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7700 Underwood Drive The Colony, TX 75056

3 Beds 2 Baths 1,620 sqft Built 1981

INVESTimate

$269,000

List Price

$1,460

$1,314 - $1,606

Rent Est.

$292,591  ( +8.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $166.05
  • 8 Days on Market
  • MLS # : 14415509
  • Updated Date : 08/24/2020 at 07:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,620 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Frisco Stars

Listing Agent's Description

Fantastic greenbelt views on a premium lot! This home is pristine, with fresh paint inside and out, great curb appeal, and updated venetian blinds! Beautiful floor to ceiling brick fireplace as the focal point in the living space, as well as vaulted ceilings and an amazing view of the backyard and greenspace! Perfectly sized kitchen offers granite counters, and large window with bench seat! Garage has tons of storage and work space, with enough room to park as well. Back patio has been extended with paver stone which offers plenty of space for an outdoor living center to enjoy the relaxing view. Minutes away from all of the dining, shopping and entertainment of The Colony, as well as Lake Lewisville!

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
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
 

$242,100$295,900$269,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$992
Property Tax -$515
Property Insurance -$121
Property Management Fees -$99
CASH FLOW
-$267

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.

$269,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.77%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$938

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
  • $0.9

    LIST RENT PER SQFT
  • $1,620

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,7003$1,7004$1,7255$1,750
$1,750
RENT COMPS ANALYSIS
  • 7700 Underwood Drive The Colony, TX 1
    • 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 1981
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.90
    •  
  • 5716 Trego Street The Colony, TX 2
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983
    property image
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.97
    •  
  • 5801 Trego Circle The Colony, TX 3
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1983
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.97
    •  
  • 5601 Squires Drive The Colony, TX 4
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.01
    •  
  • 5720 Terry Street The Colony, TX 5
    • 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 1983
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.05
    •  
PROPERTY LISTING DETAILS
Christie Cannon
Keller Williams Frisco Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415509
Last Updated: 08/24/2020
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