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7405 River Park Drive Mckinney, TX 75071

5 Beds 4 Baths 4,295 sqft Built 2018

$550,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $128.06
  • 3 Days on Market
  • MLS # : 14463484
  • Updated Date : 11/01/2020 at 15:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,295 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keith W Smith

Listing Agent's Description

Energy-efficient home w soaring 20-foot ceilings in living open to kitchen! This home features a cook’s dream kitchen w large island & double ovens that opens to the family room w easy access to the formal dining w butler's pantry. Plantation shutters w magnificent flowing custom curtains shows like a model home. Flex Dining-Gameroom option down stairs w a Media & Gameroom up. Movies, sports & more will be had in the upstairs game in the oversized media rooms. You'll absolutely cherish living at Trinity Falls w plenty of park space, hike and bike trails, a community clubhouse, & beach-entry pool. Hard wood floors, Tankless water heaters, foam w MERV 13 high efficient energy rating. Large estate lot .20 acres.

SEE MORE

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Press Elementary School Primary Regular 495 40 5
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Press Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 40
5
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$495,000$605,000$550,000

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$2,029
Property Tax -$1,134
Property Insurance -$283
HOA -$100
Property Management Fees -$99
CASH FLOW
-$595

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.

$550,000

PROJECTED PRICE

$3,050

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.0%
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$1.4M$1.6M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$697

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,050

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $3,296

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$3,050
1$3,0502$3,1753$3,190
$3,190
RENT COMPS ANALYSIS
  • 7405 River Park Drive Mckinney, TX 1
    • 5 beds 4 baths ∙ 4,424 Sqft ∙ Built 2018 5 beds 4 baths ∙ 4,424 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $0.69
    •  
  • 7917 Weatherford Trace Mckinney, TX 2
    • 5 beds 5 baths ∙ 4,360 Sqft ∙ Built 2015 5 beds 5 baths ∙ 4,360 Sqft ∙ Built 2015
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,175
    • $0.73
    •  
  • 901 Caney Creek Lane Mckinney, TX 3
    • 5 beds 5 baths ∙ 4,222 Sqft ∙ Built 2016 5 beds 5 baths ∙ 4,222 Sqft ∙ Built 2016
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,190
    • $0.76
    •  
PROPERTY LISTING DETAILS
Keith Smith
Keith W Smith
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463484
Last Updated: 11/01/2020
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