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209 Covey Lane Mckinney, TX 75071

5 Beds 2 Baths 2,343 sqft Built 1991

$470,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $200.60
  • 2 Days on Market
  • MLS # : 14535950
  • Updated Date : 03/27/2021 at 18:40
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,343 sqft
  • Baths : 2 full
Listing Agent

Re/max Signature Properties

Listing Agent's Description

Looking for an updated house with a little bit of space? Fall in love with this one! Desirable McKinney Dove Creek neighborhood with Melissa ISD! Light and bright, open living and dining areas, and updates throughout! Newly renovated kitchen complete with farm sink, stainless steel appliances, open shelving, and plenty of storage space with the newly built pantry! Luxury vinyl plank flooring, updated lighting. Utilize the versatile bedrooms with options for an office or playroom. Private back bedroom makes a great space for a separate guest room. So many options for the .6 lot- Storage building, RV parking is possible with double gate, and room to play or relax. Come make this one yours!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

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

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$423,000$517,000$470,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,632
Property Tax -$885
Property Insurance -$163
Property Management Fees -$99
CASH FLOW
-$919

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.

$470,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.40%

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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$16k-$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$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,632

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $117,500
Loan Amount $352,500
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$31

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,863

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7953$1,8004$1,8505$1,860
$1,860
RENT COMPS ANALYSIS
  • 209 Covey Lane Mckinney, TX 5
    • 5 beds 2 baths ∙ 2,343 Sqft ∙ Built 1991 5 beds 2 baths ∙ 2,343 Sqft ∙ Built 1991
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.79
    •  
  • 3010 Pinecrest Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 2010
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.71
    •  
  • 3014 Pinecrest Drive Melissa, TX 2
    • 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 2007
    property image
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.88
    •  
  • 1111 Austin Drive Melissa, TX 3
    • 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 2602 Independence Drive Melissa, TX 4
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
PROPERTY LISTING DETAILS
Josh Long
Re/max Signature Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14535950
Last Updated: 03/27/2021
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