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6704 Bermuda Avenue Mckinney, TX 75070

4 Beds 4 Baths 2,997 sqft Built 2017

$499,000

List Price

$2,660

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $166.50
  • 3 Days on Market
  • MLS # : 14526268
  • Updated Date : 03/06/2021 at 17:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,997 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

***Multiple Offers*** Submit all offers by 5pm, Monday, March 8th. Stunning Normandy home on an interior corner lot adjacent to green space! Nail down lightly scraped wood floors in a striking Glacier Oak finish. Owner's suite, guest room with full bath and office are all downstairs. Impressive kitchen with painted cabinets, quartz countertops, decorative backsplash and professional grade appliances. Owner's suite with view of backyard and luxurious spa-like bathroom. Upstairs is perfect for a growing family with two bedrooms, full bath and enormous game room. Walking distance to the new Frisco ISD Emerson High School! Minutes from 121, 75, DNT, shopping and dining. Make an appointment today!

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
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,394$2,926$2,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,660
EXPENSES Loan Payment -$1,733
Property Tax -$940
Property Insurance -$200
HOA -$102
Property Management Fees -$99
CASH FLOW
-$415

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.

$499,000

PROJECTED PRICE

$2,660

PROJECTED RENT

0.53%

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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$1,817

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,660

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,862

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,660
1$2,6602$2,7003$2,7954$2,8505$2,995
$2,995
RENT COMPS ANALYSIS
  • 6704 Bermuda Avenue Mckinney, TX 1
    • 4 beds 4 baths ∙ 2,997 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,997 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $0.89
    •  
  • 5909 Mayhew Court Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,902 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,902 Sqft ∙ Built 2016
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.93
    •  
  • 6601 Manzano Street Mckinney, TX 3
    • 5 beds 4 baths ∙ 2,867 Sqft ∙ Built 2014 5 beds 4 baths ∙ 2,867 Sqft ∙ Built 2014
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.97
    •  
  • 6858 Stonecrop Drive Mckinney, TX 4
    • 5 beds 4 baths ∙ 2,935 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,935 Sqft ∙ Built 2019
    property image
    LEASED 02/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.97
    •  
  • 6505 Mandalay Court Mckinney, TX 5
    • 4 beds 3 baths ∙ 3,144 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,144 Sqft ∙ Built 2017
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.95
    •  
PROPERTY LISTING DETAILS
Beverly Pruitt
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14526268
Last Updated: 03/06/2021
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