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5217 Boxwood Lane Mckinney, TX 75070

5 Beds 3 Baths 2,904 sqft Built 1998

INVESTimate

$355,000

List Price

$2,050

$1,845 - $2,255

Rent Est.

$384,359  ( +8.27%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $122.25
  • 3 Days on Market
  • MLS # : 14410474
  • Updated Date : 08/25/2020 at 02:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,904 sqft
  • Baths : 2 full , 1 half
Listing Agent

Corum Realty

Listing Agent's Description

Highly sought-after Eldorado Heights is offering this well-maintained gem. Find your way home to a tranquil backyard with an updated private 8 ft fence. Invite friends & family to enjoy this well-lit custom-built patio cover with stamped concrete for entertaining, parties or a relaxing cook-out. Custom stone flower beds compliment the front & backyard, roof replaced 2017, full gutters, freshly stained exterior trim. Covered outside storage at the sideyard. Large eat-in kitchen with granite countertops, SS appliances, island & breakfast bar. Spacious master suite offers sitting area, dual sinks, separate shower, tub & walk in closet. Formal living, dinning & downstairs office could be 6th bedroom. Must see!

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: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10542171

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Evans Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 90
8
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,310
Property Tax -$669
Property Insurance -$195
HOA -$29
Property Management Fees -$99
CASH FLOW
-$252

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.

$355,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.27%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,587

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
  • $0.71

    LIST RENT PER SQFT
  • $2,178

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,0503$2,2004$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 5217 Boxwood Lane Mckinney, TX 2
    • 5 beds 3 baths ∙ 2,904 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,904 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.71
    •  
  • 3929 Iris Court Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 2001
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.70
    •  
  • 5720 Calloway Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,889 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,889 Sqft ∙ Built 2005
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.76
    •  
  • 5701 Silver Buckle Drive Mckinney, TX 4
    • 5 beds 3 baths ∙ 3,084 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,084 Sqft ∙ Built 2006
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.75
    •  
  • 5700 Silver Spur Mckinney, TX 5
    • 4 beds 3 baths ∙ 3,028 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,028 Sqft ∙ Built 2007
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.79
    •  
PROPERTY LISTING DETAILS
John Ferraro
Corum Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14410474
Last Updated: 08/25/2020
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