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5212 Colvin Court Mckinney, TX 75071

4 Beds 4 Baths 2,650 sqft Built 2017

$385,000

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $145.28
  • 3 Days on Market
  • MLS # : 14496280
  • Updated Date : 01/08/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,650 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

Looking for a new home but don't want to build? This pristine Chesmar was completed in 2017 and is ready ~ waiting for you! Located on a cul del sac, premium lot in the serene Willow Wood subdivision. Beautiful wood floors lead you into the family room and kitchen which includes quartz counters, subway tile backsplash, stainless steel appliances and gas cooktop. Owners retreat featuring master bath with separate vanities, soaking tub, and a separate shower is downstairs with a large closet that leads to the laundry room. Upstairs includes 3 secondary bedrooms, office and game room. Perfect for a growing family. Melissa ISD!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
Harry Mckillop Elementary School Primary Regular 718 41 9
Melissa Middle School Middle Regular 331 21 10
Melissa High School High Regular 583 35 8

Harry Mckillop Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 41
9
GreatSchools Rating

Melissa Middle School

  • Education Level: Middle
  • # of students: 331
  • # of teachers: 21
10
GreatSchools Rating

Melissa High School

  • Education Level: High
  • # of students: 583
  • # of teachers: 35
8
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$1,337
Property Tax -$725
Property Insurance -$180
HOA -$51
Property Management Fees -$99
CASH FLOW
-$102

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.

$385,000

PROJECTED PRICE

$2,290

PROJECTED RENT

0.59%

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-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,201

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,120

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0953$2,1954$2,2905$2,325
$2,325
RENT COMPS ANALYSIS
  • 5212 Colvin Court Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,650 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,650 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.86
    •  
  • 4109 Sioux Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
  • 505 Crystal Falls Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,886 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,886 Sqft ∙ Built 2004
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.73
    •  
  • 10824 Brownwood Place Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,658 Sqft ∙ Built 2019
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.83
    •  
  • 725 Rio Concho Trail Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,696 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,696 Sqft ∙ Built 2015
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,325
    • $0.86
    •  
PROPERTY LISTING DETAILS
Beverly Pruitt
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496280
Last Updated: 01/08/2021
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