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3900 Coloma Drive Mckinney, TX 75070

4 Beds 3 Baths 3,040 sqft Built 2005

$359,990

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $118.42
  • 3 Days on Market
  • MLS # : 14469229
  • Updated Date : 11/20/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allciti Realty Llc

Listing Agent's Description

Perfect family home on corner lot in Sonora Ridge! Large backyard with covered patio and front porch. Large secondary bedrooms and game room upstairs with downstairs study which can also be used as another bedroom. New AC and thermostats 2018. Home is a blank slate ready for the nw owners to put their stamp on it. This home is perfect for families in the heart of McKinney close to great schools, shopping and 121. Don't miss the opportunity to live in this great neighborhood!

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: Sonora Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Sonora Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10602171

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Evans Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 90
8
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$323,991$395,989$359,990

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,328
Property Tax -$678
Property Insurance -$203
HOA -$22
Property Management Fees -$99
CASH FLOW
-$100

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.

$359,990

PROJECTED PRICE

$2,230

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.7%
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$10k$12k

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$101,147

INVESTMENT

$101,147

Down Payment
$89,998
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,998
Loan Amount $269,993
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$12,182

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,500

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2303$2,4004$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 3900 Coloma Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.73
    •  
  • 5720 Calloway Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,889 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,889 Sqft ∙ Built 2005
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.76
    •  
  • 5904 Silver Buckle Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,988 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,988 Sqft ∙ Built 2006
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.80
    •  
  • 5904 Mariposa Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,090 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,090 Sqft ∙ Built 2004
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.81
    •  
  • 4105 Rainey Street Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,876 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,876 Sqft ∙ Built 2016
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.92
    •  
PROPERTY LISTING DETAILS
Tessa Allberg
Allciti Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469229
Last Updated: 11/20/2020
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