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821 Forgotten Forest Way Mckinney, TX 75071

3 Beds 2 Baths 2,165 sqft Built 2021

$400,790

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $185.12
  • 3 Days on Market
  • MLS # : 14501022
  • Updated Date : 01/16/2021 at 00:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,165 sqft
  • Baths : 2 full
Listing Agent

Toby Jones

Listing Agent's Description

NEW CONSTRUCTION: Trinity Falls by Del Webb. Senior Adult 55+ Living Community. One story Summerwood plan with brick and stone exterior - Elevation C. 3BR, 2BA + Sunroom + Tray Ceilings + Silestone Counters + Smart Home Features + Whirlpool Appliances - 2,165 sq.ft. Available for March 2021 move-in. Gorgeous Kitchen with 42 inch upper cabinetry, quartz countertops, and built-in appliances. Tray ceiling in gathering room and owner's suite. Sunroom with covered lanai.

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*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

* 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
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
 

$360,711$440,869$400,790

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,392
Property Tax -$755
Property Insurance -$152
HOA -$120
Property Management Fees -$99
CASH FLOW
-$738

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$400,790

PROJECTED PRICE

$1,780

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 3.00%
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-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$108,209

INVESTMENT

$108,209

Down Payment
$100,198
Rehab Estimate
$2,000
Closing Costs
$6,012

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,392

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,198
Loan Amount $300,593
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$19

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,802

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7803$1,8004$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 821 Forgotten Forest Way Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,165 Sqft ∙ Built 2021 3 beds 2 baths ∙ 2,165 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.82
    •  
  • 2504 Shady Grove Lane Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2002
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.79
    •  
  • 1105 Evers Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,045 Sqft ∙ Built 2011
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 2301 Avalon Creek Way Mckinney, TX 4
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2001
    property image
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
  • 3513 Willow Creek Trail Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 2003
    property image
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.80
    •  
PROPERTY LISTING DETAILS
Lee Jones
Toby Jones
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501022
Last Updated: 01/16/2021
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