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3009 Teal Lane Mckinney, TX 75072

4 Beds 3 Baths 2,315 sqft Built 1998

$350,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $151.19
  • 5 Days on Market
  • MLS # : 14462785
  • Updated Date : 10/30/2020 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Four Corners

Listing Agent's Description

Gorgeous updates in this complete remodel. From luxury vinyl plank flooring throughout the first level makes this one stunning. Light and bright with updated windows gives this home a refreshing feel. Neutral paint tones allow a clean blank slate to bring your design choices. The kitchen boasts of quartz countertops, an open concept to stacked formals and a second living area. All new stainless kitchen appliances including the gas cooktop. New carpet throughout upstairs. All bedrooms up are generous sizes and the home offers a smart usable floorplan with no wasted space. August 2020 Roof replaced with transferrable 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: 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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,291
Property Tax -$659
Property Insurance -$161
HOA -$41
Property Management Fees -$99
CASH FLOW
-$331

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.

$350,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.55%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$317

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,887

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9203$1,9754$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 3009 Teal Lane Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.83
    •  
  • 3010 Teal Lane Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,237 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,237 Sqft ∙ Built 1999
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.80
    •  
  • 3010 Quail Hollow Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,312 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,312 Sqft ∙ Built 1996
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.85
    •  
  • 3007 Partridge Lane Mckinney, TX 4
    • 4 beds 2 baths ∙ 2,461 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,461 Sqft ∙ Built 1996
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 3012 Partridge Lane Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,489 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,489 Sqft ∙ Built 1996
    property image
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.80
    •  
PROPERTY LISTING DETAILS
Toni Evans Morrow
Re/max Four Corners
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462785
Last Updated: 10/30/2020
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