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1407 Lakewood Drive Mckinney, TX 75072

4 Beds 5 Baths 3,500 sqft Built 1994

$435,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $124.29
  • 2 Days on Market
  • MLS # : 14485471
  • Updated Date : 12/12/2020 at 15:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,500 sqft
  • Baths : 4 full , 1 half
Listing Agent

Keller Williams Frisco Stars

Listing Agent's Description

Stunningly maintained tree lined property in Meadow Ridge! Two story entrance with beautiful custom carpeted staircase. Great flow throughout, with study in front of the home. Soaring ceilings in the living space with wood flooring and gas fireplace. Large kitchen boasts double ovens, walk in pantry, granite counters and abundant storage space. Spacious owner suite offers seating area with bay window, huge ensuite with garden tub, updated walk in shower, dual sinks and walk in closet. Fantastic loft upstairs is perfect for a game room or extra living space and media room could be a 5th bedroom! Completely private backyard with lush hedges, large grassy area and extended patio for extra entertaining space!

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
 

$391,500$478,500$435,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$1,605
Property Tax -$819
Property Insurance -$229
HOA -$71
Property Management Fees -$99
CASH FLOW
-$273

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.

$435,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.59%

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-$10k-$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$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,027

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,546

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,5504$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 1407 Lakewood Drive Mckinney, TX 3
    • 4 beds 5 baths ∙ 3,500 Sqft ∙ Built 1994 4 beds 5 baths ∙ 3,500 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.73
    •  
  • 4906 Pecan Hill Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,488 Sqft ∙ Built 1993 4 beds 4 baths ∙ 3,488 Sqft ∙ Built 1993
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.69
    •  
  • 3921 Cockrill Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 3,631 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,631 Sqft ∙ Built 2004
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.69
    •  
  • 2020 Fleming Drive Mckinney, TX 4
    • 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
    •  
  • 3817 Landsdowne Drive Mckinney, TX 5
    • 4 beds 5 baths ∙ 3,529 Sqft ∙ Built 2005 4 beds 5 baths ∙ 3,529 Sqft ∙ Built 2005
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.75
    •  
PROPERTY LISTING DETAILS
Christie Cannon
Keller Williams Frisco Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14485471
Last Updated: 12/12/2020
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