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8412 Garnet Way Mckinney, TX 75072

4 Beds 3 Baths 2,723 sqft Built 1998

$449,900

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $165.22
  • 3 Days on Market
  • MLS # : 14484690
  • Updated Date : 12/11/2020 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,723 sqft
  • Baths : 3 full
Listing Agent

Compass Re Texas, Llc.

Listing Agent's Description

At 8412 Garnet Way - settling in at home with your family isn't a stay-at-home order, it's the stay-at-home advantage. In addition to the master suite and a secondary bedroom, the first floor boasts a large central living area complete with hardwoods, fireplace and vaulted ceilings. Separated by it’s oversized island, the adjacent kitchen was recently outfitted with oak cabinetry, SS appliances & granite countertops. While the 1st floor sets the stage for entertaining, the second floor offers a cozy retreat with two bedrooms & private den(or office or playroom). But what truly gives Garnet Way the ideal home during a pandemic? The backyard - a landscaped oasis complete with an covered patio and heated pool.

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: Crimson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k412k

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

Neighborhood: Crimson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262446

* 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
Eddins Elementary School Primary Regular 469 31 8
Dowell Middle School Middle Regular 1,092 72 9
Mckinney Boyd High School High Regular 2,881 169 8

Eddins Elementary School

  • Education Level: Primary
  • # of students: 469
  • # of teachers: 31
8
GreatSchools Rating

Dowell Middle School

  • Education Level: Middle
  • # of students: 1,092
  • # of teachers: 72
9
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,660
Property Tax -$847
Property Insurance -$185
HOA -$67
Property Management Fees -$99
CASH FLOW
-$517

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$449,900

PROJECTED PRICE

$2,340

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$67

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,342

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0953$2,2954$2,3405$2,550
$2,550
RENT COMPS ANALYSIS
  • 8412 Garnet Way Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,723 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $0.86
    •  
  • 8120 Shasta Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,651 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,651 Sqft ∙ Built 2007
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.75
    •  
  • 7604 Shasta Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,632 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,632 Sqft ∙ Built 2005
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.80
    •  
  • 9025 Hampton Court Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2001
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.90
    •  
  • 321 Adonis Circle Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,573 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,573 Sqft ∙ Built 1999
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.99
    •  
PROPERTY LISTING DETAILS
Phillip Murrell
Compass Re Texas, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14484690
Last Updated: 12/11/2020
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