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8621 Palermo Way Mckinney, TX 75071

5 Beds 4 Baths 4,013 sqft Built 2016

$675,000

List Price

$3,230

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $168.20
  • 4 Days on Market
  • MLS # : 14532497
  • Updated Date : 03/19/2021 at 12:41
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,013 sqft
  • Baths : 4 full
Listing Agent

Monument Realty

Listing Agent's Description

STUNNING home built by Grand Homes. Located in the Estates of Verona, this home is bright, open, and beautiful! Grand entrance has tall ceilings, wood floors throughout, and a wall of windows that brings in an abundance of natural light. Large kitchen features large island, double ovens, gas cooktop, and decorative lighting. Owner's retreat has room for sitting area and a custom California closet system. On the second level, there is a game room and media room perfect for entertaining guests. Backyard oasis features covered patio area built in grill, fireplace, plumped for sink, and play pool with water features. Other amenities include a full service wet bar, study, and a 3-car swing garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Estates of Verona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k541k

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

Neighborhood: Estates of Verona

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $11263407

* 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
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,907$3,553$3,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,230
EXPENSES Loan Payment -$2,345
Property Tax -$1,271
Property Insurance -$259
HOA -$62
Property Management Fees -$99
CASH FLOW
-$806

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.

$675,000

PROJECTED PRICE

$3,230

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.9%
Maintenance Year (1-5) 8.00%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$183

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,230

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,940

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,795
1$2,7952$2,9903$3,0004$3,0955$3,230
$3,230
RENT COMPS ANALYSIS
  • 8621 Palermo Way Mckinney, TX 5
    • 5 beds 4 baths ∙ 4,013 Sqft ∙ Built 2016 5 beds 4 baths ∙ 4,013 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $3,230
    • $0.80
    •  
  • 312 Wentworth Drive Mckinney, TX 1
    • 5 beds 4 baths ∙ 4,118 Sqft ∙ Built 2004 5 beds 4 baths ∙ 4,118 Sqft ∙ Built 2004
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.68
    •  
  • 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
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $0.74
    •  
  • 8873 County Road 853 Mckinney, TX 3
    • 4 beds 4 baths ∙ 4,107 Sqft ∙ Built 2001 4 beds 4 baths ∙ 4,107 Sqft ∙ Built 2001
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.73
    •  
  • 820 Royal Crest Court Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,960 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,960 Sqft ∙ Built 2003
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,095
    • $0.78
    •  
PROPERTY LISTING DETAILS
Aimee Memory
Monument Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14532497
Last Updated: 03/19/2021
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