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701 Spring Falls Drive Mckinney, TX 75071

4 Beds 4 Baths 2,997 sqft Built 2015

$429,900

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $143.44
  • 3 Days on Market
  • MLS # : 14522211
  • Updated Date : 02/26/2021 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,997 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Frisco Stars

Listing Agent's Description

Beautiful Beazer 4 bedroom, 3 full baths and study in the master planned community of Trinity Falls. Corner lot home featuring open kitchen with island, gas oven, granite countertops and tons of storage. Spacious family room offers floor to ceiling stone fireplace with gas logs. Main bedroom down with dual closets, vanities, separate tub and shower! Wrought iron stair case leads you up to a massive game room along with 3 bedrooms. Large backyard with covered patio and lots of room for pool or play. Community offers hiking-biking trails, fishing ponds, clubhouse, pool with splash pads, dog park and much more!

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

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
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
 

$386,910$472,890$429,900

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$1,493
Property Tax -$820
Property Insurance -$200
HOA -$100
Property Management Fees -$99
CASH FLOW
$47

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.

$429,900

PROJECTED PRICE

$2,760

PROJECTED RENT

0.64%

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) 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$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,674

INVESTMENT

$119,674

Down Payment
$107,475
Rehab Estimate
$5,750
Closing Costs
$6,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,493

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,475
Loan Amount $322,425
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$21,845

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,915

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,7603$2,9004$2,9005$3,250
$3,250
RENT COMPS ANALYSIS
  • 701 Spring Falls Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,997 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,997 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $0.92
    •  
  • 313 Village Creek Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2018 4 beds 3 baths ∙ 3,042 Sqft ∙ Built 2018
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.90
    •  
  • 7812 Wichita Falls Boulevard Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,127 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,127 Sqft ∙ Built 2017
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.93
    •  
  • 400 Headwaters Drive Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,840 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,840 Sqft ∙ Built 2018
    property image
    LEASED 02/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.02
    •  
  • 1005 Benbrook Trail Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,126 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,126 Sqft ∙ Built 2016
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.04
    •  
PROPERTY LISTING DETAILS
Kristi Moore
Keller Williams Frisco Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14522211
Last Updated: 02/26/2021
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