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2920 Lynnwood Lane Mckinney, TX 75072

3 Beds 3 Baths 2,464 sqft Built 2005

$349,900

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $142.00
  • 6 Days on Market
  • MLS # : 14488582
  • Updated Date : 12/22/2020 at 13:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,464 sqft
  • Baths : 2 full , 1 half
Listing Agent

Texas Properties

Listing Agent's Description

PARKVIEW ESTATES!!!!!!!!  Wonderful 2 story home located in McKinney with McKinney ISD.  It has 3 bedrooms with 2.1 baths, 2 large living rooms and 2 dining rooms.  Cozy corner wood burning fireplace in family room.  Gourmet kitchen offers black appliances, electric cook range and breakfast bar.  All bedrooms including the huge Bi-level master suite upstairs.  Master bath offers a separate shower, garden tub and walk-ins.  Game room is upstairs.  Large wooden fenced backyard with covered patio.

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: Parkview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Parkview Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11212171

* 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
Bennett Elementary School Primary Regular 491 31 10
Dowell Middle School Middle Regular 1,092 72 9
Mckinney Boyd High School High Regular 2,881 169 8

Bennett Elementary School

  • Education Level: Primary
  • # of students: 491
  • # of teachers: 31
10
GreatSchools Rating

Dowell Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 72
9
GreatSchools Rating

Mckinney Boyd High School

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

$314,910$384,890$349,900

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,291
Property Tax -$659
Property Insurance -$170
HOA -$67
Property Management Fees -$99
CASH FLOW
-$245

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.

$349,900

PROJECTED PRICE

$2,040

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% 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 $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,168

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$2,040
1$2,0402$2,0953$2,1004$2,2505$2,399
$2,399
RENT COMPS ANALYSIS
  • 2920 Lynnwood Lane Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,464 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,464 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $0.83
    •  
  • 2801 St Johns Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,607 Sqft ∙ Built 2005
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.80
    •  
  • 2804 Lynnwood Lane Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,543 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,543 Sqft ∙ Built 2004
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 7912 Whippoorwill Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,395 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,395 Sqft ∙ Built 2000
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.94
    •  
  • 2413 Summerside Lane Mckinney, TX 5
    • 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,520 Sqft ∙ Built 2000
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,399
    • $0.95
    •  
PROPERTY LISTING DETAILS
Saman Ilangasinghe
Texas Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14488582
Last Updated: 12/22/2020
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