Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2304 Foot Hill Road Mckinney, TX 75072

3 Beds 2 Baths 1,336 sqft Built 1992

INVESTimate

$229,000

List Price

$1,460

$1,314 - $1,606

Rent Est.

$234,725  ( +2.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $171.41
  • 8 Days on Market
  • MLS # : 14415130
  • Updated Date : 08/21/2020 at 10:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,336 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Dallas Midtown

Listing Agent's Description

Fresh siding! Fresh paint! Recently installed AC! This VACANT 1-story home in North Brook is full of opportunity. High ceilings and primarily wood flooring are just the beginning! Spacious, entertaining-friendly living room features a beautiful, brick fireplace, a great deal of natural light, and easy access to the adjacent kitchen. Eat-in kitchen features an electric oven and range, well-sized panty, ample cabinetry, and more. Master bedroom and bath offers a separate shower, garden tub, dual sinks, and a lengthy walk-in closet. Secondary bedrooms and bath are well-sized. Located minutes away from US-75, Al Ruschhaupt Park, McKinney National Airport, and Historic Downtown McKinney. See this one today!

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: North Brook

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $110k344k

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

Neighborhood: North Brook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9162051

* 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
Slaughter Elementary School Primary Regular 650 50 6
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney High School High Regular 2,486 148 7

Slaughter Elementary School

  • Education Level: Primary
  • # of students: 650
  • # of teachers: 50
6
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$845
Property Tax -$431
Property Insurance -$104
Property Management Fees -$99
CASH FLOW
-$20

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.

$229,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.50%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$7,091

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,463

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,4953$1,4954$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 2304 Foot Hill Road Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.09
    •  
  • 2302 Foot Hill Road Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1992
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.12
    •  
  • 2321 Foot Hill Road Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1992
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.03
    •  
  • 609 High Crest Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1992
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.09
    •  
  • 603 Park View Avenue Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,409 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,409 Sqft ∙ Built 1991
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.14
    •  
PROPERTY LISTING DETAILS
Clay Garrett
Keller Williams Dallas Midtown
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415130
Last Updated: 08/21/2020
BESbswy