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2217 Marion Drive Mckinney, TX 75072

3 Beds 3 Baths 2,136 sqft Built 2006

$320,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $149.81
  • 4 Days on Market
  • MLS # : 14463621
  • Updated Date : 10/31/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,136 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Four Corners

Listing Agent's Description

Welcome to this beautiful McKinney home! Frisco ISD, great Westridge amenities such as a pool and parks, and numerous updates to the home such as granite countertops, new oven, new dishwasher, new wood laminate flooring, new fence, recent roof and gutters, recent hot water heater and so much more. This home has a wonderful, open floor plan, spacious kitchen and 2 living spaces. Great backyard with patio in an excellent community. Come see it soon!

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: Heights at Westridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k364k

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

Neighborhood: Heights at Westridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262292

* 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
Mooneyham Elementary School Primary Regular 791 44 8
Sam And Ann Roach Middle School Middle Regular 963 68 10
Heritage High School High Regular 1,844 125 9

Mooneyham Elementary School

  • Education Level: Primary
  • # of students: 791
  • # of teachers: 44
8
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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,181
Property Tax -$603
Property Insurance -$151
HOA -$35
Property Management Fees -$99
CASH FLOW
-$168

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.

$320,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.59%

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$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,559

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,896

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,9004$1,9005$2,000
$2,000
RENT COMPS ANALYSIS
  • 2217 Marion Drive Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.89
    •  
  • 10616 Colfax Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2006
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
  • 10640 Colfax Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,136 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,136 Sqft ∙ Built 2006
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
  • 10628 Cochron Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,136 Sqft ∙ Built 2009
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.89
    •  
  • 10312 Cochron Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,110 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,110 Sqft ∙ Built 2009
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.95
    •  
PROPERTY LISTING DETAILS
Courtney Hugghins
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463621
Last Updated: 10/31/2020
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