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8300 Parish Avenue Mckinney, TX 75071

5 Beds 3 Baths 3,844 sqft Built 2012

INVESTimate

$499,000

List Price

$2,990

$2,740 - $3,240

Rent Est.

$513,172  ( +2.84%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $129.81
  • 7 Days on Market
  • MLS # : 14416035
  • Updated Date : 08/22/2020 at 19:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,844 sqft
  • Baths : 3 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

Amazing 2-story 5bed, 3bath home with 3car garage located in the inviting community of Shiloh Lakes! Beautiful upgrades including hand scraped hardwood floors, updated light fixtures, new interior paint, granite countertops, new roof and fence, new sprinkler system, tankless hot water heater. Fabulous second floor game room and media room with included media equipment. Dedicated home office ideal for work-from-home situations. Tons of storage space throughout. Meticulously maintained and move-in ready. Spacious backyard awaits your inspiration! Awesome location near Custer Road and 380. Under $500K!

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: Stonebridge Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k419k

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

Neighborhood: Stonebridge Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262826

* 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
Wilmeth Elementary School Primary Regular 635 40 9
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney North High School High Regular 2,089 134 8

Wilmeth Elementary School

  • Education Level: Primary
  • # of students: 635
  • # of teachers: 40
9
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,691$3,289$2,990

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

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,990
EXPENSES Loan Payment -$1,841
Property Tax -$940
Property Insurance -$249
HOA -$40
Property Management Fees -$99
CASH FLOW
-$179

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.

$499,000

PROJECTED PRICE

$2,990

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.84%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$14,083

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,990

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,979

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$2,9903$2,9904$3,0005$3,000
$3,000
RENT COMPS ANALYSIS
  • 8300 Parish Avenue Mckinney, TX 3
    • 5 beds 3 baths ∙ 3,844 Sqft ∙ Built 2012 5 beds 3 baths ∙ 3,844 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.78
    •  
  • 417 Maple Leaf Lane Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,824 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,824 Sqft ∙ Built 2002
    property image
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.76
    •  
  • 1100 Hall Meadow Lane Mckinney, TX 2
    • 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007 5 beds 4 baths ∙ 4,019 Sqft ∙ Built 2007
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.74
    •  
  • 716 Cowan Lane Mckinney, TX 4
    • 5 beds 3 baths ∙ 3,651 Sqft ∙ Built 2011 5 beds 3 baths ∙ 3,651 Sqft ∙ Built 2011
    property image
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.82
    •  
  • 6525 Rabbit Hill Road Mckinney, TX 5
    • 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.78
    •  
PROPERTY LISTING DETAILS
Hannah Gigley
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416035
Last Updated: 08/22/2020
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