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316 Hitch Wagon Drive Mckinney, TX 75071

5 Beds 4 Baths 3,746 sqft Built 2014

$600,000

List Price

$2,910

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $160.17
  • 3 Days on Market
  • MLS # : 14519401
  • Updated Date : 02/21/2021 at 00:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,746 sqft
  • Baths : 4 full
Listing Agent

Ebby Halliday, Realtors-frisco

Listing Agent's Description

Best of the Best! In highly sought-after Stonebridge Ranch, this stunning Highland Home has it all. The well-thought-out floor plan features 5 bedrooms, 4 full baths, formal dining, game room, media room, and flex space with built-in bar. The home looks brand new and features white custom cabinets, Carerra marble countertops, designer backsplashes, barn doors, ship-lapped walls, custom lighting, extensive nail down hardwood floors, and neutral colors. The gourmet kitchen has Carrera Marble countertops, double ovens, upgraded appliances, and much more. The open plan has a stunning two-story entry and the family room features a wall of windows that makes this West-facing home light and bright all day.

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: Stonebridge Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k419k

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

Neighborhood: Stonebridge Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262826

* 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
Mcclure Elementary School Primary Regular 629 40 8
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney North High School High Regular 2,089 134 8

Mcclure Elementary School

  • Education Level: Primary
  • # of students: 629
  • # of teachers: 40
8
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$540,000$660,000$600,000

PURCHASE PRICE

$2,619$3,201$2,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,910
EXPENSES Loan Payment -$2,084
Property Tax -$1,130
Property Insurance -$244
HOA -$125
Property Management Fees -$99
CASH FLOW
-$772

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.

$600,000

PROJECTED PRICE

$2,910

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.8%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$60

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,910

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,884

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$2,9103$3,0004$3,0005$3,000
$3,000
RENT COMPS ANALYSIS
  • 316 Hitch Wagon Drive Mckinney, TX 2
    • 5 beds 4 baths ∙ 3,746 Sqft ∙ Built 2014 5 beds 4 baths ∙ 3,746 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,910
    • $0.78
    •  
  • 417 Maple Leaf Lane Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,824 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,824 Sqft ∙ Built 2002
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.76
    •  
  • 816 Moss Cliff Circle Mckinney, TX 3
    • 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2006
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.78
    •  
  • 832 Hidden Springs Court Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.76
    •  
  • 6525 Rabbit Hill Road Mckinney, TX 5
    • 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.78
    •  
PROPERTY LISTING DETAILS
Nikki Butcher
Ebby Halliday, Realtors-frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14519401
Last Updated: 02/21/2021
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