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2823 Mayfair Lane Mckinney, TX 75071

4 Beds 4 Baths 2,796 sqft Built 1992

$375,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $134.12
  • 4 Days on Market
  • MLS # : 14503337
  • Updated Date : 01/22/2021 at 18:03
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,796 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Updated 4 bed, 3.5 bath, two story situated on a gorgeous mature tree lined lot with space for everyone. Rich wood floors flow throughout the lower living areas. Formal dining and sitting rooms in the front of the house can be used as dual studies, while large open game room allows for virtual learning. Master on lower level offers beautiful views of the large backyard. Eat in kitchen features dual ovens, gas range, granite countertops, crisp white cabinets, and dry bar perfect for a coffee bar! Spacious family room boasts a gas fireplace with solid wood mantel. Located just minutes from restaurants, grocery stores, 24 hr fitness, movie theater, and retail on 380 and Hardin. Easy access to highway 75!

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: Mayfair

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k365k

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

Neighborhood: Mayfair

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262275

* 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
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,303
Property Tax -$706
Property Insurance -$189
HOA -$33
Property Management Fees -$99
CASH FLOW
$30

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.

$375,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$18,785

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,076

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9953$2,0004$2,1505$2,360
$2,360
RENT COMPS ANALYSIS
  • 2823 Mayfair Lane Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,796 Sqft ∙ Built 1992 4 beds 4 baths ∙ 2,796 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $0.84
    •  
  • 2424 Emerald Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,599 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,599 Sqft ∙ Built 2006
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.73
    •  
  • 2408 Emerald Lane Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.73
    •  
  • 2509 Glenhaven Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2004
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.77
    •  
  • 204 Devonshire Court Mckinney, TX 4
    • 5 beds 3 baths ∙ 2,920 Sqft ∙ Built 1995 5 beds 3 baths ∙ 2,920 Sqft ∙ Built 1995
    LEASED 01/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.74
    •  
PROPERTY LISTING DETAILS
Angela Taylor
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503337
Last Updated: 01/22/2021
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