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5004 Forest Lawn Drive Mckinney, TX 75071

3 Beds 2 Baths 2,113 sqft Built 1998

$335,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $158.54
  • 3 Days on Market
  • MLS # : 14531666
  • Updated Date : 03/12/2021 at 02:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,113 sqft
  • Baths : 2 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

Fabulous one story home with open concept has 3 bedrooms and an office and is located in the heart of Mckinney. Zoned for BOYD high school and walking distance to campus. Upgrades include wood look tile floors, new carpet (2021), new dishwasher (2021), new garbage disposal (2021), fresh neutral paint throughout the home, new tile in master shower, and more! Home has TONS of closets and high ceilings. MOVE RIGHT INTO this lovely home. Easy access to 380, 121 or 75. Community has a playground and a pool. Mckinney ISD

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: Villages of Lake Forest

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Villages of Lake Forest

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
Minshew Elementary School Primary Regular 656 41 8
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney Boyd High School High Regular 2,881 169 8

Minshew Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 41
8
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,164
Property Tax -$631
Property Insurance -$149
HOA -$39
Property Management Fees -$99
CASH FLOW
-$282

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.

$335,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.2%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$1,330

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,822

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8003$1,8954$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 5004 Forest Lawn Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 1998 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.85
    •  
  • 5001 Lake Crest Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,232 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,232 Sqft ∙ Built 1997
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.81
    •  
  • 5120 Grampian Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 2000
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.84
    •  
  • 5116 Forest Lawn Drive Mckinney, TX 4
    • 4 beds 2 baths ∙ 2,285 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,285 Sqft ∙ Built 1997
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 5016 Grampian Way Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 1999
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.97
    •  
PROPERTY LISTING DETAILS
Maureen Tedesco
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14531666
Last Updated: 03/12/2021
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