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1605 Berwick Drive Mckinney, TX 75072

5 Beds 4 Baths 3,991 sqft Built 2000

INVESTimate

$520,000

List Price

$3,120

$2,870 - $3,370

Rent Est.

$533,000  ( +2.50%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2000
  • Price/Sqft : $130.29
  • 9 Days on Market
  • MLS # : 14404627
  • Updated Date : 08/18/2020 at 11:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,991 sqft
  • Baths : 4 full
Listing Agent

Mccraw Properties

Listing Agent's Description

5 BEDROOM, 4 FULL BATHROOMS +3 CAR GARAGE HOME IN STONEBRIDGE RANCH. WALKING DISTANCE TO ELEMENTARY SCHOOL LARGE KITCHEN WITH STAINLESS STEEL APPLIANCES, CORIAN COUNTERTOPS, GRANITE ISLAND, GAS COOKTOP, DOUBLE OVENS, WALK IN PANTRY. MOST OF THE FLOORING IS ENGINEERED WOOD AND STAINED CONCRETE. MASTER PLUS GUEST ROOM DOWNSTAIRS, 3 BEDROOMS UPSTAIRS PLUS LARGE GAMEROOM WITH BUILT IN STUDY AREA MATURE LANDSCAPING AND TREES, LARGE BACKYARD WITH COVERED ARBOR. ROOF REPLACED IN 2018. 2 AC UNITS REPLACED IN 2020.

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

Neighborhood: Greenbriar

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k587k

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

Neighborhood: Greenbriar

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
Bennett Elementary School Primary Regular 491 31 10
Dowell Middle School Middle Regular 1,092 72 9
Mckinney Boyd High School High Regular 2,881 169 8

Bennett Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 31
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
 

$468,000$572,000$520,000

PURCHASE PRICE

$2,808$3,432$3,120

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,120
EXPENSES Loan Payment -$1,919
Property Tax -$979
Property Insurance -$258
HOA -$63
Property Management Fees -$99
CASH FLOW
-$197

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.

$520,000

PROJECTED PRICE

$3,120

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$143,550

INVESTMENT

$143,550

Down Payment
$130,000
Rehab Estimate
$5,750
Closing Costs
$7,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $130,000
Loan Amount $390,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$6,542

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,120

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $3,083

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,695
1$2,6952$2,7503$3,0504$3,1205$3,500
$3,500
RENT COMPS ANALYSIS
  • 1605 Berwick Drive Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,991 Sqft ∙ Built 2000 5 beds 4 baths ∙ 3,991 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $0.78
    •  
  • 15994 Trail Glen Drive Frisco, TX 1
    • 4 beds 4 baths ∙ 3,848 Sqft ∙ Built 2012 4 beds 4 baths ∙ 3,848 Sqft ∙ Built 2012
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.70
    •  
  • 15848 Meadow Spring Drive Frisco, TX 2
    • 5 beds 3 baths ∙ 3,783 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,783 Sqft ∙ Built 2011
    property image
    LEASED 03/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.73
    •  
  • 1508 Woodhaven Drive Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,962 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,962 Sqft ∙ Built 2000
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $0.77
    •  
  • 8709 Abbington Place Mckinney, TX 5
    • 5 beds 4 baths ∙ 3,914 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,914 Sqft ∙ Built 2018
    property image
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.89
    •  
PROPERTY LISTING DETAILS
Chris Mccraw
Mccraw Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14404627
Last Updated: 08/18/2020
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