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7321 Joshua Tree Trail Mckinney, TX 75070

5 Beds 4 Baths 4,322 sqft Built 2013

$630,000

List Price

$3,530

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $145.77
  • 3 Days on Market
  • MLS # : 14503514
  • Updated Date : 01/23/2021 at 16:02
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,322 sqft
  • Baths : 4 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

BEAUTIFUL 5 Bedroom, 4 Bath Home set on an oversized corner lot in the heart of McKinney with Award Winning Frisco Schools! Open Floorplan, natural light, vaulted ceilings, sweeping staircase, Juliet balcony! Gorgeous handscraped hardwoods! Master, Secondary Bedroom and Study with French Doors downstairs! Kitchen features granite counters, tile backsplash, island, stainless appliances, gas cooktop! Living Rm overlooks backyard, gas fireplace with brick hearth! Master Bath with separate granite vanities, extended walk in shower, frameless glass! Upstairs Gameroom, Media, 3 Secondary Bedrooms! 3 Car Garage, Gated Driveway! HUGE Backyard, Extended Patio! Storm Shelter! BEST FINAL OFFERS DUE MON JAN 25TH 9AM!

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

Neighborhood: Stone Hollow

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k356k

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

Neighborhood: Stone Hollow

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
Joyce Kelly Comstock Elementary School Primary Unknown 626 36 NA
Scoggins Middle School Middle Regular 790 57 9
Independence High School High Unknown 1,161 102 9

Joyce Kelly Comstock Elementary School

  • Education Level: Primary
  • # of students: 626
  • # of teachers: 36
NA
GreatSchools Rating

Scoggins Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 57
9
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 1,161
  • # of teachers: 102
9
GreatSchools Rating
 

$567,000$693,000$630,000

PURCHASE PRICE

$3,177$3,883$3,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,530
EXPENSES Loan Payment -$2,188
Property Tax -$1,187
Property Insurance -$277
HOA -$50
Property Management Fees -$99
CASH FLOW
-$270

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.

$630,000

PROJECTED PRICE

$3,530

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.2%
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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$10,835

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,530

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $3,652

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$3,530
1$3,5302$3,5503$3,6004$3,6005$3,700
$3,700
RENT COMPS ANALYSIS
  • 7321 Joshua Tree Trail Mckinney, TX 1
    • 5 beds 4 baths ∙ 4,322 Sqft ∙ Built 2013 5 beds 4 baths ∙ 4,322 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $3,530
    • $0.82
    •  
  • 8209 Chickasaw Trail Mckinney, TX 2
    • 5 beds 4 baths ∙ 4,143 Sqft ∙ Built 2008 5 beds 4 baths ∙ 4,143 Sqft ∙ Built 2008
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $0.86
    •  
  • 7716 Chickasaw Trail Mckinney, TX 3
    • 4 beds 5 baths ∙ 4,102 Sqft ∙ Built 2018 4 beds 5 baths ∙ 4,102 Sqft ∙ Built 2018
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.88
    •  
  • 6908 Humboldt Place Mckinney, TX 4
    • 5 beds 4 baths ∙ 4,524 Sqft ∙ Built 2015 5 beds 4 baths ∙ 4,524 Sqft ∙ Built 2015
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $0.80
    •  
  • 7316 Joshua Tree Trail Mckinney, TX 5
    • 5 beds 6 baths ∙ 4,391 Sqft ∙ Built 2013 5 beds 6 baths ∙ 4,391 Sqft ∙ Built 2013
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $0.84
    •  
PROPERTY LISTING DETAILS
Rhonda Bennett
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503514
Last Updated: 01/23/2021
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