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2325 Spruce Meadow Lane Mckinney, TX 75071

3 Beds 2 Baths 1,850 sqft Built 2001

$255,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $137.84
  • 2 Days on Market
  • MLS # : 14508888
  • Updated Date : 02/06/2021 at 15:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,850 sqft
  • Baths : 2 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

This beautiful McKinney home is move in ready! Great 3 bedroom, 2 bathroom home with open floor plan on a corner lot. Numerous updates including extensive front yard landscaping, front & back sprinkler system, hot water heater, roof, fence, HVAC, New LG dishwasher, new Frigidaire Microwave, new Frigidaire cooktop oven, freshly painted exterior and interior, air purification UV light installed in air conditioner. Walk to McKinney schools, convenient to retail, restaurants and highways. Don't miss this McKinney gem!

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: Creek Hollow

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Creek Hollow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10172171

* 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
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$886
Property Tax -$480
Property Insurance -$134
HOA -$17
Property Management Fees -$99
CASH FLOW
$104

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.

$255,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$19,962

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,721

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,590
1$1,5902$1,6003$1,6504$1,7205$1,750
$1,750
RENT COMPS ANALYSIS
  • 2325 Spruce Meadow Lane Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.93
    •  
  • 2520 Lake Meadow Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.94
    •  
  • 2321 Avalon Creek Way Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2001
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 2509 Avalon Creek Way Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 2002
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.98
    •  
  • 2605 Shady Grove Lane Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2002
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
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 #: 14508888
Last Updated: 02/06/2021
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