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8705 Paradise Mckinney, TX 75070

4 Beds 4 Baths 3,160 sqft Built 2021

$685,330

List Price

$2,860

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $216.88
  • 6 Days on Market
  • MLS # : 14502270
  • Updated Date : 01/19/2021 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,160 sqft
  • Baths : 4 full
Listing Agent

Royal Realty, Inc.

Listing Agent's Description

New Grand Home in Craig Ranch with neighborhood fitness galore - miles of trails, beach volleyball, skate park, parks, playgrounds, baseball & soccer fields. Huge Fitness gym! Cooper Clinic. Frisco ISD. North facing home on MAY Completion. Open 4 bedroom home with vaulted family room, gameroom & media room wired for surround sound. Downstairs guest suite or home office. Full oak staircase has wrought iron railing, 8 foot tall doors downstairs, wood floors, Master Bath has free standing tub, granite vanities & pebble shower floor. Gourmet kitchen has Shaker cabinetry, granite slab tops, 5 burner gas cooktop & stainless appliances. Energy Star certified with R38, 16SEER & radiant barrier roof.

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: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k352k

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

Neighborhood: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262942

* 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
Scoggins Middle School Middle Regular 790 57 9
Independence High School High Unknown 1,161 102 9

Bert And Eloise Isbell Elementary School

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

Scoggins Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 57
9
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 1,161
  • # of teachers: 102
9
GreatSchools Rating
 

$616,797$753,863$685,330

PURCHASE PRICE

$2,574$3,146$2,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,860
EXPENSES Loan Payment -$2,380
Property Tax -$1,291
Property Insurance -$210
HOA -$25
Property Management Fees -$99
CASH FLOW
-$1,145

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.

$685,330

PROJECTED PRICE

$2,860

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.7%
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$1.4M$1.6M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$183,612

INVESTMENT

$183,612

Down Payment
$171,333
Rehab Estimate
$2,000
Closing Costs
$10,280

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,380

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $171,333
Loan Amount $513,998
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$10

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,860

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,852

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,8603$2,9004$2,9505$3,000
$3,000
RENT COMPS ANALYSIS
  • 8705 Paradise Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,160 Sqft ∙ Built 2021 4 beds 4 baths ∙ 3,160 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,860
    • $0.91
    •  
  • 8312 Chickasaw Trail Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,355 Sqft ∙ Built 2009 4 beds 4 baths ∙ 3,355 Sqft ∙ Built 2009
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.77
    •  
  • 8717 Stenson Street Mckinney, TX 3
    • 5 beds 3 baths ∙ 3,206 Sqft ∙ Built 2016 5 beds 3 baths ∙ 3,206 Sqft ∙ Built 2016
    property image
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.90
    •  
  • 6816 Royal Liverpool Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 2017
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.97
    •  
  • 6908 Royal Liverpool Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,092 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,092 Sqft ∙ Built 2017
    property image
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.97
    •  
PROPERTY LISTING DETAILS
Stephen Brooks
Royal Realty, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14502270
Last Updated: 01/19/2021
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