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3900 Iris Court Mckinney, TX 75070

4 Beds 3 Baths 2,640 sqft Built 2000

$329,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $124.62
  • 2 Days on Market
  • MLS # : 14478429
  • Updated Date : 12/05/2020 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,640 sqft
  • Baths : 2 full , 1 half
Listing Agent

Cassandra Lance And Associates

Listing Agent's Description

Beautiful home on large corner lot at the entrance to a cul-de-sac. Two homes down from the community pool! Fresh paint, carpet and high end plank flooring! Newly installed kitchen appliances! Great home in a great neighborhood. Large game room and media room. Wired for surround sound throughout! This one will go quickly!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

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
Mcgowen Elementary School Primary Regular 674 44 7
Evans Middle School Middle Regular 1,443 90 8
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
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
 

$296,100$361,900$329,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,214
Property Tax -$620
Property Insurance -$180
HOA -$25
Property Management Fees -$99
CASH FLOW
-$257

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.

$329,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.57%

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$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$92,935

INVESTMENT

$92,935

Down Payment
$82,250
Rehab Estimate
$5,750
Closing Costs
$4,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,250
Loan Amount $246,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,594

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,973

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8803$1,9754$1,9955$2,100
$2,100
RENT COMPS ANALYSIS
  • 3900 Iris Court Mckinney, TX 2
    • 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.71
    •  
  • 5501 Periwinkle Lane Mckinney, TX 1
    • 4 beds 3 baths ∙ 2,587 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,587 Sqft ∙ Built 2002
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.70
    •  
  • 3929 Iris Court Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,808 Sqft ∙ Built 2001
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.70
    •  
  • 3904 Neveda Court Mckinney, TX 4
    • 5 beds 3 baths ∙ 2,597 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,597 Sqft ∙ Built 2006
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.77
    •  
  • 3605 Lauren Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2000
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.82
    •  
PROPERTY LISTING DETAILS
Georgianna Anderson
Cassandra Lance And Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14478429
Last Updated: 12/05/2020
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