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1801 La Cima Drive Mckinney, TX 75071

4 Beds 4 Baths 3,224 sqft Built 2006

$410,000

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $127.17
  • 2 Days on Market
  • MLS # : 14501130
  • Updated Date : 01/16/2021 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,224 sqft
  • Baths : 3 full , 1 half
Listing Agent

Pmi North Texas

Listing Agent's Description

Gorgeous home in highly sought after Wren Creek of Stonebridge Ranch that offers resort style living. First floor features beautiful wood floors, spacious study with french doors and formal dining. Large chefs kitchen boasts gas cook-top, stainless steel appliances, granite counters, bay windows and opens to family room with beautiful stone fireplace. Private master suite includes double sinks, jetted tub and walk in closets. Wrought iron balusters adorn the beautiful staircase. 2nd floor features huge game-room, media room and split bedrooms with jack-n-jill baths. New carpet just installed.

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: Wren Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k387k

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

Neighborhood: Wren Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200230024002500Rent in $11262580

* 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
 

$369,000$451,000$410,000

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$1,424
Property Tax -$772
Property Insurance -$213
HOA -$62
Property Management Fees -$99
CASH FLOW
-$70

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.

$410,000

PROJECTED PRICE

$2,500

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$13,008

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,740

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5503$2,5954$2,6005$2,900
$2,900
RENT COMPS ANALYSIS
  • 1801 La Cima Drive Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,224 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,224 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.78
    •  
  • 7313 Province Street Mckinney, TX 2
    • 5 beds 4 baths ∙ 3,400 Sqft ∙ Built 2003 5 beds 4 baths ∙ 3,400 Sqft ∙ Built 2003
    LEASED 08/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.75
    •  
  • 6301 Falcon Ridge Lane Mckinney, TX 3
    • 4 beds 3 baths ∙ 3,027 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,027 Sqft ∙ Built 2007
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.86
    •  
  • 1612 Country Walk Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2005
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.89
    •  
  • 6505 Canyon Crest Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,218 Sqft ∙ Built 2004 4 beds 4 baths ∙ 3,218 Sqft ∙ Built 2004
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.90
    •  
PROPERTY LISTING DETAILS
Katie Bedford
Pmi North Texas
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501130
Last Updated: 01/16/2021
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