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7600 Hanover Street Mckinney, TX 75071

5 Beds 6 Baths 4,168 sqft Built 2018

$670,000

List Price

$2,850

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $160.75
  • 7 Days on Market
  • MLS # : 14436881
  • Updated Date : 10/31/2020 at 11:49
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,168 sqft
  • Baths : 5 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Your Tucker Hill Lifestyle awaits you in this gorgeous BETTER THAN NEW-darling home w views of the park,Georgia Style front porch,extensive landscaping,&Impressive Interior.Upon entry you will notice the custom lighting,wainscoting,Plantation shutters,&amazing flooring.Private study w built-ins,Guest suite,&Master are on the first level.Open concept,Executive kitchen w enormous amounts of storage & work space,double ovens,butler pantry,walk in pantry,& fantastic Island.Family rm w built in TV cabinet,upgraded Fp,& slider door leading to an amazing backyard experience w living & dining spaces,built-in grill,&green egg.Spacious Master w spa like bath & enormous closet.Upstairs Media,Gameroom,3 secondary bedrooms.

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

Neighborhood: Tucker Hill

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k523k

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

Neighborhood: Tucker Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263214

* 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
Lorene Rogers Middle School Primary Regular 1,184 72 9
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Lorene Rogers Middle School

  • Education Level: Primary
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$603,000$737,000$670,000

PURCHASE PRICE

$2,565$3,135$2,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,850
EXPENSES Loan Payment -$2,472
Property Tax -$1,262
Property Insurance -$268
HOA -$120
Property Management Fees -$99
CASH FLOW
-$1,371

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.

$670,000

PROJECTED PRICE

$2,850

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$183,300

INVESTMENT

$183,300

Down Payment
$167,500
Rehab Estimate
$5,750
Closing Costs
$10,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $167,500
Loan Amount $502,500
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$64

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,850

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $3,112

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9003$2,9904$3,000
$3,000
RENT COMPS ANALYSIS
  • 7600 Hanover Street Mckinney, TX 1
    • 5 beds 6 baths ∙ 4,168 Sqft ∙ Built 2018 5 beds 6 baths ∙ 4,168 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.68
    •  
  • 5012 Old Oak Drive Mckinney, TX 2
    • 5 beds 4 baths ∙ 3,895 Sqft ∙ Built 2011 5 beds 4 baths ∙ 3,895 Sqft ∙ Built 2011
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.74
    •  
  • 1100 Hall Meadow Lane Mckinney, TX 3
    • 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.74
    •  
  • 832 Hidden Springs Court Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.76
    •  
PROPERTY LISTING DETAILS
Heather Tinglov
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 #: 14436881
Last Updated: 10/31/2020
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