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7616 Choctaw Lane Mckinney, TX 75070

4 Beds 4 Baths 3,322 sqft Built 2017

INVESTimate

$539,900

List Price

$2,650

$2,400 - $2,900

Rent Est.

$579,529  ( +7.34%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $162.52
  • 6 Days on Market
  • MLS # : 14417094
  • Updated Date : 08/21/2020 at 12:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,322 sqft
  • Baths : 4 full
Listing Agent

Keller Williams Frisco Stars

Listing Agent's Description

Gorgeous home in fabulous NEIGHBORHOOD of Westminster at Craig Ranch. Stunning interior has spacious open floorplan, nail down wood flooring, staircase with iron balusters, neutral colors, recessed lighting, lots of natural light. Kitchen features GRANITE COUNTERS, white cabintry, huge island with seating, stainless steel appliances, gas cooktop and butler's pantry. Media Room wired for surround sound. Reading loft off bedroom 3. This four bedroom plan also includes 4 baths, a formal dining room, study, media room and floors and hardwood throughout the most of the first floor. Must see!

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k356k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
 

$485,910$593,890$539,900

PURCHASE PRICE

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$1,992
Property Tax -$1,017
Property Insurance -$219
HOA -$25
Property Management Fees -$99
CASH FLOW
-$702

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.

$539,900

PROJECTED PRICE

$2,650

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.34%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,824

INVESTMENT

$148,824

Down Payment
$134,975
Rehab Estimate
$5,750
Closing Costs
$8,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $134,975
Loan Amount $404,925
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$161

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,633

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6003$2,6004$2,6505$2,790
$2,790
RENT COMPS ANALYSIS
  • 7616 Choctaw Lane Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,322 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,322 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.80
    •  
  • 7705 Chief Spotted Tail Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,301 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,301 Sqft ∙ Built 2006
    property image
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.76
    •  
  • 8312 Chickasaw Trail Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,355 Sqft ∙ Built 2009 4 beds 4 baths ∙ 3,355 Sqft ∙ Built 2009
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.77
    •  
  • 7913 Texian Trail Mckinney, TX 3
    • 4 beds 3 baths ∙ 3,138 Sqft ∙ Built 2011 4 beds 3 baths ∙ 3,138 Sqft ∙ Built 2011
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.83
    •  
  • 4420 Querida Avenue Mckinney, TX 5
    • 4 beds 3 baths ∙ 3,459 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,459 Sqft ∙ Built 2017
    property image
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $0.81
    •  
PROPERTY LISTING DETAILS
Ju Hwa Kim
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 #: 14417094
Last Updated: 08/21/2020
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