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8608 Wakefield Drive Mckinney, TX 75070

3 Beds 3 Baths 2,615 sqft Built 2013

$525,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2013
  • Price/Sqft : $200.76
  • 3 Days on Market
  • MLS # : 14463506
  • Updated Date : 11/06/2020 at 10:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,615 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp & Associates Frisco

Listing Agent's Description

RESORT STYLE LIVING! Fall in love with this amazing & rare single-story home with one of the most beautiful backyard canal & fountain views in the community. Located in The Estates at Craig Ranch West, this is a one-of-a-kind, low maintenance home loaded with numerous custom upgrades. You will enjoy many beautiful evenings dining out on the custom patio living & grilling area all while enjoying beautiful sunsets and all that nature has to offer. This home offers a unique lifestyle as part of Craig Ranch Living including numerous walking & biking paths, dog parks, TPC golf course & Craig Ranch Fitness. See attached list of all features and upgrades.

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

Neighborhood: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k352k

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

Neighborhood: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262942

* 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
Bert And Eloise Isbell Elementary School Primary Regular 687 38 10
Lawlor Middle School Middle Regular NA
Liberty High School High Regular 2,039 137 9

Bert And Eloise Isbell Elementary School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 38
10
GreatSchools Rating

Lawlor Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,039
  • # of teachers: 137
9
GreatSchools Rating
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$1,937
Property Tax -$989
Property Insurance -$178
HOA -$176
Property Management Fees -$99
CASH FLOW
-$649

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.

$525,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.7%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$240

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,857

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,695
1$2,6952$2,7303$2,9504$2,9505$2,995
$2,995
RENT COMPS ANALYSIS
  • 8608 Wakefield Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,615 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,615 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $1.04
    •  
  • 7009 Royal View Drive Mckinney, TX 1
    • 3 beds 4 baths ∙ 2,443 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,443 Sqft ∙ Built 2017
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.10
    •  
  • 8721 Fairway Lane Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,717 Sqft ∙ Built 2019
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.09
    •  
  • 7062 Brushy Creek Drive Frisco, TX 4
    • 4 beds 4 baths ∙ 2,731 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,731 Sqft ∙ Built 2002
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.08
    •  
  • 8504 Pine Valley Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,734 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,734 Sqft ∙ Built 2018
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.10
    •  
PROPERTY LISTING DETAILS
Dave Hemer
Jp & Associates Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463506
Last Updated: 11/06/2020
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