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8105 Richmond The Colony, TX 75056

4 Beds 5 Baths 3,522 sqft Built 2017

$550,000

List Price

$3,160

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $156.16
  • 5 Days on Market
  • MLS # : 14508440
  • Updated Date : 02/04/2021 at 17:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,522 sqft
  • Baths : 4 full , 1 half
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

GORGEOUS LIKE-NEW AMERICAN LEGEND BUILT HOME IN THE TRIBUTE! Surround yourself in the luxury of this 4 bedroom home boasting 19 ft. ceilings, handscraped wood floors, decorative lighting & wrought iron spindle spiral staircase. Entertain guests in the stunning kitchen graced with stainless steel appliances, quartz counters, 6 burner gas rangetop & tons of crisp white cabinets, or the spacious family room with a decorative tile fireplace. Escape to the luxury owner's suite showcasing a quartz dual sink vanity, semi frameless shower & huge walk-in closet with built-ins. Enjoy the media & game rooms upstairs, or the sizable backyard including a covered patio & great board-on-board fence. Offer Deadline-Sat. at 5PM

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
Lakeside Middle School Middle Regular 1,181 69 3
Little Elm High School High Regular 1,866 97 6

Lakeside Middle School

  • Education Level: Middle
  • # of students: 1,181
  • # of teachers: 69
3
GreatSchools Rating

Little Elm High School

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

$495,000$605,000$550,000

PURCHASE PRICE

$2,844$3,476$3,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,160
EXPENSES Loan Payment -$1,910
Property Tax -$1,064
Property Insurance -$231
HOA -$200
Property Management Fees -$99
CASH FLOW
-$344

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.

$550,000

PROJECTED PRICE

$3,160

PROJECTED RENT

0.57%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$4,259

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,160

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $3,478

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$3,160
1$3,1602$3,3003$3,3504$3,3955$3,499
$3,499
RENT COMPS ANALYSIS
  • 8105 Richmond The Colony, TX 1
    • 4 beds 5 baths ∙ 3,522 Sqft ∙ Built 2017 4 beds 5 baths ∙ 3,522 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $3,160
    • $0.90
    •  
  • 2832 London The Colony, TX 2
    • 4 beds 4 baths ∙ 3,337 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,337 Sqft ∙ Built 2018
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $0.99
    •  
  • 8236 Lindsay Gardens The Colony, TX 3
    • 4 beds 4 baths ∙ 3,381 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,381 Sqft ∙ Built 2013
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $0.99
    •  
  • 2940 Broughton The Colony, TX 4
    • 4 beds 4 baths ∙ 3,477 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,477 Sqft ∙ Built 2017
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $0.98
    •  
  • 8336 Richmond The Colony, TX 5
    • 4 beds 5 baths ∙ 3,518 Sqft ∙ Built 2017 4 beds 5 baths ∙ 3,518 Sqft ∙ Built 2017
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,499
    • $0.99
    •  
PROPERTY LISTING DETAILS
Russell Rhodes
Berkshire Hathawayhs Penfed Tx
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508440
Last Updated: 02/04/2021
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