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8245 Richmond The Colony, TX 75056

3 Beds 3 Baths 2,252 sqft Built 2018

$495,000

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $219.80
  • 4 Days on Market
  • MLS # : 14512774
  • Updated Date : 02/06/2021 at 17:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,252 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

Wonderful single story American Legend home on an oversized lot in The Tribute. Walking distance to the school and plenty of room to build a pool! Home features hand scraped hardwoods, screened in porch, SS smart appliances, granite in kitchen, quartz in master bathroom, app controlled sprinkler system, appliances and more! This one has two office areas. The main office has built in shelves and the dinning area has a built in desk. Perfect for working at home or for the kids. The garage also has a work space area. Great location close to shopping, two of the best golf courses in the area and 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
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
 

$445,500$544,500$495,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,719
Property Tax -$947
Property Insurance -$157
HOA -$100
Property Management Fees -$99
CASH FLOW
-$683

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.

$495,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$26

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,342

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0003$2,1504$2,3405$2,350
$2,350
RENT COMPS ANALYSIS
  • 8245 Richmond The Colony, TX 4
    • 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $1.04
    •  
  • 7617 W Shore Drive The Colony, TX 1
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 12132 Knots Lane Frisco, TX 2
    • 3 beds 2 baths ∙ 2,021 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,021 Sqft ∙ Built 2012
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.99
    •  
  • 11812 Summer Springs Drive Frisco, TX 3
    • 3 beds 2 baths ∙ 2,020 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,020 Sqft ∙ Built 2013
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.06
    •  
  • 5169 Rolling Hills Drive Frisco, TX 5
    • 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,125 Sqft ∙ Built 2007
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.11
    •  
PROPERTY LISTING DETAILS
Kim Rygh
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 #: 14512774
Last Updated: 02/06/2021
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