    • 4 beds 3 baths ∙ 3,374 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,374 Sqft ∙ Built 2002
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.04
    •  
  • 600 Eagle Court Keller, TX 3
    • 4 beds 4 baths ∙ 3,324 Sqft ∙ Built 1998 4 beds 4 baths ∙ 3,324 Sqft ∙ Built 1998
    property image
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.08
    •  
  • 7017 Benjamin Way Colleyville, TX 4
    • 4 beds 4 baths ∙ 3,500 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,500 Sqft ∙ Built 2015
    property image
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,799
    • $1.09
    •  
  • 3041 Bear Creek Parkway Keller, TX 5
    • 4 beds 4 baths ∙ 3,466 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,466 Sqft ∙ Built 2015
    property image
    LEASED 12/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $1.18
    •  
PROPERTY LISTING DETAILS
Marcy Barkemeyer
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14526178
Last Updated: 03/05/2021
BESbswy