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

5301 Spicewood Mckinney, TX 75070

3 Beds 2 Baths 1,896 sqft Built 2001

INVESTimate

$295,000

List Price

$1,800

$1,620 - $1,980

Rent Est.

$319,397  ( +8.27%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $155.59
  • 5 Days on Market
  • MLS # : 14418086
  • Updated Date : 08/25/2020 at 11:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,896 sqft
  • Baths : 2 full
Listing Agent

The Michael Group

Listing Agent's Description

This beautiful and lovely one story home is close to everything; Shopping, entertainment and great schools, only minuets from 121 and 75, you would love hardwood in common areas, kitchen is completely redesigned, updated and upgraded with SS appliances overlooking comfortable family room, cozy backyard with area to grill, split bedrooms, two living rooms, breakfast room and formal dining room, solar screens.

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
Johnson Elementary School Primary Regular 583 36 6
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Johnson Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 36
6
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,620$1,980$1,800

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,088
Property Tax -$556
Property Insurance -$137
HOA -$29
Property Management Fees -$99
CASH FLOW
-$109

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.

$295,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.61%

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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$8,479

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,801

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7503$1,7504$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 5301 Spicewood Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.95
    •  
  • 3405 Wind Flower Lane Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002
    property image
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.93
    •  
  • 5309 Golden Wheat Lane Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,831 Sqft ∙ Built 2002
    property image
    LEASED 10/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 5304 Spicewood Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2001
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 5309 Spicewood Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2001
    property image
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.95
    •  
PROPERTY LISTING DETAILS
Javad Amjadi
The Michael Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418086
Last Updated: 08/25/2020
BESbswy