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5304 Grove Cove Drive Mckinney, TX 75071

3 Beds 3 Baths 2,266 sqft Built 2013

$358,750

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $158.32
  • 3 Days on Market
  • MLS # : 14481272
  • Updated Date : 12/05/2020 at 10:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,266 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ebby Halliday, Allen-fairview-

Listing Agent's Description

Come see this beautifully maintained Highland Horizon Home before it's gone!Great open floorplan,3 bdrms and an office-could be a 4th bdrm.Lots of natural light, kitchen is open to family room and features a large center island, elec. oven,gas cooktop,built in microwave, and lots of cabinet storage.Wood floors in living areas,carpet in the bedrooms.Just before you enter the spacious master bedroom suite is an alcove with built in desk space,perfect as a second office area.Enjoy the Texas seasons from your covered patio as you look out onto the pool sized backyard! Walking distance to Prosper ISD's Baker Elem.,parks,walking paths,easy access to shopping,freeways,and only minutes from Historic Downtown McKinney.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

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
Lorene Rogers Middle School Primary Regular 1,184 72 9
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Lorene Rogers Middle School

  • Education Level: Primary
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$322,875$394,625$358,750

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,324
Property Tax -$676
Property Insurance -$158
HOA -$33
Property Management Fees -$99
CASH FLOW
-$179

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.

$358,750

PROJECTED PRICE

$2,110

PROJECTED RENT

0.59%

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

PROJECTED ANNUAL CASH FLOW

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

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$100,819

INVESTMENT

$100,819

Down Payment
$89,688
Rehab Estimate
$5,750
Closing Costs
$5,381

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,324

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,688
Loan Amount $269,063
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,350

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,147

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1003$2,1104$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 5304 Grove Cove Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,266 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,266 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.93
    •  
  • 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 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.92
    •  
  • 5400 Fringetree Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,301 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,301 Sqft ∙ Built 2016
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.91
    •  
  • 5124 Fringetree Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2012
    LEASED 11/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.96
    •  
  • 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
Michael Tunnell
Ebby Halliday, Allen-fairview-
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481272
Last Updated: 12/05/2020
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