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5917 Bellflower Drive Mckinney, TX 75071

4 Beds 2 Baths 2,174 sqft Built 2020

$386,500

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $177.78
  • 6 Days on Market
  • MLS # : 14464581
  • Updated Date : 11/03/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,174 sqft
  • Baths : 2 full
Listing Agent

Jagjit Singh

Listing Agent's Description

Ask about our MEGAsale promotion of 6 months mortgage on us. Megatel Homes will credit the first 6 months of your new mortgage payment. See your community sales consultant for full details. contract and MEGA sale addendum must be signed between July 23rd, 2020 through December 31st, 2020. Mortgage payment refers to principal and interest only. Additional restrictions apply. Megatel Homes reserves the right to change or cancel the program at any time.

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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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
 

$347,850$425,150$386,500

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,426
Property Tax -$728
Property Insurance -$153
HOA -$81
Property Management Fees -$99
CASH FLOW
-$297

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$386,500

PROJECTED PRICE

$2,190

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 3.00%
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

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$104,423

INVESTMENT

$104,423

Down Payment
$96,625
Rehab Estimate
$2,000
Closing Costs
$5,798

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,426

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,625
Loan Amount $289,875
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,129

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,141

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0453$2,1004$2,1005$2,190
$2,190
RENT COMPS ANALYSIS
  • 5917 Bellflower Drive Mckinney, TX 5
    • 4 beds 2 baths ∙ 2,174 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,174 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.01
    •  
  • 5820 Fremont Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 2,007 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,007 Sqft ∙ Built 2016
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 5636 Grove Cove Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 2016
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $1.02
    •  
  • 5609 Datewood Lane Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2015
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.92
    •  
  • 4012 Eaton Park Drive Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,104 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,104 Sqft ∙ Built 2015
    property image
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.00
    •  
PROPERTY LISTING DETAILS
Jagjit Singh
Jagjit Singh
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14464581
Last Updated: 11/03/2020
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