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2708 Inn Kitchen Way Mckinney, TX 75071

4 Beds 4 Baths 2,966 sqft Built 2021

$467,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $157.45
  • 7 Days on Market
  • MLS # : 14510412
  • Updated Date : 02/12/2021 at 08:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,966 sqft
  • Baths : 3 full , 1 half
Listing Agent

Jagjit Singh

Listing Agent's Description

Ask about our MEGAsale promotion of 6 months mortgage on us. Megatel Homes will credit the first 6 months of your new mortgage payment. See your community sales consultant for full details. MEGAsale is available for a limited time only. Mortgage payment refers to principal and interest only. Additional restrictions apply. Megatel Homes reserves the right to change or cancel the program at any time.

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
John A. Baker Elementary School Primary Regular 698 53 8
Prosper High School High Regular 1,868 120 9
John A. Baker Elementary School Primary Unknown NA

John A. Baker Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 53
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating

John A. Baker Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$420,300$513,700$467,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,622
Property Tax -$880
Property Insurance -$199
HOA -$45
Property Management Fees -$99
CASH FLOW
-$774

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.

$467,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 3.00%
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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,755

INVESTMENT

$125,755

Down Payment
$116,750
Rehab Estimate
$2,000
Closing Costs
$7,005

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,622

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,750
Loan Amount $350,250
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$4

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $2,662

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,070
1$2,0702$2,6003$2,7454$2,7505$2,750
$2,750
RENT COMPS ANALYSIS
  • 2708 Inn Kitchen Way Mckinney, TX 1
    • 4 beds 4 baths ∙ 2,966 Sqft ∙ Built 2021 4 beds 4 baths ∙ 2,966 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.70
    •  
  • 1612 Country Walk Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2005
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.89
    •  
  • 5925 Owen Road Mckinney, TX 3
    • 4 beds 3 baths ∙ 3,150 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,150 Sqft ∙ Built 2019
    property image
    LEASED 02/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,745
    • $0.87
    •  
  • 2704 Inn Kitchen Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,200 Sqft ∙ Built 2020 4 beds 3 baths ∙ 3,200 Sqft ∙ Built 2020
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.86
    •  
  • 7716 Harvest Hill Lane Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,849 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,849 Sqft ∙ Built 2011
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.97
    •  
PROPERTY LISTING DETAILS
Jagjit Singh
Jagjit Singh
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14510412
Last Updated: 02/12/2021
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