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3316 Truman Street Mckinney, TX 75071

4 Beds 3 Baths 3,040 sqft Built 2003

$319,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $104.93
  • 2 Days on Market
  • MLS # : 14488664
  • Updated Date : 12/18/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

First Texas

Listing Agent's Description

Two stories wonderful 4 bedrooms home with beautiful hardwood floors through out with chef size kitchen, granite counter tops and marble floors. Oversize bedrooms and lots of storage space; upstairs living space perfect for large home theater area. Newly repainted throughout the house, brand new carpet, new fence in 2020, new dishwasher installed in December 2020, AC and water heater replaced in 2019. Close to major roads 380 and 75, shopping, dining, and city facilities. Great for any family.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: President's Point

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: President's Point

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10362171

* 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
Minshew Elementary School Primary Regular 656 41 8
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Minshew Elementary School

  • Education Level: Primary
  • # of students: 656
  • # of teachers: 41
8
GreatSchools Rating

Scott Johnson Middle School

  • Education Level: Middle
  • # of students: 876
  • # of teachers: 65
6
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$287,100$350,900$319,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,177
Property Tax -$601
Property Insurance -$203
HOA -$20
Property Management Fees -$99
CASH FLOW
-$160

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.

$319,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,285

INVESTMENT

$90,285

Down Payment
$79,750
Rehab Estimate
$5,750
Closing Costs
$4,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,750
Loan Amount $239,250
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$6,229

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $2,075

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9403$1,9754$2,0505$2,150
$2,150
RENT COMPS ANALYSIS
  • 3316 Truman Street Mckinney, TX 2
    • 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.64
    •  
  • 3501 Grant Street Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 2005
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.70
    •  
  • 2105 Arthur Street Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,897 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,897 Sqft ∙ Built 2004
    property image
    LEASED 10/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.68
    •  
  • 3609 Truman Street Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,120 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,120 Sqft ∙ Built 2004
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.66
    •  
  • 3900 Gregory Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 3,097 Sqft ∙ Built 2009 4 beds 3 baths ∙ 3,097 Sqft ∙ Built 2009
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.69
    •  
PROPERTY LISTING DETAILS
Mi Zhou
First Texas
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14488664
Last Updated: 12/18/2020
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