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3721 Buchanan Street Mckinney, TX 75071

3 Beds 2 Baths 1,259 sqft Built 2011

$240,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $190.63
  • 3 Days on Market
  • MLS # : 14466832
  • Updated Date : 11/06/2020 at 02:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,259 sqft
  • Baths : 2 full
Listing Agent

Smart Realty

Listing Agent's Description

Convenient access to HWY 75 and 380, including nearby shopping and restaurants! 3 bedroom, 2 bath, with open concept kitchen to family room. Breakfast bar and kitchen island. HUGE oversized fenced backyard. Patio. Two car garage plus extended driveway. Fridge included. New water heater 2017. This listing is part of a larger portfolio of 7 single-family properties to be sold individually or together as a group MLS#14466830. Please do not disturb tenants.

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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: Heritage Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k358k

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

Neighborhood: Heritage Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Mcclure Elementary School Primary Regular 629 40 8
Scott Johnson Middle School Middle Regular 876 65 6
Mckinney North High School High Regular 2,089 134 8

Mcclure Elementary School

  • Education Level: Primary
  • # of students: 629
  • # of teachers: 40
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
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$886
Property Tax -$452
Property Insurance -$100
HOA -$25
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.

$240,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$11,165

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $1,375

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5303$1,5504$1,6005$1,700
$1,700
RENT COMPS ANALYSIS
  • 3721 Buchanan Street Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,259 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $1.22
    •  
  • 2821 Cliffview Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 2003
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.10
    •  
  • 3737 Buchanan Street Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 2011
    LEASED 06/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.03
    •  
  • 2211 Lilac Circle Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,421 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,421 Sqft ∙ Built 1999
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.13
    •  
  • 2200 Harry Street Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 2010
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.11
    •  
PROPERTY LISTING DETAILS
Dan Cooper
Smart Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14466832
Last Updated: 11/06/2020
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