Any advice on Wade Settlement townhomes -Megatel builders? (Plano, Frisco: foreclosure, rent)

[Maanu]

Any advice on Wade Settlement townhomes -Megatel builders?

Is this a good location? Looking at it as an investment property

[TheOverdog]

Depends on your timeframe. Megatel is building similar properties in other locations, which are better (where better=more central). Nothing wrong with this location, but it's still in new development mode, so you will be competing against new builds for probably the next 10 years or more. Additionally, townhomes in a majority single nuclear family-oriented place like Frisco will sell at a discount vs a place where more family types (singles, retirees, college students) are common.

[vivianwhatever]

The are all 3 stories town home (some they call 2.5 stories, but still 3 stories). around 2000sqft. all rare garage door , which means no private yard available for any plan.
Price point starting from 349,000, the market rent will be around 2000-2500, no way higher than $2500, as investment this number won't give you a good cash flow.
Also the Wade Park project has totally become "Unknown", the developer was filed foreclosure by the lenders because they can't even pay for the contractors. millions of debt.. there is no way the developer can carry out the development, the next step will be bankrupt. what it can turn to be is totally unknown know. it depends on the next developer which takes over, it may not turn to be as originally designed:a high-end mix-use project, and may not be built up in years.

[UnfairPark]

Do due diligence before you invest in that area.

https://www.dallasnews.com/business/...wade-park-woes

https://www.dallasnews.com/business/...e-park-project

[mikestrong]

Townhomes in the suburbs not the best investment especially at this price point. Megatel is hit or miss. Have a friend that works their now.

[Beardown91737]

Wade Settlement is a great location for CoCo. It is about 3 miles from Legacy Business Park in Plano, and only a couple miles from Jerry Jones new playground. I am no fan of his team, and a lot of fans of his team are not fans of him, but he will probably be generating some additional growth in the area. This is adjacent to Frisco's "5 billion dollar mile", though that doesn't seem to be developing real fast.

Townhomes exist and are being built in all of the big 4 cities in CoCo, but you would need to get a specific idea of the rent for that location. Maybe do some comps based on the area near Legacy. I doubt that the HS zoning would be a big factor in the price since there aren't any HS age kids in my townhome complex.

[HP48G]

Originally Posted by mikestrong

Townhomes in the suburbs not the best investment especially at this price point. Megatel is hit or miss. Have a friend that works their now.

I’m wondering if this is still applicable. ?
The DFW market now is so large that it seems there is a huge number of people who don’t want to do any kind of yard or exterior maintenance so their #1 choice is a townhome and prices reflect this increased demand for this product.

[mikestrong]

Originally Posted by HP48G

I’m wondering if this is still applicable. ?
The DFW market now is so large that it seems there is a huge number of people who don’t want to do any kind of yard or exterior maintenance so their #1 choice is a townhome and prices reflect this increased demand for this product.

You can go online and find town homes in Frisco and Mckinney that have been listed for months vs single family. I have sold town homes. Just the way it is. People will go for zero lot line single famly home over town homes since they are at least detached.

[Beardown91737]

Our townhome community is primarily empty nesters and most of the rest is young couples starting out. There are a handful of school age kids in the 180 or so homes and the oldest is probably in third grade. Some of the owners have sold quickly. The ones who priced high are the ones that took longer to sell.

[ashleyt1612]

Does your friend do sub-contracting?