Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3004 Mosswood Drive Mckinney, TX 75071

3 Beds 3 Baths 3,041 sqft Built 2009

$374,999

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $123.31
  • 3 Days on Market
  • MLS # : 14512600
  • Updated Date : 02/05/2021 at 13:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,041 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Gorgeously updated home in the popular Heatherwood; Prosper ISD! Sunny, open floor plan features hardwood floors neutral paint, white kitchen cabinets & more. Fabulous living room has gas log fireplace & views of covered patio and backyard. An executive study makes working from home easy! The master bedroom is down for privacy with an impressively updated master bath. A gourmet kitchen is a chef's dream with black granite counters, large island with seating, planning desk. Upstairs is a game room and 2 guest bedrooms with a full bath. Heatherwood is home to a natural environment of greenbelts, wooded creeks, and walking trails, a resort-style pool and splash park. Walk to Baker Elementary. Close to 380 and 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: Heatherwood

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k350k

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

Neighborhood: Heatherwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
 

$337,499$412,499$374,999

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,303
Property Tax -$706
Property Insurance -$203
HOA -$33
Property Management Fees -$99
CASH FLOW
-$123

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.

$374,999

PROJECTED PRICE

$2,220

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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 60% 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 $281,249
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$8,496

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,357

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1953$2,2204$2,3005$2,625
$2,625
RENT COMPS ANALYSIS
  • 3004 Mosswood Drive Mckinney, TX 3
    • 3 beds 3 baths ∙ 3,041 Sqft ∙ Built 2009 3 beds 3 baths ∙ 3,041 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.73
    •  
  • 5312 Ridgepass Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,851 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,851 Sqft ∙ Built 2006
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.74
    •  
  • 5016 Blackwood Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,951 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,951 Sqft ∙ Built 2006
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.74
    •  
  • 3100 Crossridge Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.78
    •  
  • 5909 Marigold Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,115 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,115 Sqft ∙ Built 2017
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,625
    • $0.84
    •  
PROPERTY LISTING DETAILS
Georgiana Indrea
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512600
Last Updated: 02/05/2021
BESbswy