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2217 Newton Lane Mckinney, TX 75071

3 Beds 2 Baths 2,199 sqft Built 2018

$385,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $175.08
  • 4 Days on Market
  • MLS # : 14502481
  • Updated Date : 01/23/2021 at 14:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,199 sqft
  • Baths : 2 full
Listing Agent

The Trophy Group, Llc

Listing Agent's Description

MULTIPLE OFFERS***OFFER DEADLINE HIGHEST & BEST IS 5PM MONDAY JAN 25TH. PICTURE PERFECT & BETTER THAN NEW! Move-in Ready Taylor Morrison custom 1-story inside the sought after gated community of Auburn Hills. Light & bright open designed floorplan with room to breathe. Gleaming hardwoods greet you as you walk-in stretching throughout the study & all common areas. Designer selections everywhere you look from the quartz countertops, shaker style cabinets+oversized kitchen island, stainless appliances, glass tile backsplash, cabinet hardware, marble fireplace+more! Master retreat with double sinks+spacious shower is split away from the secondary bedrooms for max privacy. Enlarged covered rear patio+pool sized yard

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
Lorene Rogers Middle School Primary Regular 1,184 72 9
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Lorene Rogers Middle School

  • Education Level: Primary
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,337
Property Tax -$683
Property Insurance -$154
HOA -$133
Property Management Fees -$99
CASH FLOW
-$276

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.

$385,000

PROJECTED PRICE

$2,130

PROJECTED RENT

0.55%

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

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,446

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,974

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9503$1,9504$2,0955$2,130
$2,130
RENT COMPS ANALYSIS
  • 2217 Newton Lane Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,199 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,199 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $0.97
    •  
  • 2229 Preston Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,146 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,146 Sqft ∙ Built 2007
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.89
    •  
  • 2201 Preston Lane Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 2011
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.83
    •  
  • 5121 Hidden Knolls Drive Mckinney, TX 3
    • 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 2012
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.97
    •  
  • 2220 Preston Lane Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,337 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,337 Sqft ∙ Built 2011
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.90
    •  
PROPERTY LISTING DETAILS
Matthew Rice
The Trophy Group, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14502481
Last Updated: 01/23/2021
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