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5644 Binbranch Lane Mckinney, TX 75071

3 Beds 3 Baths 2,255 sqft Built 2012

$365,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $161.86
  • 2 Days on Market
  • MLS # : 14503624
  • Updated Date : 01/23/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,255 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp And Associates Mckinney

Listing Agent's Description

Professional photos will be entered 1-25. Pride in ownership shows in this immaculately kept Megatel home. When you walk through the beautiful front door you will be greeted with 18 inch diagonally laid ceramic tile. You will notice the recently refinished hardwood floors. The recently extended patio gives you plenty of room for gatherings in the sun or in the shade. You will also notice a brand new board on board fence. This is a move-in ready home and will not last long.

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: Robinson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k373k

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

Neighborhood: Robinson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262252

* 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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,268
Property Tax -$687
Property Insurance -$158
HOA -$48
Property Management Fees -$99
CASH FLOW
-$60

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.

$365,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.0%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$12,164

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,300

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2003$2,2004$2,2005$2,450
$2,450
RENT COMPS ANALYSIS
  • 5644 Binbranch Lane Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,255 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,255 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.98
    •  
  • 5609 Granada Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 5500 Centeridge Lane Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.05
    •  
  • 5612 Binbranch Lane Mckinney, TX 3
    • 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2011
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
  • 5501 Ridgepass Lane Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,307 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,307 Sqft ∙ Built 2016
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.06
    •  
PROPERTY LISTING DETAILS
Linda White
Jp And Associates Mckinney
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503624
Last Updated: 01/23/2021
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