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7421 E Fork Lane Mckinney, TX 75071

4 Beds 3 Baths 2,460 sqft Built 2015

$409,900

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $166.63
  • 4 Days on Market
  • MLS # : 14530838
  • Updated Date : 03/19/2021 at 17:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,460 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Gorgeous 1 story home has gleaming hrdwd flrs covering liv spaces with open & spacious floorplan giving it an ideal flow. The Blakely Floorplan by Beazer Homes offers 4 bdrms, 2.5 ba, & 3 car garage! Fall in love with your gourmet kit featuring granite c-tops, white cabinetry, SS app: gas cktop, oven, microwave & dishwasher. Breakfast bar opens to liv that features stone fireplace with high ceilings that creates warmth to the room plus wall of windows to embrace your bckyrd. Master is split from secondary bdrms featuring separate vanities, separate shower, garden tub & large WIC. Retreat to your private bckyrd to enjoy the day & relax on your patio***Seller request lease back to End of July 2021. ***

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
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
 

$368,910$450,890$409,900

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$1,424
Property Tax -$772
Property Insurance -$169
HOA -$100
Property Management Fees -$99
CASH FLOW
-$54

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.

$409,900

PROJECTED PRICE

$2,510

PROJECTED RENT

0.61%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

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$114,374

INVESTMENT

$114,374

Down Payment
$102,475
Rehab Estimate
$5,750
Closing Costs
$6,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,475
Loan Amount $307,425
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$14,093

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,503

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5103$2,6004$2,7005$2,700
$2,700
RENT COMPS ANALYSIS
  • 7421 E Fork Lane Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,460 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $1.02
    •  
  • 1309 Grapevine Cove Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,552 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,552 Sqft ∙ Built 2017
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.98
    •  
  • 7516 Sabine Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014
    LEASED 03/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.02
    •  
  • 816 Heron Creek Pass Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2018
    LEASED 02/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.03
    •  
  • 7932 Krause Springs Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,594 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,594 Sqft ∙ Built 2018
    LEASED 02/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.04
    •  
PROPERTY LISTING DETAILS
Kimberly Woodard
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14530838
Last Updated: 03/19/2021
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