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609 Terrace View Drive Mckinney, TX 75071

3 Beds 2 Baths 1,822 sqft Built 2006

$249,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $136.66
  • 4 Days on Market
  • MLS # : 14480316
  • Updated Date : 12/04/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,822 sqft
  • Baths : 2 full
Listing Agent

Century 21 Sunet Group

Listing Agent's Description

Multiple offers received. Best and Highest by Sat at 6:00pm. Move in ready with fresh paint, this 3 beds 2 baths house is perfect for holidays to come! house is only mins to Walmart super center and I-75. New opening McKinney Costco is only 10 mins away. come and check this one out before it is gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Trinity Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $88k344k

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

Neighborhood: Trinity Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9452051

* 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
Press Elementary School Primary Regular 495 40 5
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Press Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 40
5
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

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

$224,100$273,900$249,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$919
Property Tax -$469
Property Insurance -$133
HOA -$15
Property Management Fees -$99
CASH FLOW
$116

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.

$249,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,735

INVESTMENT

$71,735

Down Payment
$62,250
Rehab Estimate
$5,750
Closing Costs
$3,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,250
Loan Amount $186,750
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$24,229

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,781

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6953$1,7004$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 609 Terrace View Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,822 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,822 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 608 Cypress Hill Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2006
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.93
    •  
  • 509 Wichita Trail Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 2013
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.02
    •  
  • 3420 Trinity View Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,730 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,730 Sqft ∙ Built 2004
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
  • 404 Twin Knoll Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 2005
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
PROPERTY LISTING DETAILS
Lingqian Zhuo
Century 21 Sunet Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14480316
Last Updated: 12/04/2020
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