2217 Colby Ln · Wylie, TX 75098

$249,000

3 bd · 2.0 ba · 1,190 sqft · MultiFamily public records · 62 Days on market

Built 2009 3,485 sqft lot $31/mo HOA · 2% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Lovely half duplex with three bedrooms and two baths. Living area opens to the kitchen with breakfast bar and stainless appliances. Master suite features master bath with double vanity, garden tub, and separate shower. Yard with wood privacy fence. Beautiful community within walking distance to Lake Lavon, private pond and park right across the street.

Key facts

• Wooded greenspace
• Neighborhood park
• Breakfast bar

Tags

• BREAKFAST BAR
• STAINLESS STEEL APPLIANCES
• CUSTOM BUILT-IN BENCH
• WOODED GREENSPACE
• NEIGHBORHOOD PARK
• WALKING TRAILS

Property features AI

Finance

• Other: Subdivision: Wylie Lakes Ph 1b; Listing terms include Cash, Conventional, FHA and VA; Possession at closing/funding
• HOA & community: Mandatory HOA with semi-annual fee; HOA covers structure maintenance and management fees; Managed by SBB Community Management

Exterior

• Parking: Attached garage (garage faces rear) with garage door opener; Covered parking space; Garage dimensions approximately 10 ft wide by 20 ft long
• Security: Security system; Smoke detectors; Carbon monoxide detectors
• Utilities: City water; City sewer; All-weather road access; Concrete, curbs and sidewalk; Green energy-efficient appliances, thermostat and windows
• Home design: Single-family residence; One story; Property attached: Yes
• Construction: Built in 2009; Brick construction; Composition roof; Slab foundation
• Exterior features: Covered porch(es); Few trees; Greenbelt; Landscaped

Interior

• Kitchen: Breakfast bar; Built-in cabinets; Eat-in kitchen; Dishwasher; Electric oven; Electric range; Microwave; Vented exhaust fan; Electric water heater
• Bedrooms: Primary bedroom on main level with ensuite bath and walk-in closet; Two additional bedrooms on main level
• Flooring: Ceramic tile; Laminate; Tile
• Bathrooms: Two full bathrooms; Primary bathroom with dual sinks, garden tub and separate shower
• Heating & cooling: Central heating (electric); Central air (electric); Ceiling fans
• Interior features: Cable TV available; High-speed internet available; Eat-in kitchen; Vaulted ceilings; Walk-in closet(s); Window coverings
• Laundry & utility: Washer hookup; Electric dryer hookup; Utility room with built-in cabinets

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $234k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 4.0% in Wylie — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#419 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Wylie ISD (suburban): math 64% / reading 63% proficiency, ranked #28 of 826 in TX (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rita Smith El (math 67% / reading 67%, grade B+, #199 of 4,322 statewide, top 5%, 521 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: Rents soft (-1.4%/yr); 700 active listings in the ZIP; high-income renter base; 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).
• This rent runs 32% of the median local income ($122k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $234,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.74%
• DSCR: 1.57
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-2,650
• Equity at exit: $37,127

10-year hold

• IRR: 5.0%
• Equity multiple: 1.31×
• Total profit: $21,936
• Equity at exit: $21,529

Cash invested: $69,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75098

• Home prices YoY: -24.5%
• Rents YoY: -1.4%
• Active inventory: 700
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,262 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$396 /mo · $4,756/yr
• Insurance: −$104
• HOA: −$31
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $740

Break-even live

Break-even rent $2,325

Max offer price $249,000

Occupancy floor 72%

Sensitivity live

Price	-10% $881	-5% $811	+0% $740	+5% $670	+10% $599
Rent	-10% $482	-5% $611	+0% $740	+5% $869	+10% $998
Rate	-1.0pp $866	-0.5pp $803	base $740	+0.5pp $676	+1.0pp $610

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,262
Total (2 units)			$3,262

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $31 · $372/yr

Listing history 25 events

1. 2026-05-22
   status Pending
2. 2026-04-22
   historical Active Option Contract
3. 2026-03-20
   listed $249,000 Active
4. 2019-06-04
   soldstatus
5. 2019-05-29
   soldstatus Sold 354-char remark

   Show marketing remark (354 chars)

   Lovely half duplex with three bedrooms and two baths. Living area opens to the kitchen with breakfast bar and stainless appliances. Master suite features master bath with double vanity, garden tub, and separate shower. Yard with wood privacy fence. Beautiful community within walking distance to Lake Lavon, private pond and park right across the street.

6. 2019-05-09
   status Pending 354-char remark

   Show marketing remark (354 chars)

   Lovely half duplex with three bedrooms and two baths. Living area opens to the kitchen with breakfast bar and stainless appliances. Master suite features master bath with double vanity, garden tub, and separate shower. Yard with wood privacy fence. Beautiful community within walking distance to Lake Lavon, private pond and park right across the street.

