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505 Rocky Pine Road Mckinney, TX 75072

4 Beds 3 Baths 2,466 sqft Built 2016

$379,000

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $153.69
  • 3 Days on Market
  • MLS # : 14506045
  • Updated Date : 01/29/2021 at 23:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,466 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ebby Halliday, Realtors Plano

Listing Agent's Description

Fantastic 4 bed 2 and half bath home located in sought after Mckinney community!!This home has it all and boasts hardwood flooring,granite counters,Frigidaire Gallery appliances including double ovens, gas cooktop,upgraded vent as well as undercounter lighting,soaring ceilings,flat screen wiring,gas logs,surround sound inside and out,wired for 5.1, smart switches and smart thermostat, solar screens and so much more.Fabulous outdoor space including extended patio with covered and open areas, gas hook up for grill, perfect for entertaining or just relaxing with the family! PROSPER ISD-Walk to Furr Elementary.Take advantage of all Westridge Amenities including trails, playgrounds, pond, and resort pool-waterpark!

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: 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
Judy Rucker Elementary School Primary Regular 781 47 8
Hays Middle School Middle Unknown NA
Prosper High School High Regular 1,868 120 9

Judy Rucker Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 47
8
GreatSchools Rating

Hays Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$341,100$416,900$379,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,316
Property Tax -$714
Property Insurance -$170
HOA -$58
Property Management Fees -$99
CASH FLOW
-$177

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.

$379,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,185

INVESTMENT

$106,185

Down Payment
$94,750
Rehab Estimate
$5,750
Closing Costs
$5,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,316

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,750
Loan Amount $284,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,425

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,189

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,125
1$2,1252$2,1503$2,1804$2,3005$2,350
$2,350
RENT COMPS ANALYSIS
  • 505 Rocky Pine Road Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,466 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.88
    •  
  • 313 Whitman Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2015
    LEASED 03/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $0.86
    •  
  • 10309 Hidden Haven Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.87
    •  
  • 10204 Blackberry Street Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,656 Sqft ∙ Built 2014 4 beds 4 baths ∙ 2,656 Sqft ∙ Built 2014
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 433 Cherry Spring Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.95
    •  
PROPERTY LISTING DETAILS
Kim Cunningham
Ebby Halliday, Realtors Plano
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506045
Last Updated: 01/29/2021
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