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2440 Redbridge Mckinney, TX 75071

3 Beds 3 Baths 2,883 sqft Built 2020

INVESTimate

$509,021

List Price

$2,110

$1,899 - $2,321

Rent Est.

$546,383  ( +7.34%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $176.56
  • 2 Days on Market
  • MLS # : 14420957
  • Updated Date : 08/25/2020 at 18:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,883 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14420957 - Built by Coventry Homes - December completion! ~ A single-story with flair. Boasting a gorgeous elevation, you will easily fall in love as you walk into 13-foot tall ceilings. Secondary rooms are more than spacious. And this home has a three car garage and mud space for superior functionality. The never-ending amount of cabinets in a gorgeous kitchen faces out to an oversized patio for entertaining and family fun. These houses don't last long here in Auburn Hills. Stop by soon to get more details on this home ready in December.

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: 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
 

$458,119$559,923$509,021

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

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-$18k-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,878
Property Tax -$959
Property Insurance -$194
HOA -$63
Property Management Fees -$99
CASH FLOW
-$1,082

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$509,021

PROJECTED PRICE

$2,110

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.34%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,891

INVESTMENT

$136,891

Down Payment
$127,255
Rehab Estimate
$2,000
Closing Costs
$7,635

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,878

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $127,255
Loan Amount $381,766
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$55

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,422

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,075
1$2,0752$2,1103$2,3004$2,3955$2,500
$2,500
RENT COMPS ANALYSIS
  • 2440 Redbridge Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,883 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,883 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.73
    •  
  • 5120 Sweetgum Court Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 2005
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
  • 5701 Port Vale Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,787 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,787 Sqft ∙ Built 2018
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.83
    •  
  • 5613 Apple Ridge Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,840 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,840 Sqft ∙ Built 2017
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.84
    •  
  • 2625 Strand Lane Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 2019
    property image
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.92
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14420957
Last Updated: 08/25/2020
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