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7140 Longo Drive The Colony, TX 75056

3 Beds 2 Baths 1,923 sqft Built 1990

$319,900

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $166.35
  • 1 Days on Market
  • MLS # : 14532677
  • Updated Date : 03/13/2021 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,923 sqft
  • Baths : 2 full
Listing Agent

Superior Realty Llc

Listing Agent's Description

Complete remodel a year ago with beautiful full interior and exterior paint, new carpet, new ceramic tile flooring in all bathrooms, kitchen, living rooms and halls. New granite counters in kitchen and bathrooms. New elongated toilets. New stainless steel appliances. Frameless shower in the master bathroom. Storage building in back yard. Popcorn ceiling has been removed and the ceilings are like new. Split bedrooms offer great privacy for parents. New paint in garage. New light fixtures with brushed nickel finish. New door hardware. New paint on kitchen cabinets. All windows were replaced at a cost of $4,300. Occupied by tenant and will be available on May 1, 2021.

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: Northpointe

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $120k336k

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

Neighborhood: Northpointe

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11212171

* 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
B B Owen Elementary School Primary Regular 496 38 5
Griffin Middle School Middle Regular 765 57 5
The Colony High School High Regular 1,987 139 8

B B Owen Elementary School

  • Education Level: Primary
  • # of students: 496
  • # of teachers: 38
5
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
 

$287,910$351,890$319,900

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,111
Property Tax -$612
Property Insurance -$138
Property Management Fees -$99
CASH FLOW
-$160

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.

$319,900

PROJECTED PRICE

$1,800

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.9%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,524

INVESTMENT

$90,524

Down Payment
$79,975
Rehab Estimate
$5,750
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$4,888

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,822

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,755
1$1,7552$1,8003$1,8504$1,9005$2,000
$2,000
RENT COMPS ANALYSIS
  • 7140 Longo Drive The Colony, TX 2
    • 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.94
    •  
  • 5633 Usher Street The Colony, TX 1
    • 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1980
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,755
    • $0.93
    •  
  • 5700 Poole Drive The Colony, TX 3
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1990
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.99
    •  
  • 7124 Dee Cole Drive The Colony, TX 4
    • 4 beds 3 baths ∙ 2,095 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,095 Sqft ∙ Built 1990
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.91
    •  
  • 7105 Dee Cole Drive The Colony, TX 5
    • 4 beds 2 baths ∙ 2,076 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,076 Sqft ∙ Built 1990
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.96
    •  
PROPERTY LISTING DETAILS
Brian Patrick
Superior Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14532677
Last Updated: 03/13/2021
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