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708 Challenger Drive Mckinney, TX 75072

4 Beds 2 Baths 2,038 sqft Built 2014

$359,900

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $176.59
  • 3 Days on Market
  • MLS # : 14536465
  • Updated Date : 03/27/2021 at 11:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,038 sqft
  • Baths : 2 full
Listing Agent

Epic National Realty, Llc

Listing Agent's Description

Beautiful 4 bedroom, 2 bath home on a large corner lot in the coveted Reserve at Westridge neighborhood with community access to pools and playground. Tall ceilings, large windows that let off an abundance of natural light and arched doorways convey a grand appearance. The open concept kitchen, dining and living area with access to the covered porch and backyard allow for ease while entertaining. Tons of storage and counter space in the spacious kitchen and pantry as well. Oversized master bedroom and bathroom with a large vanity, garden tub and huge WIC! Large guest rooms with spacious closets too. This home has it all! Don't miss the opportunity to call this one home schedule your private virtual tour today!

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: 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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,250
Property Tax -$678
Property Insurance -$145
HOA -$58
Property Management Fees -$99
CASH FLOW
-$180

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.

$359,900

PROJECTED PRICE

$2,050

PROJECTED RENT

0.57%

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,076

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,135

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1003$2,1004$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 708 Challenger Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,038 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,038 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.01
    •  
  • 801 Wimberly Circle Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,033 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,033 Sqft ∙ Built 2015
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
  • 613 Cherry Spring Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 2014
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
  • 10212 Old Eagle River Lane Mckinney, TX 4
    • 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2013
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.06
    •  
  • 10113 Old Eagle River Lane Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,079 Sqft ∙ Built 2013
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.06
    •  
PROPERTY LISTING DETAILS
Jason Couch
Epic National Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14536465
Last Updated: 03/27/2021
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