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1304 Park Hill Lane Mckinney, TX 75069

4 Beds 4 Baths 2,819 sqft Built 2007

$460,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $163.18
  • 6 Days on Market
  • MLS # : 14534225
  • Updated Date : 03/17/2021 at 11:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,819 sqft
  • Baths : 3 full , 1 half
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This McKinney two-story cul-de-sac home offers granite countertops, and a two-car garage. Home utilities may be turned off due to weather conditions. This home has been virtually staged to illustrate its potential.

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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: Chapel Hill

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $122k424k

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

Neighborhood: Chapel Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262220

* 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
Malvern Elementary School Primary Regular 540 42 3
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney High School High Regular 2,486 148 7

Malvern Elementary School

  • Education Level: Primary
  • # of students: 540
  • # of teachers: 42
3
GreatSchools Rating

Cockrill Middle School

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

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$414,000$506,000$460,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,598
Property Tax -$866
Property Insurance -$190
HOA -$100
Property Management Fees -$99
CASH FLOW
-$743

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.

$460,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$127,650

INVESTMENT

$127,650

Down Payment
$115,000
Rehab Estimate
$5,750
Closing Costs
$6,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,598

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $115,000
Loan Amount $345,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$6

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,128

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,1103$2,2004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1304 Park Hill Lane Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,819 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,819 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.75
    •  
  • 2320 Gabriel Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2006
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.69
    •  
  • 805 Chapel Hill Lane Mckinney, TX 3
    • 4 beds 4 baths ∙ 2,855 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,855 Sqft ∙ Built 2007
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.77
    •  
  • 813 Setting Sun Trail Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2007
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.74
    •  
  • 2501 Dog Leg Trail Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,039 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,039 Sqft ∙ Built 2007
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.82
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14534225
Last Updated: 03/17/2021
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