Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1308a Coleman Street Mckinney, TX 75069

3 Beds 2 Baths 1,361 sqft Built 1983

$225,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $165.32
  • 5 Days on Market
  • MLS # : 14460008
  • Updated Date : 11/01/2020 at 19:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,361 sqft
  • Baths : 2 full
Listing Agent

Ultra Real Estate Services

Listing Agent's Description

Corner lot Close to 75 and Historic Downtown McKinney. Commuters' dream in McKinney ISD, Boyd HS. Tucked away in a quite cud-de-sac. , fresh paint in and out all house, new granite in bathrooms, kitchen. A lot of updates have been done to this home. The foundation has been repaired and includes a transferable warranty

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

Neighborhood: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k344k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
Burks Elementary School Primary Regular 539 38 3
Faubion Middle School Middle Regular 976 64 7
Mckinney Boyd High School High Regular 2,881 169 8

Burks Elementary School

  • Education Level: Primary
  • # of students: 539
  • # of teachers: 38
3
GreatSchools Rating

Faubion Middle School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 64
7
GreatSchools Rating

Mckinney Boyd High School

  • Education Level: High
  • # of students: 2,881
  • # of teachers: 169
8
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$830
Property Tax -$424
Property Insurance -$106
Property Management Fees -$99
CASH FLOW
$21

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.

$225,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$14,829

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,592

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,5503$1,6004$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 1308a Coleman Street Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.09
    •  
  • 1508 Shelley Street Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1966
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.15
    •  
  • 1308b Coleman Street Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1983
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.18
    •  
  • 1804 W Josephine Street Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1971
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.16
    •  
  • 1312 White Circle Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1971
    LEASED 12/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.19
    •  
PROPERTY LISTING DETAILS
Vilma Negrete
Ultra Real Estate Services
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460008
Last Updated: 11/01/2020
BESbswy