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1116 Summer Lane Mckinney, TX 75071

4 Beds 3 Baths 2,453 sqft Built 2017

$375,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $152.87
  • 2 Days on Market
  • MLS # : 14466982
  • Updated Date : 11/07/2020 at 17:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,453 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Frisco Stars

Listing Agent's Description

This sought-after 65’ Corner lot has plenty of room for a pool! Entering thru an 8’ Texas Star door, one discovers an open & inviting floor plan! The upgraded kitchen features an eat-on island & flows into the living area. Family room features a beautiful tile wood-burning fireplace! Large outdoor entertaining area is complimented by an adjacent 12 X 12 concrete slab. The spacious Master Suite has an ensuite with dual sinks, oversize tub and separate glass-enclosed tile shower. Secondary bedrooms are split from the main bedroom & each has a walk-in-closet! All Baths have taller toilets. Community pool, playground and basketball court are within an easy walk from the home. Upstairs game room, bedroom & bath!

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
Harry Mckillop Elementary School Primary Regular 718 41 9
Melissa Middle School Middle Regular 331 21 10
Melissa High School High Regular 583 35 8

Harry Mckillop Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 41
9
GreatSchools Rating

Melissa Middle School

  • Education Level: Middle
  • # of students: 331
  • # of teachers: 21
10
GreatSchools Rating

Melissa High School

  • Education Level: High
  • # of students: 583
  • # of teachers: 35
8
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,384
Property Tax -$706
Property Insurance -$169
HOA -$51
Property Management Fees -$99
CASH FLOW
-$378

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.

$375,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,020

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,999

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,9954$2,0305$2,250
$2,250
RENT COMPS ANALYSIS
  • 1116 Summer Lane Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,453 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,453 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.83
    •  
  • 617 Twin Knoll Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,176 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,176 Sqft ∙ Built 2008
    LEASED 06/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.76
    •  
  • 505 Cypress Hill Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 2005
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.76
    •  
  • 4109 Sioux Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
  • 913 Baynes Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,353 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,353 Sqft ∙ Built 2018
    LEASED 10/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.96
    •  
PROPERTY LISTING DETAILS
Stan Black
Keller Williams Frisco Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14466982
Last Updated: 11/07/2020
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