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6700 Sleepy River Street Mckinney, TX 75070

4 Beds 3 Baths 3,387 sqft Built 2017

$619,000

List Price

$3,070

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $182.76
  • 8 Days on Market
  • MLS # : 14499429
  • Updated Date : 01/17/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,387 sqft
  • Baths : 3 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Beautiful, energy efficient, top of the line former Normandy Homes model in Watters Branch!Frisco ISD! White brick, prime location off hwy 121! Fully loaded kitchen with built in SS fridge, custom mirrored cabinets & beautiful brick accent wall in breakfast nook & dining floor. Open concept kitchen & living area with wood beam vaulted ceilings, opens up to sliding patio door and pergola dining area in backyard-great for entertaining! High vaulted ceilings in master bedroom with hardwood flooring, 2nd bedroom & office downstairs, with game+media room +2 bedrooms upstairs. Automatic shades and custom shutters throughout home recently added as well as modern light fixtures!

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k356k

* 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
Edris Elliott Elementary School Primary Regular 536 33 6
Scoggins Middle School Middle Regular 790 57 9
Independence High School High Unknown 1,161 102 9

Edris Elliott Elementary School

  • Education Level: Primary
  • # of students: 536
  • # of teachers: 33
6
GreatSchools Rating

Scoggins Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 57
9
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 1,161
  • # of teachers: 102
9
GreatSchools Rating
 

$557,100$680,900$619,000

PURCHASE PRICE

$2,763$3,377$3,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,070
EXPENSES Loan Payment -$2,150
Property Tax -$1,166
Property Insurance -$223
HOA -$93
Property Management Fees -$99
CASH FLOW
-$661

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.

$619,000

PROJECTED PRICE

$3,070

PROJECTED RENT

0.50%

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) 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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$169,785

INVESTMENT

$169,785

Down Payment
$154,750
Rehab Estimate
$5,750
Closing Costs
$9,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$2,150

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $154,750
Loan Amount $464,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$519

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,070

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $3,116

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$2,790
1$2,7902$2,9003$3,0704$3,4505$3,495
$3,495
RENT COMPS ANALYSIS
  • 6700 Sleepy River Street Mckinney, TX 3
    • 4 beds 3 baths ∙ 3,387 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,387 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $3,070
    • $0.91
    •  
  • 4420 Querida Avenue Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,459 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,459 Sqft ∙ Built 2017
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $0.81
    •  
  • 5916 Adair Lane Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,296 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,296 Sqft ∙ Built 2017
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.88
    •  
  • 8005 Chickasaw Trail Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,561 Sqft ∙ Built 2019 5 beds 4 baths ∙ 3,561 Sqft ∙ Built 2019
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $0.97
    •  
  • 5901 The Esplanade Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,437 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,437 Sqft ∙ Built 2018
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.02
    •  
PROPERTY LISTING DETAILS
Brittany Rich
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14499429
Last Updated: 01/17/2021
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