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4424 Tortuga Lane Mckinney, TX 75070

3 Beds 3 Baths 2,746 sqft Built 2015

$450,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $163.87
  • 4 Days on Market
  • MLS # : 14469930
  • Updated Date : 11/14/2020 at 13:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,746 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Nestled among the homes of one of McKinney's most-desirable communities, this contemporary home has been meticulously maintained, and no expense spared in its construction. Step inside to find glorious warm wood floors, dramatic vaulted and tray ceilings, and breathtaking decorative lighting. The fully equipped kitchen includes double ovens, an oversized island with breakfast bar, and opens to the main living area. Enjoy warm afternoons on the covered back patio, complete with gas fireplace and flat screen wiring. This home's master ensuite is second-to-none with exceptional lighting, separate garden tub and fully tiled shower, and dual sinks. This Contemporary Castle is sure to impress!

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k356k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
Edris Elliott Elementary School Primary Regular 536 33 6
Scoggins Middle School Middle Regular 790 57 9
Independence High School High Unknown 1,161 102 9

Edris Elliott Elementary School

  • Education Level: Primary
  • # of students: 536
  • # of teachers: 33
6
GreatSchools Rating

Scoggins Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 57
9
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 1,161
  • # of teachers: 102
9
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,660
Property Tax -$848
Property Insurance -$186
HOA -$54
Property Management Fees -$99
CASH FLOW
-$357

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.

$450,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$3,331

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,197

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0003$2,0984$2,3955$2,490
$2,490
RENT COMPS ANALYSIS
  • 4424 Tortuga Lane Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.91
    •  
  • 7125 Bountiful Grove Drive Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 2005
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.73
    •  
  • 7604 Loma Alta Trail Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,577 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,577 Sqft ∙ Built 2006
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.78
    •  
  • 5809 Lodgestone Drive Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,666 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,666 Sqft ∙ Built 2006
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,098
    • $0.79
    •  
  • 3712 Cobblecreek Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,649 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,649 Sqft ∙ Built 2016
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.90
    •  
PROPERTY LISTING DETAILS
Thomas Eaves
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469930
Last Updated: 11/14/2020
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