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1003 Lake Point Circle Mckinney, TX 75072

3 Beds 3 Baths 2,320 sqft Built 1997

$359,900

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $155.13
  • 5 Days on Market
  • MLS # : 14471633
  • Updated Date : 11/25/2020 at 09:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,320 sqft
  • Baths : 3 full
Listing Agent

Keller Williams No. Collin Cty

Listing Agent's Description

CUSTOM Darling built home in HIGHLY sought after LAKE POINT Sub. featuring 3 parks, catch & release fishing at PRIVATE lake. WELL MAINTAINED home features high end wood laminate floors in MAIN AREAS & BEDROOMS. Tile in all wet areas. KITCHEN feat. GRANITE counter tops, & abundance of cabinets & counter space. NEW REFRIGERATOR to convey. Kitchen overlooks spacious FAMILY RM w. gas fp & wall of builtins. ALL BEDROOMS have private baths. ATRIUM makes great office or sitting area. ROOF replaced 2017. Many QUALITY upgrades. SPACIOUS & GRACIOUS this home won't last long. BONUS is the neighborhood! Intimate ENCLAVE of QUALITY homes. Part of master planned community of STONEBRIDGE with its great amenities!! MUST SEE!

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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: Lake Point

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Lake Point

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Glen Oaks Elementary School Primary Regular 481 30 10
Dowell Middle School Middle Regular 1,092 72 9
Mckinney Boyd High School High Regular 2,881 169 8

Glen Oaks Elementary School

  • Education Level: Primary
  • # of students: 481
  • # of teachers: 30
10
GreatSchools Rating

Dowell Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 72
9
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,328
Property Tax -$678
Property Insurance -$161
HOA -$178
Property Management Fees -$99
CASH FLOW
-$284

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$359,900

PROJECTED PRICE

$2,160

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$585

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,169

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0303$2,1004$2,1605$2,250
$2,250
RENT COMPS ANALYSIS
  • 1003 Lake Point Circle Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.93
    •  
  • 5103 Quail Ridge Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 1991 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 1991
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.88
    •  
  • 5215 Quail Creek Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 1991 3 beds 3 baths ∙ 2,147 Sqft ∙ Built 1991
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.95
    •  
  • 1530 Timber Edge Mckinney, TX 3
    • 4 beds 2 baths ∙ 2,231 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,231 Sqft ∙ Built 1996
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 5005 Quail Creek Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,313 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,313 Sqft ∙ Built 1993
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
PROPERTY LISTING DETAILS
Dorothy Lafferty
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 #: 14471633
Last Updated: 11/25/2020
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