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8613 Broad Meadow Lane Mckinney, TX 75071

5 Beds 4 Baths 3,754 sqft Built 2005

$559,000

List Price

$3,110

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $148.91
  • 3 Days on Market
  • MLS # : 14463096
  • Updated Date : 11/06/2020 at 13:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,754 sqft
  • Baths : 4 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Welcome home! Gorgeous home with POOL & SPA in La Cima of Stonebridge Ranch! Home checks all the boxes! Master and guest bedrooms DOWN, 3 more up! Study with double French Doors, Game Room and Media Rooms UP! Handscraped Hardwoods flow downstairs! Freshly painted WHITE Kitchen with HUGE Island and desk area + Butlers Pantry! Stainless appliances, Gas Cooktop, Double Ovens! Master suite is private from other guest bedroom down - also wood flooring. Do not miss this one! Greenspace on both sides of the pool with heated spa! 2 car garage.

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: Lacima Haven Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Lacima Haven Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263410

* 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
Wilmeth Elementary School Primary Regular 635 40 9
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney North High School High Regular 2,089 134 8

Wilmeth Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 40
9
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney North High School

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

$503,100$614,900$559,000

PURCHASE PRICE

$2,799$3,421$3,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,110
EXPENSES Loan Payment -$2,062
Property Tax -$1,053
Property Insurance -$244
HOA -$67
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.

$559,000

PROJECTED PRICE

$3,110

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$153,885

INVESTMENT

$153,885

Down Payment
$139,750
Rehab Estimate
$5,750
Closing Costs
$8,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,062

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $139,750
Loan Amount $419,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$4,538

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,110

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $3,078

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,795
1$2,7952$2,9903$3,1104$3,1755$3,600
$3,600
RENT COMPS ANALYSIS
  • 8613 Broad Meadow Lane Mckinney, TX 3
    • 5 beds 4 baths ∙ 3,754 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,754 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $3,110
    • $0.83
    •  
  • 7204 Meredith Court Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,933 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,933 Sqft ∙ Built 2005
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.71
    •  
  • 1100 Hall Meadow Lane Mckinney, TX 2
    • 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.74
    •  
  • 1513 Winter Haven Lane Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,661 Sqft ∙ Built 2008 4 beds 4 baths ∙ 3,661 Sqft ∙ Built 2008
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,175
    • $0.87
    •  
  • 8701 Herns Meadow Mckinney, TX 5
    • 5 beds 5 baths ∙ 3,751 Sqft ∙ Built 2006 5 beds 5 baths ∙ 3,751 Sqft ∙ Built 2006
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.96
    •  
PROPERTY LISTING DETAILS
Jennifer Potter
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463096
Last Updated: 11/06/2020
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