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2705 Elmwood Court Mckinney, TX 75071

5 Beds 4 Baths 3,090 sqft Built 2006

$360,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $116.50
  • 5 Days on Market
  • MLS # : 14468061
  • Updated Date : 11/14/2020 at 11:13
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,090 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

5 bedroom, 3.5 baths backing to greenbelt and walking trail on cul-de-sac! New carpet and fresh paint both inside and out. Study, formal dining and large open kitchen and family room make this a great family home. Granite kitchen with spacious breakfast nook and pantry. Family room has wood burning fireplace, tile floors and great views of backyard. Secluded master bedroom with updated bath and walk in closet. Upstairs features a gameroom, 4 additional bedrooms and 2 full baths. 5th bedroom would also make a great media room. Incredible backyard with access to walking trail, lots of room for a pool or outdoor living area and kitchen. This home has is it all and is ready to welcome a new family!

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: Timber Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Timber Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10952171

* 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
Press Elementary School Primary Regular 495 40 5
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Press Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 40
5
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,328
Property Tax -$678
Property Insurance -$206
HOA -$35
Property Management Fees -$99
CASH FLOW
-$256

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$360,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

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-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,544

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,016

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0003$2,0504$2,0905$2,150
$2,150
RENT COMPS ANALYSIS
  • 2705 Elmwood Court Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,090 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,090 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.68
    •  
  • 2305 Spruce Meadow Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,891 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,891 Sqft ∙ Built 2001
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.66
    •  
  • 3125 Blue Sage Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 3,127 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,127 Sqft ∙ Built 2004
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.64
    •  
  • 3413 Timber Ridge Trail Mckinney, TX 3
    • 4 beds 3 baths ∙ 3,273 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,273 Sqft ∙ Built 2006
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.63
    •  
  • 3400 Timber Ridge Trail Mckinney, TX 5
    • 4 beds 3 baths ∙ 3,164 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,164 Sqft ∙ Built 2006
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.68
    •  
PROPERTY LISTING DETAILS
Kimberly Mccarty
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14468061
Last Updated: 11/14/2020
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