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2816 Palo Duro Canyon Drive Mckinney, TX 75072

4 Beds 3 Baths 2,488 sqft Built 2002

$365,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $146.70
  • 3 Days on Market
  • MLS # : 14531056
  • Updated Date : 03/19/2021 at 15:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,488 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Beautifully located on a corner lot in Stonebridge Ranch this home has the master & guest bedroom down w a spacious fm dining rm that could be converted to a study.Most of the entire downstairs has just been updated w luxury vinyl flooring & fresh paint.Family Rm w 2 story ceilings & views to the backyard.Kitchen w new granite counters,ss appli,wh cabinets,lg sinlgle basin kt sink w new faucet,brkfast bar,& access to casual dining.Master w bay window,high ceilings,lg bath w granite counters,tub & shower,w huge closet.Up 2 bedrooms, jack & jill bath,&gmroom.Ourside large open patio very private w easy access to schools.Stonebridge Ranch offers the Sandy Beach Club,Aquatic Center,Trails,Ponds,Tennis,&playgrounds.

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: 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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,268
Property Tax -$687
Property Insurance -$171
HOA -$63
Property Management Fees -$99
CASH FLOW
-$188

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.

$365,000

PROJECTED PRICE

$2,100

PROJECTED RENT

0.58%

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$900k

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$1,899

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,071

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0253$2,1004$2,1505$2,375
$2,375
RENT COMPS ANALYSIS
  • 2816 Palo Duro Canyon Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.84
    •  
  • 7024 Bryce Canyon Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,337 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,337 Sqft ∙ Built 2001
    property image
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.81
    •  
  • 7129 Bryce Canyon Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,673 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,673 Sqft ∙ Built 2001
    property image
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.76
    •  
  • 7112 Stone Canyon Court Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,531 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,531 Sqft ∙ Built 1999
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.85
    •  
  • 6900 Columbia Falls Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2003
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.91
    •  
PROPERTY LISTING DETAILS
Heather Tinglov
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14531056
Last Updated: 03/19/2021
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