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5005 Birchwood Drive Mckinney, TX 75071

3 Beds 3 Baths 2,551 sqft Built 2010

$359,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $140.73
  • 4 Days on Market
  • MLS # : 14503964
  • Updated Date : 01/23/2021 at 18:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,551 sqft
  • Baths : 3 full
Listing Agent

Fathom Realty

Listing Agent's Description

Multiple offers received - highest and best due by 2PM on 1-24! Gorgeous award-winning former model home with upgrades galore. This popular 1.5 story floorplan is open and bright, features granite countertops, walk-in pantry & gas stove. All floors are either hand-scraped solid hardwood or tile–no carpet! Enjoy the large covered back patio with built-in outdoor kitchen with sink! This home has been VERY gently lived in. All bedrooms are down, including media room (prewired). This functional & versatile floorplan has a large game room upstairs with its own full bath and can be used as a fourth bedroom, MIL suite, etc. Home is walking distance to pool, splash pad, park, and neighborhood elem school. Welcome HOME!

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: 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
Lorene Rogers Middle School Primary Regular 1,184 72 9
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Lorene Rogers Middle School

  • Education Level: Primary
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

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

$323,100$394,900$359,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,247
Property Tax -$676
Property Insurance -$175
HOA -$33
Property Management Fees -$99
CASH FLOW
-$179

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.

$359,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.57%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$5,192

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,085

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,945
1$1,9452$1,9953$2,0504$2,0755$2,200
$2,200
RENT COMPS ANALYSIS
  • 5005 Birchwood Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,551 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,551 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.80
    •  
  • 5024 Birchwood Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 2,298 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,298 Sqft ∙ Built 2010
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.85
    •  
  • 5012 Alpine Meadows Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2006
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 5120 Sweetgum Court Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 2005
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
  • 5109 Fringetree Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,624 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,624 Sqft ∙ Built 2012
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.84
    •  
PROPERTY LISTING DETAILS
Wendy Holcomb
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503964
Last Updated: 01/23/2021
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