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7905 Avondale Drive Mckinney, TX 75070

4 Beds 4 Baths 3,026 sqft Built 2016

$480,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $158.63
  • 2 Days on Market
  • MLS # : 14481173
  • Updated Date : 12/05/2020 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,026 sqft
  • Baths : 3 full , 1 half
Listing Agent

Engel & Voelkers Dallas Park

Listing Agent's Description

LIVE in your happy place at Craig Ranch fostering a healthy lifestyle. This property is two doors from amenities such as an Olympic size aquatic complex, gym, spa, walking paths, park, tennis courts and a coffee shop. Airy with natural daylight, this open floor plan offers warmth in its design and centered around a great kitchen with gas cooking and a grand island open to the main living area. The living room is inviting with a gas fireplace visible from the dining area. Having a home office may inspire you to do it all from the comfort of home. Generous room sizes, walk-in closets, a 2nd living room makes great use of space with wonderful flow.

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: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k352k

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

Neighborhood: Craig Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262942

* 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
Joyce Kelly Comstock Elementary School Primary Unknown 626 36 NA
Lawlor Middle School Middle Regular NA
Liberty High School High Regular 2,039 137 9

Joyce Kelly Comstock Elementary School

  • Education Level: Primary
  • # of students: 626
  • # of teachers: 36
NA
GreatSchools Rating

Lawlor Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,039
  • # of teachers: 137
9
GreatSchools Rating
 

$432,000$528,000$480,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$1,771
Property Tax -$904
Property Insurance -$202
HOA -$89
Property Management Fees -$99
CASH FLOW
-$245

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.

$480,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 2.7%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,950

INVESTMENT

$132,950

Down Payment
$120,000
Rehab Estimate
$5,750
Closing Costs
$7,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $120,000
Loan Amount $360,000
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$9,013

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $3,018

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,8203$2,8504$3,0505$3,495
$3,495
RENT COMPS ANALYSIS
  • 7905 Avondale Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,026 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,026 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $0.93
    •  
  • 5909 Mayhew Court Mckinney, TX 1
    • 4 beds 4 baths ∙ 2,902 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,902 Sqft ∙ Built 2016
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.93
    •  
  • 6005 Millie Way Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 2015
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.94
    •  
  • 6005 Dr Kenneth Cooper Drive Mckinney, TX 4
    • 4 beds 5 baths ∙ 3,026 Sqft ∙ Built 2016 4 beds 5 baths ∙ 3,026 Sqft ∙ Built 2016
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $1.01
    •  
  • 7709 Avondale Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,148 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,148 Sqft ∙ Built 2017
    LEASED 09/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.11
    •  
PROPERTY LISTING DETAILS
Rosemarie Lacoursiere
Engel & Voelkers Dallas Park
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481173
Last Updated: 12/05/2020
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