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309 Whitman Drive Mckinney, TX 75072

4 Beds 2 Baths 1,775 sqft Built 2015

INVESTimate

$309,990

List Price

$1,940

$1,746 - $2,134

Rent Est.

$317,740  ( +2.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $174.64
  • 8 Days on Market
  • MLS # : 14416454
  • Updated Date : 08/20/2020 at 04:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,775 sqft
  • Baths : 2 full
Listing Agent

North Point Realty

Listing Agent's Description

SPOTLESS one story home in popular WEST RIDGE AREA shows like a MODEL HOME! AMAZING home with 4 bedrooms, GOURMET kitchen with ISLAND and BREAKFAST BAR, HUGE FAMILY ROOM, FORMAL DINING ROOM! ALL the UPGRADES-WOOD FLORING, CERAMIC tile, GRANITE, GAS cooktop, STAINLESS STEEL appliances, ORB light package, custom PAINT, GAS LOGS, DECORATIVE FRONT DOOR! RADIANT BARRIER, COVERED BACK PATIO, neat LANDSCAPING, STONE elevation and much much more! Just a short walk to the COMMUNITY POOL, PARK, HIKE and BIKE trails and PLAYGROUND! OUTSTANDING PROSPER schools! Welcome to VALOR POINTE neighborhood close to schools, shopping and parks!

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: Westridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Westridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262413

* 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
 

$278,991$340,989$309,990

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,144
Property Tax -$584
Property Insurance -$130
HOA -$58
Property Management Fees -$99
CASH FLOW
-$75

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.

$309,990

PROJECTED PRICE

$1,940

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.50%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,897

INVESTMENT

$87,897

Down Payment
$77,498
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,498
Loan Amount $232,493
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,187

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,917

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,940
1$1,9402$1,9503$1,9504$1,9505$1,995
$1,995
RENT COMPS ANALYSIS
  • 309 Whitman Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $1.09
    •  
  • 325 Whitman Drive Mckinney, TX 2
    • 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015
    LEASED 09/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.10
    •  
  • 213 Whitman Drive Mckinney, TX 3
    • 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,775 Sqft ∙ Built 2015
    LEASED 10/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.10
    •  
  • 213 Rugby Lane Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,873 Sqft ∙ Built 2015
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.04
    •  
  • 10417 Hidden Haven Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2014
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.08
    •  
PROPERTY LISTING DETAILS
Marian Porter
North Point Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416454
Last Updated: 08/20/2020
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