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6716 Oak Falls Drive Mckinney, TX 75070

3 Beds 2 Baths 1,589 sqft Built 2002

$262,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $164.88
  • 5 Days on Market
  • MLS # : 14530438
  • Updated Date : 03/20/2021 at 15:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,589 sqft
  • Baths : 2 full
Listing Agent

Keller Williams No. Collin Cty

Listing Agent's Description

MULTIPLE OFFERS RECEIVED! Please send your High and Best by Sunday 3-21 BEFORE NOON. Here is your new home, Incredible price in Mckinney with FRISCO ISD, Immaculated David Weekly one story home with formal dining, open layout from kitchen to family room, beautiful hardwood floors and tile around the house, Imagine your outdoor time in the covered patio with extended stone patio floor with no neighbors in the back of the house. Close to community playground and in close proximity to Library, restaurants, services, enjoy the bike path and walking areas. Roof was replaced in 2020 and water heater was replaced. Showings until Sunday 3-21 at NOON

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: Wynngate

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Wynngate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10242171

* 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
 

$235,800$288,200$262,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$910
Property Tax -$493
Property Insurance -$119
HOA -$42
Property Management Fees -$99
CASH FLOW
-$23

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.

$262,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.63%

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,180

INVESTMENT

$75,180

Down Payment
$65,500
Rehab Estimate
$5,750
Closing Costs
$3,930

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,500
Loan Amount $196,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$10,048

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,633

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,6503$1,7954$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 6716 Oak Falls Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.03
    •  
  • 5748 Touchstone Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
  • 2900 Drake Court Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1999
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.04
    •  
  • 2700 Cypress Point Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2000
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.01
    •  
  • 6405 Charles Trail Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2002
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.04
    •  
PROPERTY LISTING DETAILS
Diana Gomez
Keller Williams No. Collin Cty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530438
Last Updated: 03/20/2021
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