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2200 The Crossings Drive Lowry Crossing, TX 75069

4 Beds 3 Baths 2,350 sqft Built 1999

$389,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $165.91
  • 2 Days on Market
  • MLS # : 14490631
  • Updated Date : 12/26/2020 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,350 sqft
  • Baths : 3 full
Listing Agent

Linwood Realty, Llc

Listing Agent's Description

This gorgeous property has so much to offer! Sitting on just over an acre, this house allows space while still having the luxury of a subdivision that's not even 15 minutes from downtown McKinney. The most recent updates include new tile, new carpet, fresh paint, new recessed lighting and new landscaping. In addition to the house, there is a huge shop on property that has full electric and a second level with an attached carport that accommodates 2 vehicles. The outdoor cedar pavilion was built to the highest of standards and boasts an outdoor fireplace, refrigerator and plenty of counter space.

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k344k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10122051

* 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
Harper Elementary School Primary Regular 549 36 6
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Harper Elementary School

  • Education Level: Primary
  • # of students: 549
  • # of teachers: 36
6
GreatSchools Rating

Clark Junior High School

  • Education Level: Middle
  • # of students: 540
  • # of teachers: 33
8
GreatSchools Rating

Princeton High School

  • Education Level: High
  • # of students: 1,048
  • # of teachers: 67
6
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,439
Property Tax -$772
Property Insurance -$163
Property Management Fees -$99
CASH FLOW
-$283

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.

$389,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.56%

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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,875

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,927

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7003$1,7754$1,8955$2,190
$2,190
RENT COMPS ANALYSIS
  • 2200 The Crossings Drive Lowry Crossing, TX 5
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.93
    •  
  • 334 Magnolia Drive Princeton, TX 1
    • 3 beds 3 baths ∙ 2,047 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,047 Sqft ∙ Built 2017
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
  • 1223 Arizona Drive Princeton, TX 2
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2017
    LEASED 10/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.81
    •  
  • 237 Soap Tree Princeton, TX 3
    • 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2016
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.82
    •  
  • 1428 Macnab Drive Princeton, TX 4
    • 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2016
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.87
    •  
PROPERTY LISTING DETAILS
Stephanie Murphy
Linwood Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14490631
Last Updated: 12/26/2020
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