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3100 Palmtree Drive Mckinney, TX 75070

3 Beds 2 Baths 1,819 sqft Built 1996

$275,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $151.18
  • 3 Days on Market
  • MLS # : 14496449
  • Updated Date : 01/08/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,819 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Dallas Midtown

Listing Agent's Description

Beautiful Property in ElDorado Heights in McKinney, Granite Countertops in Kitchen & Baths, Stainless Energy Star Appliances, TRAVERTINE Tile Entry, Window Screens for energy efficiency, well maintained property in a very sought after neighborhood.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Eldorado Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10542171

* 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$955
Property Tax -$518
Property Insurance -$132
HOA -$13
Property Management Fees -$99
CASH FLOW
-$37

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.

$275,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.3%
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

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$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$9,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,680
1$1,6802$1,6953$1,7004$1,7505$1,825
$1,825
RENT COMPS ANALYSIS
  • 3100 Palmtree Drive Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,819 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,819 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.92
    •  
  • 4213 Magnolia Mckinney, TX 2
    • 3 beds 2 baths ∙ 1,832 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,832 Sqft ∙ Built 1996
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.93
    •  
  • 4403 Cedar Crest Drive Mckinney, TX 3
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1997
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.02
    •  
  • 3325 Jacobs Drive Mckinney, TX 4
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 1998
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
  • 4215 English Ivy Drive Mckinney, TX 5
    • 3 beds 2 baths ∙ 1,860 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,860 Sqft ∙ Built 1995
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.98
    •  
PROPERTY LISTING DETAILS
Carlos Caballero
Keller Williams Dallas Midtown
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496449
Last Updated: 01/08/2021
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