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2817 Soda Springs Drive Mckinney, TX 75071

4 Beds 3 Baths 2,476 sqft Built 2008

INVESTimate

$349,943

List Price

$2,000

$1,800 - $2,200

Rent Est.

$384,027  ( +9.74%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2008
  • Price/Sqft : $141.33
  • 9 Days on Market
  • MLS # : 14409247
  • Updated Date : 08/19/2020 at 18:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,476 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Homes & Gardens, Winans

Listing Agent's Description

This one is it! Remodeled Beauty awaits in Prosper ISD! Gorgeous Kitchen with open concept overlooking living area and a STUNNING VIEW of secluded heavily treed greenbelt! Updates include all new quartz countertops, stainless steel appliances, gas cooktop, under cabinet and can lighting, remote ceiling fans, engineered wood flooring, 4 in baseboards, fresh paint, decorative lighting and hardware! Exquisite Master Suite with freestanding tub, dual sinks, quartz vanity and frameless shower with gorgeous floor to ceiling tile! Dual entry staircase leads to 2nd living area and 3 bedrooms with new carpet! Roof in 2018! Front fence in 2019, Water Heater in 2020! Great community fun with pool, play area and lake!!

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: Summit View Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Summit View Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10382171

* 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
 

$314,949$384,937$349,943

PURCHASE PRICE

$1,800$2,200$2,000

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

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$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,291
Property Tax -$659
Property Insurance -$170
HOA -$46
Property Management Fees -$99
CASH FLOW
-$265

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.

$349,943

PROJECTED PRICE

$2,000

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.74%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,485

INVESTMENT

$98,485

Down Payment
$87,486
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,486
Loan Amount $262,457
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,996

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,987

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9453$1,9504$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 2817 Soda Springs Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.81
    •  
  • 5241 Bear Valley Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,563 Sqft ∙ Built 2009
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.72
    •  
  • 5024 Birchwood Drive Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,298 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,298 Sqft ∙ Built 2010
    property image
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.85
    •  
  • 2201 Preston Lane Mckinney, TX 3
    • 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 2011
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.83
    •  
  • 5012 Alpine Meadows Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2006
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
PROPERTY LISTING DETAILS
Elizabeth Rockett
Better Homes & Gardens, Winans
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14409247
Last Updated: 08/19/2020
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