Prosper v. McKinney

[Sabina S.]

I am an out of town investor, who is planning to purchase an investment property in Dallas. My goal is to hold it and rent it out and potentially sell it (in about 5-10 years). I am down to two choices: one located in Prosper (Artesia Development -large 2,700 home community that has been around since 2006) and in McKinney (Bloomridge Development - small, new community with only 100 homes). Both properties are 4 bdr/3 bath, media and game room, good floor plans. The McKinney one is slightly bigger and about 40K higher priced, but community pool and common areas are still being constructed. Thoughts with regard to rental and appreciation values in these areas?

[Account Closed]

Sabrina,

I have lived in McKinney since July 2018 and I like it very much. I completely agree with the other post that the cash flow isn't great because Collin county has one of the highest property taxes in Dallas/Fort Worth area. If your plan is to buy and hold it for 5-10 years - one of the factors you will have to consider is rentability. Where are the jobs located and where are the your potential renters commuting to work ? Does the property have easy access to 380 (main road dividing Frisco/McKinney and Prosper) or Say Rayburn Tollway SRT or Dallas North Tollway DNT? Everyone drives everywhere here in North Dallas - it is a must have to have a property near major highway/tollway. Good luck.