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5112 Grove Cove Drive Mckinney, TX 75071

4 Beds 3 Baths 2,063 sqft Built 2013

$379,900

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $184.15
  • 2 Days on Market
  • MLS # : 14509668
  • Updated Date : 01/30/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,063 sqft
  • Baths : 3 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

Enjoy your back yard saltwater pool and spa this summer! Perfect outdoor entertaining space! Located in sought after Heatherwood community with Prosper schools. Walking distance to neighborhood Baker Elementary school and a 10 acre park with walking trails. This lovely home has been well maintained with 4 bedrooms and 3 full baths! MOVE RIGHT IN! Front bedroom has its own private bathroom with walk in shower. Kitchen has beautiful granite and a built in work station off to the side. Spacious master bedroom and tons of cabinet space in the master bathroom. Start planning your summer parties now

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
 

$341,910$417,890$379,900

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,320
Property Tax -$716
Property Insurance -$146
HOA -$33
Property Management Fees -$99
CASH FLOW
-$113

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.

$379,900

PROJECTED PRICE

$2,200

PROJECTED RENT

0.58%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% 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 $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$9,778

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,156

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,175
1$2,1752$2,2003$2,2004$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 5112 Grove Cove Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,063 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,063 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.07
    •  
  • 5221 Pinewood Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,172 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,172 Sqft ∙ Built 2012
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $1.00
    •  
  • 5601 Fringetree Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 2016
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 5204 Datewood Lane Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2014
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 5117 Datewood Lane Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,248 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,248 Sqft ∙ Built 2013
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.00
    •  
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 #: 14509668
Last Updated: 01/30/2021
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