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3301 Hemlock Lane Mckinney, TX 75070

5 Beds 4 Baths 3,320 sqft Built 2000

$430,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $129.52
  • 5 Days on Market
  • MLS # : 14486472
  • Updated Date : 12/16/2020 at 11:04
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,320 sqft
  • Baths : 4 full
Listing Agent

Home At Last Realty

Listing Agent's Description

Lots of recent updates on this Beautiful 2 story home with 5 beds, 4 baths plus 3 car garage. Featuring open concept living, dining and kitchen area great for entertaining. Spacious chef’s kitchen, with plenty of counter space and beautiful granite countertops, island, breakfast bar, ample cabinetry and separate dining. Formal dining off front entry way, first floor laundry, and guest bedroom on this level as well. The first floor master bedroom is spacious with spa style bathroom including garden tub, shower, dual vanity sinks and walk-in closet. Upstairs there’s a large game room, with 3 additional bedrooms and 2 full baths. The backyard has a heated pool and separate spa great for relaxing any time of year.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Pine Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Pine Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10932171

* 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
Johnson Elementary School Primary Regular 583 36 6
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Johnson Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 36
6
GreatSchools Rating

Evans Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 90
8
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$387,000$473,000$430,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,587
Property Tax -$810
Property Insurance -$219
HOA -$28
Property Management Fees -$99
CASH FLOW
-$183

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.

$430,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.1%
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-$5.0k$0.0$5.0k$10k

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$119,700

INVESTMENT

$119,700

Down Payment
$107,500
Rehab Estimate
$5,750
Closing Costs
$6,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,587

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,500
Loan Amount $322,500
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$10,338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,498

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4003$2,4004$2,5005$2,560
$2,560
RENT COMPS ANALYSIS
  • 3301 Hemlock Lane Mckinney, TX 5
    • 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2000 5 beds 4 baths ∙ 3,320 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.77
    •  
  • 5916 Sidney Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,009 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,009 Sqft ∙ Built 2003
    LEASED 08/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.73
    •  
  • 4906 Pecan Hill Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,488 Sqft ∙ Built 1993 4 beds 4 baths ∙ 3,488 Sqft ∙ Built 1993
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.69
    •  
  • 5600 Briar Ridge Circle Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,018 Sqft ∙ Built 1993 4 beds 4 baths ∙ 3,018 Sqft ∙ Built 1993
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.80
    •  
  • 6400 Eaglestone Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,182 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,182 Sqft ∙ Built 2005
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.79
    •  
PROPERTY LISTING DETAILS
Ricky Rich
Home At Last Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14486472
Last Updated: 12/16/2020
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