Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

512 Turkey Creek Mckinney, TX 75071

4 Beds 4 Baths 3,347 sqft Built 2020

$567,990

List Price

$2,970

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $169.70
  • 5 Days on Market
  • MLS # : 14473219
  • Updated Date : 11/20/2020 at 09:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,347 sqft
  • Baths : 4 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Award winning Drees Custom Home is splendidly spacious. Enjoy a luxurious one and half story home that includes traditional spaces, as well as an open layout for the family room, kitchen, and breakfast room. This open living area along with the covered porch creates an ideal space for relaxing evenings The second story includes a fourth bedroom with private bath plus a game room.

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

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Press Elementary School Primary Regular 495 40 5
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Press Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 40
5
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$511,191$624,789$567,990

PURCHASE PRICE

$2,673$3,267$2,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,970
EXPENSES Loan Payment -$2,096
Property Tax -$1,070
Property Insurance -$221
HOA -$100
Property Management Fees -$99
CASH FLOW
-$615

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$567,990

PROJECTED PRICE

$2,970

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) 3.00%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$152,517

INVESTMENT

$152,517

Down Payment
$141,998
Rehab Estimate
$2,000
Closing Costs
$8,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,096

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $141,998
Loan Amount $425,993
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$862

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,970

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,979

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7503$2,9504$2,9705$3,100
$3,100
RENT COMPS ANALYSIS
  • 512 Turkey Creek Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,347 Sqft ∙ Built 2020 4 beds 4 baths ∙ 3,347 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,970
    • $0.89
    •  
  • 408 Lake Weatherford Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,129 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,129 Sqft ∙ Built 2018
    property image
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.86
    •  
  • 313 Village Creek Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2018 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2018
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.90
    •  
  • 7916 Wichita Falls Boulevard Mckinney, TX 3
    • 5 beds 5 baths ∙ 3,195 Sqft ∙ Built 2017 5 beds 5 baths ∙ 3,195 Sqft ∙ Built 2017
    property image
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.92
    •  
  • 709 Winter Creek Drive Mckinney, TX 5
    • 5 beds 5 baths ∙ 3,509 Sqft ∙ Built 2019 5 beds 5 baths ∙ 3,509 Sqft ∙ Built 2019
    property image
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $0.88
    •  
PROPERTY LISTING DETAILS
Jeanie Douthitt
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 #: 14473219
Last Updated: 11/20/2020
BESbswy