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4905 Redwood Drive Mckinney, TX 75070

4 Beds 2 Baths 1,970 sqft Built 1997

$323,700

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $164.31
  • 3 Days on Market
  • MLS # : 14521365
  • Updated Date : 02/27/2021 at 10:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,970 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors Plano

Listing Agent's Description

DEADLINE FOR SUBMITTING OFFERS IS MARCH 1ST, 2021 MONDAY AT 8:00 PM Stylish 1 Story Address Offers 4 Bdrms Or 3 Bdrms & A Study Plus 2 Baths. Situated In Eldorado Heights On A Spacious CulDeSac Lot With Pleasurable Pool, Exterior Cooking Center & Play-yd. Enjoyable FDA With Custom Lighting, Fam Rm With Stacked Stone Gas FP, Wooden Mantle, Ceiling Speakers, CF & Great View Of Pool. Fam Rm Opens To Kit With Granite CT's, Breakfast Bar, Gas Cooktop & Oven, Prep Island, CT, Custom Lighting & WI Pantry. Spacious, Split Mstr With SA & Updated Mstr Bath, Separate Tub, Glass Shower Enclosure, Marble Countertops & WIC. The 2nd Bdrm Can Comfortably Be Just That Or A Study. WONDERFUL LOCATION GO AHEAD & CALL IT HOME!

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: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10542171

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Evans Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 90
8
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$291,330$356,070$323,700

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,124
Property Tax -$610
Property Insurance -$141
HOA -$13
Property Management Fees -$99
CASH FLOW
-$97

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.

$323,700

PROJECTED PRICE

$1,890

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,531

INVESTMENT

$91,531

Down Payment
$80,925
Rehab Estimate
$5,750
Closing Costs
$4,856

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,124

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,925
Loan Amount $242,775
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$8,411

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,891

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,845
1$1,8452$1,8503$1,8904$1,8955$1,900
$1,900
RENT COMPS ANALYSIS
  • 4905 Redwood Drive Mckinney, TX 3
    • 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.96
    •  
  • 4910 Silverweed Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 1998
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.91
    •  
  • 3702 Columbus Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,912 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,912 Sqft ∙ Built 1998
    property image
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.97
    •  
  • 3803 Rose Court Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,912 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,912 Sqft ∙ Built 1997
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.99
    •  
  • 4916 Redwood Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,968 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,968 Sqft ∙ Built 1998
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.97
    •  
PROPERTY LISTING DETAILS
Geri Cook-lenahan
Ebby Halliday, Realtors Plano
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521365
Last Updated: 02/27/2021
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