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6303 Starr Drive Mckinney, TX 75071

4 Beds 2 Baths 2,251 sqft Built 2020

$380,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $168.81
  • 2 Days on Market
  • MLS # : 14503453
  • Updated Date : 01/23/2021 at 21:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,251 sqft
  • Baths : 2 full
Listing Agent

Keller Williams No. Collin Cty

Listing Agent's Description

1+ ACRE LOT . This home has barely been lived in located in a brand new community. Beautiful layout with split-bedrooms. Office located at entrance has attractive wainscoting and french doors. Open kitchen overlooks large living area with wood burning fireplace. Wood floors throughout with carpeting in bedrooms. Back covered patio looks over expansive backyard with immense possibilities. This neighborhood is minutes to shopping, dining and many other services in both Melissa and McKinney. Home has Att Uverse 1Gb fiber internet-wifi. No need to wait to build when this well appointed home with fantastic neutral colors and bright white kitchen is ready for move in!

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Webb Elementary School Primary Regular 400 34 3
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Webb Elementary School

  • Education Level: Primary
  • # of students: 400
  • # of teachers: 34
3
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
 

$342,000$418,000$380,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,320
Property Tax -$716
Property Insurance -$157
HOA -$17
Property Management Fees -$99
CASH FLOW
-$78

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$380,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,700

INVESTMENT

$102,700

Down Payment
$95,000
Rehab Estimate
$2,000
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$11,942

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,251

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$2,230
1$2,2302$2,600
$2,600
RENT COMPS ANALYSIS
  • 6303 Starr Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,251 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,251 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.99
    •  
  • 8018 Meadow Grove Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,591 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,591 Sqft ∙ Built 2015
    property image
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.00
    •  
PROPERTY LISTING DETAILS
Gena Roberson
Keller Williams No. Collin Cty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503453
Last Updated: 01/23/2021
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