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2500 Emerald Lane Mckinney, TX 75071

3 Beds 2 Baths 1,613 sqft Built 2005

INVESTimate

$265,900

List Price

$1,540

$1,386 - $1,694

Rent Est.

$283,184  ( +6.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $164.85
  • 4 Days on Market
  • MLS # : 14415791
  • Updated Date : 08/25/2020 at 17:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,613 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors- Pros

Listing Agent's Description

One story Classic Century home on large corner lot popular location near shopping, restaurants, hospital and easy access to highways. Open floor plan features large kitchen plenty of cabinets and lots of counter space. Built in microwave, and electric oven and cooktop. 3 bedroom 2 full bath and nice size family room and master bedroom The two secondary bedrooms are split from the master bedroom for privacy and have a full bath. Large Master bedroom with garden tub and double sinks. LOCATED IN THE HEART OF MCKINNEY. Elementary a few blocks away. Updated Roof 2017!

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: Sandy Glen

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $121k344k

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

Neighborhood: Sandy Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9472171

* 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 Boyd High School High Regular 2,881 169 8

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 Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$239,310$292,490$265,900

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$981
Property Tax -$501
Property Insurance -$120
HOA -$20
Property Management Fees -$99
CASH FLOW
-$181

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.

$265,900

PROJECTED PRICE

$1,540

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.50%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,214

INVESTMENT

$76,214

Down Payment
$66,475
Rehab Estimate
$5,750
Closing Costs
$3,989

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$981

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,475
Loan Amount $199,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,206

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,593

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,6003$1,6004$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 2500 Emerald Lane Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.95
    •  
  • 2617 Emerald Lane Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.99
    •  
  • 2512 Emerald Lane Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 2005
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 2416 Gabriel Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2006
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
  • 2428 Collier Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2003
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.03
    •  
PROPERTY LISTING DETAILS
Debbie Boyce
Ebby Halliday, Realtors- Pros
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415791
Last Updated: 08/25/2020
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