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8304 Cottage Drive Mckinney, TX 75070

4 Beds 4 Baths 3,313 sqft Built 2020

$700,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $211.29
  • 3 Days on Market
  • MLS # : 14460266
  • Updated Date : 12/11/2020 at 11:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,313 sqft
  • Baths : 3 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14460266 - Built by Ashton Woods Homes - January completion! ~ MODEL home only 8 miles to Legacy west in Frisco ISD at Southern Hills in Craig Ranch with short commute 20 mi to N. Dallas. Craftsman Model home features a brick and stone façade, wood garage doors and a 9 lite mahogany front door. The dining room with a wine nook outfitted in floor to ceiling tile, built-in wine racks and a coffered ceiling. The open living space features expansive windows, a sliding patio door and a well-appointed kitchen with a Jenn-Air coffee system, two-tone double-stacked cabinetry with glass inserts, Granite and Quartz countertops and ceiling height backsplash tile. Extensive upgrades throughout Model Home..

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
Bert And Eloise Isbell Elementary School Primary Regular 687 38 10
Billy Vandeventer Middle School Middle Unknown 1,034 69 NA
Liberty High School High Regular 2,039 137 9

Bert And Eloise Isbell Elementary School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 38
10
GreatSchools Rating

Billy Vandeventer Middle School

  • Education Level: Middle
  • # of students: 1,034
  • # of teachers: 69
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,039
  • # of teachers: 137
9
GreatSchools Rating
 

$630,000$770,000$700,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,583
Property Tax -$1,318
Property Insurance -$219
HOA -$100
Property Management Fees -$99
CASH FLOW
-$1,369

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.

$700,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.42%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$187,500

INVESTMENT

$187,500

Down Payment
$175,000
Rehab Estimate
$2,000
Closing Costs
$10,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$2,583

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $175,000
Loan Amount $525,000
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$43

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $3,023

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9003$2,9404$2,9505$3,000
$3,000
RENT COMPS ANALYSIS
  • 8304 Cottage Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,313 Sqft ∙ Built 2020 4 beds 4 baths ∙ 3,313 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.89
    •  
  • 7117 Royal View Drive Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,122 Sqft ∙ Built 2019 4 beds 4 baths ∙ 3,122 Sqft ∙ Built 2019
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.93
    •  
  • 8717 Stenson Street Mckinney, TX 2
    • 5 beds 3 baths ∙ 3,206 Sqft ∙ Built 2016 5 beds 3 baths ∙ 3,206 Sqft ∙ Built 2016
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.90
    •  
  • 6365 Shadywood Drive Frisco, TX 3
    • 3 beds 3 baths ∙ 3,192 Sqft ∙ Built 2002 3 beds 3 baths ∙ 3,192 Sqft ∙ Built 2002
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $0.92
    •  
  • 7113 Royal View Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,334 Sqft ∙ Built 2019 4 beds 4 baths ∙ 3,334 Sqft ∙ Built 2019
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.90
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460266
Last Updated: 12/11/2020
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