Need Advice on The Colony Property

[Marie Chiang]

Hi! I'm completely new to REI and am working with a turnkey company to purchase my first investment property. I will be going with a conventional loan with ~25% down. 'm mainly interested in passive income.

The property I'm looking at is located on Usher St. in The Colony, TX and has 4B/2BA, 2 car garage, is 2208 sq ft, built in 1980.

$41k in renovations have been done on it, and the asking price is $250,900.

Estimated rent range is $1895 to 1995/mo.

Does this seem like a decent purchase? Does the rent range seem reasonable? Is The Colony a good area to invest in?

[Manish Bahety]

I live in Frisco, right next to Colony. The area is up and coming with lot of new businesses. FM 423 passes through Colony and is currently being widened to 8 lanes (expected to complete end of 2017). I think rents will hold steady or increase in this area but you will do better if you had a property that will rent for $1600 or less. Once you go above that rent, your tenant pool is much smaller in this area - tenants can rent houses in nearby Frisco/Plano (better schools) once you go above $1800.

Here's more information on the 423 road construction:

http://www.ci.the-colony.tx.us/Resident/RoadRepair...