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5605 Blue Spruce Lane Mckinney, TX 75070

4 Beds 3 Baths 2,629 sqft Built 2000

$339,900

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $129.29
  • 5 Days on Market
  • MLS # : 14528434
  • Updated Date : 03/12/2021 at 11:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,629 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors Mckinney

Listing Agent's Description

Multiple offers have been received. Please submit your best and final offer by Saturday, March 13th at 5:00 pm. Please follow the directions when submitting your offer. This is a relocation. Offer instructions are in supplements. Traditional brick home on a large corner lot in Pine Ridge Estates. Upon entry a vaulted ceiling greets you. Hardwood floors and ceramic tile run through out the downstairs. Kitchen is open to the family room with SS appliances, granite counter tops, breakfast bar, 42 inch white cabinets and large island. Lovely breakfast room with a window seat. Guest suite is down with a full bath and a huge master suite plus two other secondary bedrooms are up with a game room.

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: Pine Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Pine Ridge Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10932171

* 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
Johnson Elementary School Primary Regular 583 36 6
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Johnson Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 36
6
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
 

$305,910$373,890$339,900

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,181
Property Tax -$640
Property Insurance -$179
HOA -$45
Property Management Fees -$99
CASH FLOW
-$44

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.

$339,900

PROJECTED PRICE

$2,100

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.1%
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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,824

INVESTMENT

$95,824

Down Payment
$84,975
Rehab Estimate
$5,750
Closing Costs
$5,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,975
Loan Amount $254,925
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,839

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,090

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9753$2,1004$2,1005$2,100
$2,100
RENT COMPS ANALYSIS
  • 5605 Blue Spruce Lane Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,629 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,629 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.80
    •  
  • 5312 Crossvine Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,543 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,543 Sqft ∙ Built 2003
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.77
    •  
  • 6117 Dark Forest Drive Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 2001
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.80
    •  
  • 5513 Dark Forest Drive Mckinney, TX 3
    • 4 beds 2 baths ∙ 2,754 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,754 Sqft ∙ Built 2000
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.76
    •  
  • 5801 Pinyon Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,479 Sqft ∙ Built 2001
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
PROPERTY LISTING DETAILS
Lynn Chandler
Ebby Halliday, Realtors Mckinney
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14528434
Last Updated: 03/12/2021
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