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1120 Paluxy Lane Mckinney, TX 75071

4 Beds 3 Baths 3,455 sqft Built 2014

$475,000

List Price

$2,620

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $137.48
  • 4 Days on Market
  • MLS # : 14521087
  • Updated Date : 02/26/2021 at 14:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,455 sqft
  • Baths : 3 full
Listing Agent

Exp Realty

Listing Agent's Description

MULTIPLE OFFERS RECEIVED. Deadline for highest and best offer is Sat. 2-27 @ 8:00 PM. Beautiful home in Prosper ISD! Massive backyard with room for a pool or any outdoor space your heart desires. The home has a great floor plan including a study with French doors, media room, game room, and a large bonus room to use as needed. Meticulously maintained, neutral colors throughout, and lots of storage space. Walking distance to the highly rated Hughes Elementary in Prosper ISD. Prestwick has been chosen for McKinney’s newest master planned park that is currently under construction. Prestwyck Park plans include a splash pad, multi-use sports court, interactive playground equipment, pavilions, trails, and more!

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
Judy Rucker Elementary School Primary Regular 781 47 8
Hays Middle School Middle Unknown NA
Prosper High School High Regular 1,868 120 9

Judy Rucker Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 47
8
GreatSchools Rating

Hays Middle School

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

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$1,650
Property Tax -$895
Property Insurance -$227
HOA -$56
Property Management Fees -$99
CASH FLOW
-$307

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.

$475,000

PROJECTED PRICE

$2,620

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
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

PROJECTED ANNUAL CASH FLOW

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

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$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$3,894

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,620

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,652

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4903$2,5504$2,6205$2,895
$2,895
RENT COMPS ANALYSIS
  • 1120 Paluxy Lane Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,455 Sqft ∙ Built 2014 4 beds 3 baths ∙ 3,455 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,620
    • $0.76
    •  
  • 12200 Ridgeback Drive Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,114 Sqft ∙ Built 2014 4 beds 4 baths ∙ 3,114 Sqft ∙ Built 2014
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.75
    •  
  • 1900 Abbeygale Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,255 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,255 Sqft ∙ Built 2013
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.76
    •  
  • 12112 Abernathy Circle Mckinney, TX 3
    • 5 beds 4 baths ∙ 3,588 Sqft ∙ Built 2013 5 beds 4 baths ∙ 3,588 Sqft ∙ Built 2013
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.71
    •  
  • 12416 Buffalo Gap Drive Mckinney, TX 5
    • 5 beds 4 baths ∙ 3,412 Sqft ∙ Built 2016 5 beds 4 baths ∙ 3,412 Sqft ∙ Built 2016
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.85
    •  
PROPERTY LISTING DETAILS
Paula Saylors
Exp Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521087
Last Updated: 02/26/2021
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