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

5324 Devils River Drive Mckinney, TX 75071

3 Beds 3 Baths 2,306 sqft Built 2003

$320,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $138.77
  • 3 Days on Market
  • MLS # : 14523033
  • Updated Date : 02/26/2021 at 18:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,306 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This McKinney two-story cul-de-sac home offers a two-car garage. Home utilities may be turned off due to weather conditions. This home has been virtually staged to illustrate its potential.

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: Brookview

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Brookview

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10022171

* 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
Minshew Elementary School Primary Regular 656 41 8
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney Boyd High School High Regular 2,881 169 8

Minshew Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 41
8
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,111
Property Tax -$603
Property Insurance -$160
HOA -$95
Property Management Fees -$99
CASH FLOW
-$188

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.

$320,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.4%
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

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$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,094

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,891

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7953$1,8804$1,8955$2,195
$2,195
RENT COMPS ANALYSIS
  • 5324 Devils River Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.82
    •  
  • 5328 Devils River Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 2003
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 5417 Pandale Valley Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 505 Rocky Springs Drive Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004
    LEASED 12/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.82
    •  
  • 5501 Stone Cliff Court Mckinney, TX 5
    • 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2002
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.88
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14523033
Last Updated: 02/26/2021
BESbswy