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8800 Red Oaks Drive Mckinney, TX 75072

4 Beds 3 Baths 2,995 sqft Built 2003

$410,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $136.89
  • 2 Days on Market
  • MLS # : 14481513
  • Updated Date : 12/05/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,995 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

This original owner home in the heart of Stonebridge Ranch has it all!! A 3 car garage! A big pool with plenty of grass for kids & dogs! Fresh paint throughout the ENTIRE house! A huge kitchen with tons of cabinets, an island, a computer niche, & brand new stainless appliances! New HVAC inside and out! Recently remodeled master shower with frameless enclosure! Versatile game room or study on first floor at the back of the house for privacy. New roof 2020! Recent foundation work with lifetime transferrable warranty! This home has been lovingly maintained and is ready for a new family to call it HOME!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Fairway Village

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $123k433k

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

Neighborhood: Fairway Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262432

* 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
 

$369,000$451,000$410,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,513
Property Tax -$772
Property Insurance -$200
HOA -$67
Property Management Fees -$99
CASH FLOW
-$491

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.

$410,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.53%

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$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$33

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,179

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,1503$2,1604$2,1955$2,250
$2,250
RENT COMPS ANALYSIS
  • 8800 Red Oaks Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,995 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,995 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.72
    •  
  • 900 Royal Oaks Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,128 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,128 Sqft ∙ Built 2004
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.69
    •  
  • 1732 Nicklaus Court Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,959 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,959 Sqft ∙ Built 2004
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.73
    •  
  • 1701 Nicklaus Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2005
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.73
    •  
  • 8320 Olympia Drive Mckinney, TX 5
    • 5 beds 3 baths ∙ 2,979 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,979 Sqft ∙ Built 2005
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.76
    •  
PROPERTY LISTING DETAILS
Kellymarie Davis
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481513
Last Updated: 12/05/2020
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