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5417 Summit View Drive Mckinney, TX 75071

3 Beds 2 Baths 2,038 sqft Built 2006

$320,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $157.02
  • 3 Days on Market
  • MLS # : 14524718
  • Updated Date : 03/05/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,038 sqft
  • Baths : 2 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

This home has so much to offer. Starting with a view of the neighborhood pond and being close to park and pool. The master bedroom is spacious with a fireplace. Kitchen appliances are recent within the last 3 years. The backyard has a lovely covered patio. Energy efficient features such as solar panels and Crimsafe Solar security screens and doors, gas water heater and heat. There is also an Echo Water System. Professional photos coming soon. Information provided is deemed reliable but is not guaranteed and should be independently verified. Buyer or Buyer's Agent to verify measurements, schools, & taxes, etc. Please note video and or audio equipment by sellers may or may not be in use.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Summit View Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Summit View Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10382171

* 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
John A. Baker Elementary School Primary Regular 698 53 8
Prosper High School High Regular 1,868 120 9
John A. Baker Elementary School Primary Unknown NA

John A. Baker Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 53
8
GreatSchools Rating

Prosper High School

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

John A. Baker Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,111
Property Tax -$603
Property Insurance -$145
HOA -$92
Property Management Fees -$99
CASH FLOW
-$250

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

$1,800

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.7%
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-$8.0k-$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 70% 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

1.08

YEARS SAVED

$1,551

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
  • $0.88

    LIST RENT PER SQFT
  • $1,870

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8003$1,8004$1,8255$1,890
$1,890
RENT COMPS ANALYSIS
  • 5417 Summit View Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 2520 Slalom Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 2,020 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,020 Sqft ∙ Built 2011
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.89
    •  
  • 5425 Summit View Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2006
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
  • 5236 Bear Valley Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 2013
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.98
    •  
  • 5104 Promised Land Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,016 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,016 Sqft ∙ Built 2011
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.94
    •  
PROPERTY LISTING DETAILS
Pam Gossick
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14524718
Last Updated: 03/05/2021
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