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2601 Black Canyon Mckinney, TX 75072

3 Beds 2 Baths 2,027 sqft Built 2001

$315,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $155.40
  • 4 Days on Market
  • MLS # : 14506891
  • Updated Date : 01/29/2021 at 12:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,027 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

Listing Agent's Description

Beautiful 1-story in Stone Canyon! The open-floor plan features plush carpet, high ceilings, crown moulding and an abundance of natural light. Spacious eat-kitchen features a gas cooktop, matching appliances, and overlooks the large family room with fireplace. Owners retreat offers large master bathroom with separate shower, garden tub, and sizeable master closet! Secondary bedrooms are generously sized, perfect for a young family or work-from-home office. Backyard is perfect for entertain and has an extended patio! Enjoy the coveted amenities that Stonebridge has to offer - community pools, neighborhood park and convenient access to shopping, dining and schools!

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: Stone Canyon

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Stone Canyon

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10782171

* 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
Wolford Elementary School Primary Regular 568 37 8
Evans Middle School Middle Regular 1,443 90 8
Mckinney Boyd High School High Regular 2,881 169 8

Wolford Elementary School

  • Education Level: Primary
  • # of students: 568
  • # of teachers: 37
8
GreatSchools Rating

Evans Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 90
8
GreatSchools Rating

Mckinney Boyd High School

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

$283,500$346,500$315,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,094
Property Tax -$585
Property Insurance -$144
HOA -$70
Property Management Fees -$99
CASH FLOW
-$12

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.

$315,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$7,582

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,997

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9003$1,9804$1,9955$2,099
$2,099
RENT COMPS ANALYSIS
  • 2601 Black Canyon Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,027 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.98
    •  
  • 2712 Lynnwood Lane Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2004
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.95
    •  
  • 2905 St Johns Drive Mckinney, TX 2
    • 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 2004
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.97
    •  
  • 2708 Palo Duro Canyon Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 2,023 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,023 Sqft ∙ Built 2000
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.99
    •  
  • 2200 Shannon Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,099
    • $1.03
    •  
PROPERTY LISTING DETAILS
Nikki Acker
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506891
Last Updated: 01/29/2021
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