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504 Fortinbras Drive Mckinney, TX 75071

3 Beds 2 Baths 2,359 sqft Built 2012

$385,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $163.20
  • 3 Days on Market
  • MLS # : 14463815
  • Updated Date : 11/01/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,359 sqft
  • Baths : 2 full
Listing Agent

Pinnacle Relocation Services

Listing Agent's Description

Perfectly maintained and very lightly lived in (only part time). This home is in great condition and feels like new. Upgraded real wood floors in living and dining. Home sits high on a hill and has private back yard with shady covered porch. (No neighbors can peek over into backyard) Working from home? Enjoy 2 separate office areas plus dining for even more entertainment, living or working area. 3 Bd, 2 bth. Master has huge closet (turn the corner). Family friendly neighborhood, minutes from new hospital. Tranquil, close to lakes and park trails. Near McKinney Community Center, Historic Downtown McKinney, and Award Winning Schools.

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: Cambridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k406k

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

Neighborhood: Cambridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262491

* 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
Minshew Elementary School Primary Regular 656 41 8
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney Boyd High School High Regular 2,881 169 8

Minshew Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 41
8
GreatSchools Rating

Cockrill Middle School

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

Mckinney Boyd High School

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

$346,500$423,500$385,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,420
Property Tax -$725
Property Insurance -$164
HOA -$57
Property Management Fees -$99
CASH FLOW
-$295

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.

$385,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.8%
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-$8.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,206

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,946

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7953$2,1704$2,1955$2,200
$2,200
RENT COMPS ANALYSIS
  • 504 Fortinbras Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,359 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,359 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.92
    •  
  • 5205 Mountain Pointe Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2005
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.75
    •  
  • 5417 Pandale Valley Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2004
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 5501 Stone Cliff Court Mckinney, TX 4
    • 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,498 Sqft ∙ Built 2002
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.88
    •  
  • 600 Peterhouse Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 2012
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.89
    •  
PROPERTY LISTING DETAILS
Edie Webber
Pinnacle Relocation Services
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463815
Last Updated: 11/01/2020
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