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2208 Watermark Place Mckinney, TX 75071

3 Beds 3 Baths 2,564 sqft Built 2018

$525,000

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $204.76
  • 3 Days on Market
  • MLS # : 14474528
  • Updated Date : 11/22/2020 at 00:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,564 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors Mck

Listing Agent's Description

Secluded & quiet home located on a cul-de-sac w green belts, creeks front & back. One story Drees Custom Home features an open floor plan w a grand entrance. The island kitchen boasts beautiful shaker style cabinetry w 5 burner gas cooktop, large pullout drawers, granite countertops. Home features an inviting covered, outdoor living area along a green belt w gas supply line. The large family room has plenty of cabinets, broom closet & laundry sink. 3 car garage has an eco friendly floors & overhead garage door storage. Energy efficient home, Low E windows, radiant barrier, tankless water heater & a whole house water filtration system. This home is a must see !! So many extra features, too many to list.

SEE MORE

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
Press Elementary School Primary Regular 495 40 5
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Press Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 40
5
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$472,500$577,500$525,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,937
Property Tax -$989
Property Insurance -$175
HOA -$42
Property Management Fees -$99
CASH FLOW
-$1,102

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.

$525,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$47

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,878

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8753$1,8954$1,9955$2,140
$2,140
RENT COMPS ANALYSIS
  • 2208 Watermark Place Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,564 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,564 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.83
    •  
  • 2600 Lake Meadow Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,599 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,599 Sqft ∙ Built 2002
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 3308 Timber Ridge Trail Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 2005
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.74
    •  
  • 2837 Bentwood Way Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2005
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.72
    •  
  • 3608 Foxfield Trail Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,626 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,626 Sqft ∙ Built 2007
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.76
    •  
PROPERTY LISTING DETAILS
David Hinman
Ebby Halliday, Realtors Mck
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14474528
Last Updated: 11/22/2020
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