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3409 Grant Street Mckinney, TX 75071

4 Beds 3 Baths 2,514 sqft Built 2003

$286,990

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $114.16
  • 3 Days on Market
  • MLS # : 14500022
  • Updated Date : 01/16/2021 at 11:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,514 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Welcome home! Open concept living and dining area with vinyl flooring greet you as you enter your new home. Fresh interior paint throughout and new carpet at upstairs. Four bedrooms upstairs allow enough space for each member of the family to have privacy for work or school without disturbing the other household members. Deck with an outdoor wood burning firepit built in the backyard make this home a perfect place to quarantine. A short two minute drive and you are at Costco Wholesale. Five minute drive to Collin College, McKinney campus and only a short seven minute drive to Sam's Club.

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: 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
 

$258,291$315,689$286,990

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$997
Property Tax -$541
Property Insurance -$172
HOA -$22
Property Management Fees -$99
CASH FLOW
-$31

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.

$286,990

PROJECTED PRICE

$1,800

PROJECTED RENT

0.63%

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-$4.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,802

INVESTMENT

$81,802

Down Payment
$71,748
Rehab Estimate
$5,750
Closing Costs
$4,305

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,748
Loan Amount $215,243
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$10,452

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,973

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8003$1,8994$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 3409 Grant Street Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,514 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.72
    •  
  • 2119 Oleander Way Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 1999
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.74
    •  
  • 3108 Kennedy Drive Mckinney, TX 3
    • 5 beds 3 baths ∙ 2,709 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,709 Sqft ∙ Built 2005
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.70
    •  
  • 3905 Edward Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 2009
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
  • 2629 Terrace Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2001
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
PROPERTY LISTING DETAILS
Richard Lin
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500022
Last Updated: 01/16/2021
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