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505 Lake Weatherford Mckinney, TX 75071

3 Beds 2 Baths 2,152 sqft Built 2016

$380,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $176.58
  • 4 Days on Market
  • MLS # : 14510719
  • Updated Date : 03/18/2021 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,152 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

BEAUTIFUL Highland Built 1 Story Home with Brick and Stone Elevation! Upgrades, Hardwood Floors, Open Floorplan, Natural Light! Kitchen is open to Dining and Living Area, and features Gas Cooktop, Granite Countertops, Subway tile backsplash, Island, Stainless Appliances, Pantry! Large Living Room features gorgeous stone fireplace! Master Suite is split from Secondary Bedrooms. Master Bathroom with extended vanity, dual sinks, garden tub, walk in shower! 2nd Living could be play room, home school, or workout area! Study with French Doors faces front yard and view to Park! Extended Patio and Private Backyard! Utility Room with Cabinets! Enjoy Community Pools, Walking Trails, Clubhouse and more!

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,320
Property Tax -$740
Property Insurance -$152
HOA -$75
Property Management Fees -$99
CASH FLOW
-$405

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.

$380,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.0%
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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$346

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,206

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,980
1$1,9802$2,0953$2,1004$2,1505$2,500
$2,500
RENT COMPS ANALYSIS
  • 505 Lake Weatherford Mckinney, TX 1
    • 3 beds 2 baths ∙ 2,152 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,152 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.92
    •  
  • 908 Llano Falls Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,003 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,003 Sqft ∙ Built 2015
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.05
    •  
  • 208 Crescent Avenue Melissa, TX 3
    • 4 beds 2 baths ∙ 2,078 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,078 Sqft ∙ Built 2020
    LEASED 01/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.01
    •  
  • 7417 San Jacinto Trail Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 2015
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.96
    •  
  • 8524 Lake Arrowhead Trail Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,321 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,321 Sqft ∙ Built 2019
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.08
    •  
PROPERTY LISTING DETAILS
Rhonda Bennett
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14510719
Last Updated: 03/18/2021
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