Analysis – 700 Richmond Dr McKinney

Hi All

I went to this property today, although it is well maintained and updated, I do feel price is a bit on higher side. That said, this area is selling like hot cakes (See Attached).
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1. Price – Looks like neighboring properties were sold more around $120 to $125 range, 1 was sold around $129, and one very small one was sold for $147 per sqft range.
2. School – This is in Prosper ISD – McKinney cuts into McKinney/Frisco/Plano/Prosper ISDs.
3. Rating – School rating is pretty good here, 9 out of 10
4. Rental – This has not been a strong rental market yet, most were leased out at around $1650 range to $1700 range, I will try to list at around $1800 range to test the market – as there were also very few properties rented out, so it depends what tenants are willing to pay.
5. Location – This is a bit further away from the main “McKinney” area, Prosper is a fast growing area, and families here go to work either in McKinney, Frisco, Plano, and nowadays, as Northern part of metroplex is also picking up, some families do work in Sherman as well.
6. 4 Bedrooms – As you know, I like 1-story, 4 bedroom properties – they do sell at premium, so it is likely this one will sell at listing price, and possibly even higher. 
7. Condition – Mostly updated, they did foundation repairs in the past and warranty will be transferred. Roof age was not disclosed.