Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3101 Illinois Avenue Mckinney, TX 75070

4 Beds 2 Baths 1,885 sqft Built 2001

$300,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $159.15
  • 5 Days on Market
  • MLS # : 14507138
  • Updated Date : 01/26/2021 at 23:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,885 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Mc Kinney one-story cul-de-sac home offers a two-car garage. This home is vacant and cleaned regularly.

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: Boardwalk

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k344k

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

Neighborhood: Boardwalk

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9682171

* 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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,042
Property Tax -$565
Property Insurance -$136
HOA -$28
Property Management Fees -$99
CASH FLOW
-$30

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.

$300,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.4%
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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$11,361

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,819

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,7754$1,8405$1,995
$1,995
RENT COMPS ANALYSIS
  • 3101 Illinois Avenue Mckinney, TX 4
    • 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.98
    •  
  • 6408 Baltic Avenue Mckinney, TX 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2000
    LEASED 09/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 6256 White Pine Drive Mckinney, TX 2
    • 4 beds 2 baths ∙ 1,797 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,797 Sqft ∙ Built 2001
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.94
    •  
  • 6417 Marvin Gardens Mckinney, TX 3
    • 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.94
    •  
  • 3201 New York Avenue Mckinney, TX 5
    • 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,885 Sqft ∙ Built 2001
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.06
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14507138
Last Updated: 01/26/2021
BESbswy