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8024 Little Mill The Colony, TX 75056

3 Beds 3 Baths 2,082 sqft Built 2012

$449,900

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $216.09
  • 8 Days on Market
  • MLS # : 14500414
  • Updated Date : 01/23/2021 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,082 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

Stunning Single Story 3 Bed 2 & half bath + office in Award Winning Community, Tribute. Pride of ownership shines, the kitchen is a chef's dream, huge granite island & breakfast bar, lots of cabinets, gas, pull out drawers, gas cooktop large pantry & built in desk. Living is open to kitchen & features stone fireplace, making this the perfect area for entertaining. The master suite is tucked away, featuring, his & her sinks, garden tub, separate shower & walk-in closet. The secondary bedrooms are spacious & split from master, while the study is located in front, makes the perfect home office. Plantation shutters, hand scrapped wood floors & many more upgrades. Enjoy the covered patio, pergola & outdoor fireplace

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: Aberdeen at Tribute

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $120k523k

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

Neighborhood: Aberdeen at Tribute

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263174

* 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
Prestwick Stem Academy Primary Unknown 667 40 8
Prestwick Stem Academy Middle Unknown 667 40 8
Little Elm High School High Regular 1,866 97 6

Prestwick Stem Academy

  • Education Level: Primary
  • # of students: 667
  • # of teachers: 40
8
GreatSchools Rating

Prestwick Stem Academy

  • Education Level: Middle
  • # of students: 667
  • # of teachers: 40
8
GreatSchools Rating

Little Elm High School

  • Education Level: High
  • # of students: 1,866
  • # of teachers: 97
6
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,563
Property Tax -$861
Property Insurance -$148
HOA -$100
Property Management Fees -$99
CASH FLOW
-$340

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.

$449,900

PROJECTED PRICE

$2,430

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,415

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,238

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$2,0003$2,3504$2,4305$2,490
$2,490
RENT COMPS ANALYSIS
  • 8024 Little Mill The Colony, TX 4
    • 3 beds 3 baths ∙ 2,082 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,082 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.17
    •  
  • 3925 Oakmont Drive The Colony, TX 1
    • 3 beds 2 baths ∙ 1,732 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,732 Sqft ∙ Built 2000
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.09
    •  
  • 7617 W Shore Drive The Colony, TX 2
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 5169 Rolling Hills Drive Frisco, TX 3
    • 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 2007
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.11
    •  
  • 8328 Richmond The Colony, TX 5
    • 3 beds 3 baths ∙ 2,257 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,257 Sqft ∙ Built 2017
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.10
    •  
PROPERTY LISTING DETAILS
Karla Davis
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500414
Last Updated: 01/23/2021
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