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1900 Garfield Drive Mckinney, TX 75072

3 Beds 2 Baths 1,654 sqft Built 2003

$269,900

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $163.18
  • 3 Days on Market
  • MLS # : 14491972
  • Updated Date : 01/02/2021 at 15:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,654 sqft
  • Baths : 2 full
Listing Agent

Marcum Real Estate

Listing Agent's Description

MULTIPLE OFFERS! Please submit by Jan 4 at 10am. Move-in ready 3 bed, 2 bath, 2 car garage home in great neighborhood near Independence and Westridge. Open floor plan with spacious living room with wood-look floors and fireplace. Lots of counter space and breakfast bar overlooking dining room. Owner suite has room for large furniture and attached bathroom offers dual sinks, separate tub and shower, and large walk-in closet. Secondary bedrooms have wood-look floors, ceiling fans, and blinds. Backyard offers a covered patio, lots of grassy area, and privacy fencing. Neighborhood amenities include playground and pool. Various updates made since 2016: roof and gutters, gate, fence, screen door, disposal, toilet.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Eagle's Nest

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Eagle's Nest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9662171

* 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
Gerald Sonntag Elementary School Primary Regular 688 43 NA
Sam And Ann Roach Middle School Middle Regular 963 68 10
Heritage High School High Regular 1,844 125 9

Gerald Sonntag Elementary School

  • Education Level: Primary
  • # of students: 688
  • # of teachers: 43
NA
GreatSchools Rating

Sam And Ann Roach Middle School

  • Education Level: Middle
  • # of students: 963
  • # of teachers: 68
10
GreatSchools Rating

Heritage High School

  • Education Level: High
  • # of students: 1,844
  • # of teachers: 125
9
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$996
Property Tax -$508
Property Insurance -$123
HOA -$42
Property Management Fees -$99
CASH FLOW
-$18

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.

$269,900

PROJECTED PRICE

$1,750

PROJECTED RENT

0.65%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$8,118

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,762

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7503$1,7504$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 1900 Garfield Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.06
    •  
  • 1909 Clinton Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 2005
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
  • 9908 Coolidge Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 2003
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.08
    •  
  • 2312 Grover Cleveland Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 2005
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.09
    •  
  • 9829 Pierce Drive Mckinney, TX 4
    • 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 2003
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.06
    •  
PROPERTY LISTING DETAILS
Janet Marcum
Marcum Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14491972
Last Updated: 01/02/2021
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