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905 Hodge Street Mckinney, TX 75071

5 Beds 4 Baths 2,847 sqft Built 2018

INVESTimate

$395,000

List Price

$2,260

$2,034 - $2,486

Rent Est.

$422,492  ( +6.96%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $138.74
  • 6 Days on Market
  • MLS # : 14417322
  • Updated Date : 08/21/2020 at 19:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,847 sqft
  • Baths : 4 full
Listing Agent

Re/max Four Corners

Listing Agent's Description

ADORABLE 5 bedroom home with great open style living! Master and second bedroom on first level with three additional bedrooms on level 2, ideal for guests or elderly parent. Generous dining space in mail living area and light bright kitchen with SS appliances and walk in pantry. Wonderful ammendities in this quaint community just minutes from town, but still offering a country-life feel. Great use of space in this well thought out floor plan. Make sure to see the 3D virtual tour attached to this listing or come see it in person!

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Zip Code: 75071

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Harry Mckillop Elementary School Primary Regular 718 41 9
Melissa Middle School Middle Regular 331 21 10
Melissa High School High Regular 583 35 8

Harry Mckillop Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 41
9
GreatSchools Rating

Melissa Middle School

  • Education Level: Middle
  • # of students: 331
  • # of teachers: 21
10
GreatSchools Rating

Melissa High School

  • Education Level: High
  • # of students: 583
  • # of teachers: 35
8
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,457
Property Tax -$744
Property Insurance -$192
HOA -$50
Property Management Fees -$99
CASH FLOW
-$282

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.

$395,000

PROJECTED PRICE

$2,260

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.96%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$3,876

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,199

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0953$2,2604$2,4005$2,400
$2,400
RENT COMPS ANALYSIS
  • 905 Hodge Street Mckinney, TX 3
    • 5 beds 4 baths ∙ 2,847 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,847 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.79
    •  
  • 4109 Sioux Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,565 Sqft ∙ Built 2011
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.78
    •  
  • 505 Crystal Falls Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,886 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,886 Sqft ∙ Built 2004
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.73
    •  
  • 5113 Prospect Street Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,044 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,044 Sqft ∙ Built 2017
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.79
    •  
  • 1000 Baynes Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,030 Sqft ∙ Built 2020 4 beds 4 baths ∙ 3,030 Sqft ∙ Built 2020
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.79
    •  
PROPERTY LISTING DETAILS
David Kraft
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417322
Last Updated: 08/21/2020
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