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3008 Barkwood Drive Mckinney, TX 75071

3 Beds 2 Baths 1,587 sqft Built 2008

$270,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $170.13
  • 3 Days on Market
  • MLS # : 14501254
  • Updated Date : 01/29/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,587 sqft
  • Baths : 2 full
Listing Agent

Affinity Connect, Llc

Listing Agent's Description

STUNNING SINGLE OWNER DREES HOME. 2020 NEW ROOF, NEW FENCING (ON 2 SIDES), MASTER PLUMBED FOR TWO SINKS, WALK IN CLOSET, CORIAN COUNTERTOPS & UPGRADED CABINETS IN KITCHEN, HUGE UTILITY ROOM WITH SPACE FOR FREEZER, REFIGERATOR CONVEYS, WIRED FOR SURROUND SOUND, PATIO WIRED FOR FANS, SECURITY SYSTEM. OUTDOOR SPACE EXCELLENT FOR ENTERTAINING FAMILY AND FRIENDS. KICK BACK AND ENJOY. WONDERFUL NEIGHBORHOOD OFFERING AMENITIES INCLUSIVE OF COMMUNITY POOL, PLAYGROUND, FISHING, JOGGING BIKE PATH, GREENBELT AND MUCH MORE. CLOSE TO BAYLOR SCOTT AND WHITE HOSPITAL, SHOPPING AND RESTAURANTS. PROSPER ISD. PROFESSIONAL PICTURES COMING SOON, Waive lender requirement if offer is over asking. Need leaseback for one month

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: Heatherwood

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k350k

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

Neighborhood: Heatherwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
John A. Baker Elementary School Primary Regular 698 53 8
Prosper High School High Regular 1,868 120 9
John A. Baker Elementary School Primary Unknown NA

John A. Baker Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 53
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating

John A. Baker Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$938
Property Tax -$509
Property Insurance -$119
HOA -$33
Property Management Fees -$99
CASH FLOW
$12

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.

$270,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$13,050

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,535

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6503$1,7104$1,7755$1,795
$1,795
RENT COMPS ANALYSIS
  • 3008 Barkwood Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.08
    •  
  • 2329 Avalon Creek Way Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 2001
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.98
    •  
  • 2509 Avalon Creek Way Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.98
    •  
  • 1208 Evers Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2010
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.95
    •  
  • 1008 Evers Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2011
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.96
    •  
PROPERTY LISTING DETAILS
Traci Miller
Affinity Connect, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501254
Last Updated: 01/29/2021
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