7. 2019-05-01
   historical Active Option Contract 354-char remark

   Show marketing remark (354 chars)

   Lovely half duplex with three bedrooms and two baths. Living area opens to the kitchen with breakfast bar and stainless appliances. Master suite features master bath with double vanity, garden tub, and separate shower. Yard with wood privacy fence. Beautiful community within walking distance to Lake Lavon, private pond and park right across the street.

8. 2019-04-24
   listed $179,000 Active 354-char remark

   Show marketing remark (354 chars)

   Lovely half duplex with three bedrooms and two baths. Living area opens to the kitchen with breakfast bar and stainless appliances. Master suite features master bath with double vanity, garden tub, and separate shower. Yard with wood privacy fence. Beautiful community within walking distance to Lake Lavon, private pond and park right across the street.

9. 2018-11-19
   status Pending
10. 2018-11-11
    historical Active Option Contract
11. 2018-11-10
    historical
12. 2018-11-07
    listed $175,000 Active
13. 2014-04-02
    soldstatus
14. 2014-03-31
    soldstatus Closed
15. 2014-02-25
    status Pending
16. 2014-02-19
    listed Active Option Contract
17. 2013-12-31
    historical
18. 2013-08-30
    listed $124,990 Active
19. 2011-01-18
    historical
20. 2010-12-02
    status Pending
21. 2010-11-30
    historical Active Option Contract
22. 2010-07-02
    listed $119,990 Active
23. 2010-01-15
    soldstatus
24. 2009-12-21
    historical
25. 2009-12-08
    listed $119,990

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $4,756 · $396/mo
• Projected year-2 tax: $4,756 · $396/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,144
• − Mortgage interest: −$13,948
• − Property taxes: −$4,756
• − Insurance: −$1,245
• − Repairs & maintenance: −$3,132
• − Management: −$3,132
• − HOA: −$372
• − Depreciation: −$7,244
• Taxable income: $5,316
• Est. tax owed @ 24.0%: −$1,276
• After-tax cash flow: $7,605/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wylie ISD
• NCES district ID: 4846530
• Math proficiency: 64% ▼ -9.00%
• Reading proficiency: 63% ▼ -3.00%
• Median HH income: $84,145
• Composite: 57.25/100
• National rank: #1091
• State rank: #28 of 826 in TX

Livability — Wylie

• Score: 69/100
• State rank: #419
• US rank: #8623

Category grades

Amenities F Commute F Cost of living B Crime A+ Employment A+ Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wylie, TX
• County: Collin County · 1,159,394 people
• City population: 69,325
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 69,325
• Household income: $122,089
• Rent vs Own: 20.1% rent · 79.9% own
• Severe rent burden: 996.0

Population outlook (Collin County) Hauer SSP2

• Today (2025): 1,210,074 people
• By 2030: 1,358,201 · +12.2%
• By 2040: 1,654,061 · +36.7%
• By 2050: 1,937,359 · +60.1%
• By 2075: 2,567,039 · +112.1%
• By 2100: 2,952,048 · +144.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 51% Hispanic / Latino 19% Two or more races 15% Black 13% Asian 11%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 2%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 14% Other Indo-European 4% Vietnamese 2%

Political lean MEDSL · Collin

• 2024 margin: R (+11.1) · D 43.1% · R 54.3% · Other 2.6%
• 2008→2024 swing: +14.4pp toward D · 2008: -25.6pp · 2024: -11.1pp
• All cycles: 2024: R+11.1 2020: R+4.3 2016: R+17.0 2012: R+31.6 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.91%
• Current HPI: 261.9973
• Rent YoY: ▼ -1.39%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

+107.5% since first listed

25 events — show timeline

• 2026-05-22 Pending — NTREIS
• 2026-04-22 Contingent — NTREIS
• 2026-03-20 Listed $249,000 NTREIS
• 2019-06-04 Sold (Public Records) — Public Records
• 2019-05-29 Sold (MLS) — NTREIS
• 2019-05-09 Pending — NTREIS
• 2019-05-01 Contingent — NTREIS
• 2019-04-24 Listed $179,000 NTREIS
• 2018-11-19 Pending — NTREIS
• 2018-11-11 Contingent — NTREIS
• 2018-11-10 Listing Removed — NTREIS
• 2018-11-07 Listed $175,000 NTREIS
• 2014-04-02 Sold (Public Records) — Public Records
• 2014-03-31 Sold (MLS) — NTREIS
• 2014-02-25 Pending — NTREIS
• 2014-02-19 Listed — NTREIS
• 2013-12-31 Listing Removed — NTREIS
• 2013-08-30 Listed $124,990 NTREIS
• 2011-01-18 Listing Removed — NTREIS
• 2010-12-02 Pending — NTREIS
• 2010-11-30 Contingent — NTREIS
• 2010-07-02 Listed $119,990 NTREIS
• 2010-01-15 Sold (MLS) — NTREIS
• 2009-12-21 Listing Removed — NTREIS
• 2009-12-08 Listed $119,990 NTREIS

Property tax history

+16.5%/yr

Latest (2025): $4,756 · -5.1% YoY. Source: county tax records.