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1310 Lakewood Drive Mckinney, TX 75072

4 Beds 4 Baths 3,258 sqft Built 1991

$425,000

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $130.45
  • 5 Days on Market
  • MLS # : 14462967
  • Updated Date : 10/30/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,258 sqft
  • Baths : 4 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

Priced to SELL. Beautiful GOLF COURSE lot in McKinney's sought after Stonebridge Ranch. This spacious home features 4 bedrooms and 4 baths. Primary and secondary bedroom down. Beautiful views from the master, living areas, second floor balcony and backyard. Welcoming hardwood floors and soaring ceilings. Large kitchen complete with gas range, double ovens, center island and granite counters. The first floor primary retreat features a fireplace and spa-like bathroom. The 3rd car garage has been converted into an oversized dream closet (can easily be converted back). Original closet has been converted into a small bedroom or study. All this home needs is a designer's touch. Home sold as is.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Meadow Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Meadow Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Glen Oaks Elementary School Primary Regular 481 30 10
Dowell Middle School Middle Regular 1,092 72 9
Mckinney Boyd High School High Regular 2,881 169 8

Glen Oaks Elementary School

  • Education Level: Primary
  • # of students: 481
  • # of teachers: 30
10
GreatSchools Rating

Dowell Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 72
9
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$1,568
Property Tax -$896
Property Insurance -$215
HOA -$67
Property Management Fees -$99
CASH FLOW
-$206

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$425,000

PROJECTED PRICE

$2,640

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$3,097

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,647

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6004$2,6405$2,750
$2,750
RENT COMPS ANALYSIS
  • 1310 Lakewood Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,258 Sqft ∙ Built 1991 4 beds 4 baths ∙ 3,258 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $0.81
    •  
  • 5600 Briar Ridge Circle Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,018 Sqft ∙ Built 1993 4 beds 4 baths ∙ 3,018 Sqft ∙ Built 1993
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.80
    •  
  • 1600 Templegate Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,116 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,116 Sqft ∙ Built 2005
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.80
    •  
  • 2020 Fleming Drive Mckinney, TX 3
    • 5 beds 3 baths ∙ 3,334 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,334 Sqft ∙ Built 1999
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.78
    •  
  • 5421 N Briar Ridge Circle Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 1991 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 1991
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.87
    •  
PROPERTY LISTING DETAILS
Jennifer Irwin
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462967
Last Updated: 10/30/2020
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