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3004 Downhill Lane Mckinney, TX 75070

4 Beds 2 Baths 1,955 sqft Built 1996

$335,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $171.36
  • 5 Days on Market
  • MLS # : 14519105
  • Updated Date : 02/20/2021 at 11:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,955 sqft
  • Baths : 2 full
Listing Agent

Avignon Realty

Listing Agent's Description

Lovely one story home in McKinney (conveniently located near Eldorado and Central Expressway) featuring four bedrooms, two full baths, formal dining, formal living room, family room. Good layout and floorplan with lots of upgrades, nice floorings throughout, breakfast area is next to the great kitchen that comes with granite counter top, stainless steel appliances, custom vent hood and fine backsplash. Master bedroom has a well designed walk in closet. And master bathroom is luxurious with double sink vanity, jetted tub, decorative tiles, stylish shower enclosure etc... Sizable backyard for entertaining and much more.

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: Eldorado Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k346k

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

Neighborhood: Eldorado Crossing

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10832171

* 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
Mcneil Elementary School Primary Regular 445 32 6
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Mcneil Elementary School

  • Education Level: Primary
  • # of students: 445
  • # of teachers: 32
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
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,164
Property Tax -$631
Property Insurance -$140
Property Management Fees -$99
CASH FLOW
-$254

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.

$335,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.53%

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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,164

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,062

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7803$1,8004$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 3004 Downhill Lane Mckinney, TX 2
    • 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 1996 4 beds 2 baths ∙ 1,955 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.91
    •  
  • 4316 Sarasota Lane Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1991
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
  • 2920 Brittany Lane Mckinney, TX 3
    • 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 1994 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 1994
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 3402 Los Alamos Lane Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,904 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,904 Sqft ∙ Built 1991
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.95
    •  
  • 4405 Highlands Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 2,021 Sqft ∙ Built 1996 3 beds 2 baths ∙ 2,021 Sqft ∙ Built 1996
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.89
    •  
PROPERTY LISTING DETAILS
Jimmy Lee
Avignon Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14519105
Last Updated: 02/20/2021
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