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3003 Teal Lane Mckinney, TX 75072

4 Beds 3 Baths 2,680 sqft Built 1998

$382,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $142.54
  • 4 Days on Market
  • MLS # : 14473075
  • Updated Date : 11/19/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,680 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp And Associates Mckinney

Listing Agent's Description

Move-in Ready! This gorgeous home has all the space and style to be desired!2 story! 4 Bedrooms, formal dining room, formal living room, family room, and game room! The Master bedroom is downstairs! The family room, kitchen, and eating area all have tile floors! Wood floor throughout the house! Fresh interior paint! AC units were replaced in July 2017. Freshly installed fence! Minutes away from shopping! Open, light, and bright! COME AND SEE!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Pheasant Run

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Pheasant Run

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10972171

* 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
Walker Elementary School Primary Regular 572 34 9
Faubion Middle School Middle Regular 976 64 7
Mckinney Boyd High School High Regular 2,881 169 8

Walker Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 34
9
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
 

$343,800$420,200$382,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,409
Property Tax -$719
Property Insurance -$182
HOA -$38
Property Management Fees -$99
CASH FLOW
-$397

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$382,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,980

INVESTMENT

$106,980

Down Payment
$95,500
Rehab Estimate
$5,750
Closing Costs
$5,730

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,409

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,500
Loan Amount $286,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$161

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,104

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0003$2,0504$2,0755$2,290
$2,290
RENT COMPS ANALYSIS
  • 3003 Teal Lane Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,680 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,680 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.76
    •  
  • 2501 Pheasant Run Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,695 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,695 Sqft ∙ Built 1998
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.71
    •  
  • 3012 Partridge Lane Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,489 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,489 Sqft ∙ Built 1996
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.80
    •  
  • 2955 Moss Creek Court Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,819 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,819 Sqft ∙ Built 1995
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.74
    •  
  • 2208 Grayson Road Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,573 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,573 Sqft ∙ Built 1997
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.89
    •  
PROPERTY LISTING DETAILS
Makram Abraham
Jp And Associates Mckinney
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473075
Last Updated: 11/19/2020
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