303 N Waddill A,b,c St · McKinney, TX 75069

$1,500,000

8 bd · 8.0 ba · 2,782 sqft · MultiFamily public records · 3 Days on market

Built 1953 8,494 sqft lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

One lot. Three buildings. Eight individual apartments. A rare opportunity to acquire an income-producing multi-family property just steps from Historic Downtown McKinney Square - one of North Texas’ most vibrant and walkable destinations. Located in rapidly growing Collin County, this unique offering places you in the heart of downtown McKinney, where festivals, fine dining, boutique shopping, and year-round events continue to draw visitors from across the region. Despite this demand, walkable boutique-style accommodations remain limited, creating a clear opportunity for thoughtful repositioning. This property is well-suited for a variety of uses, including a luxury bed and breakfast, boutique hotel, short-term rental compound, or a curated multi-family concept designed to serve the area’s expanding visitor base. It also offers strong long-term rental potential and has a proven track record supporting a nonprofit housing initiative, demonstrating both income stability and flexibility for mission-driven use. The site features a historic two-story home converted into a fourplex, a five-car garage with two apartments above, and a duplex complete with on-site laundry facilities and a spacious office, ideal for management or operations. A standout feature is the abundance of on-site parking, a rare and valuable asset in downtown McKinney that enhances both functionality and guest experience. With three distinct structures and eight fully self-sufficient units on a single lot, the property offers multiple paths for income generation, repositioning, or future redevelopment. An exceptional opportunity to own a versatile asset in the heart of Historic Downtown McKinney.

Key facts

• Proven track record
• 8,494 sq ft lot
• 5 garage spots

Tags

• HISTORIC DOWNTOWN MCKINNEY
• INCOME PRODUCING PROPERTY
• PROVEN TRACK RECORD
• ON SITE LAUNDRY FACILITIES
• ABUNDANCE OF ON SITE PARKING
• THREE DISTINCT STRUCTURES

What this means for you Summary

Snapshot

• This is a 8-bed/8.0-bath multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.50M).
• Cap rate 9.8% vs local median 2.5% in McKinney — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#115 in TX, #3,716 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, amenities F, commute F.
• Mckinney ISD (suburban): math 54% / reading 58% proficiency, ranked #72 of 826 in TX (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.1%/yr); 292 active listings in the ZIP; solid renter incomes; 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).
• At $16,772/mo this rent would consume 236% of the median local household income ($85k/yr) (locally 1898% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $200k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,500,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.79%
• Cash-on-cash: 12.49%
• DSCR: 1.56
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-14,494
• Equity at exit: $223,655

10-year hold

• IRR: 5.6%
• Equity multiple: 1.36×
• Total profit: $153,205
• Equity at exit: $129,693

Cash invested: $420,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75069

• Rents YoY: -2.1%
• Active inventory: 292
• Price-to-rent: 59.6×

Monthly cashflow live

• Estimated rent: $16,772 medium
• Mortgage (P&I): −$7,866
• Tax from tax record: −$388 /mo · $4,654/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,522
• Net cashflow: $4,371

Break-even live

Break-even rent $11,239

Max offer price $1,500,000

Occupancy floor 69%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$16,768
Total (8 units)			$16,772

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,500,000 Active 3 DOM
2. 2026-06-17
   days on market $1,500,000 Active 2 DOM
3. 2026-06-15
   days on marketlisting id $1,500,000 Active 1 DOM
4. 2026-06-15
   days on market $1,500,000 Active 70 DOM
5. 2026-06-13
   days on market $1,500,000 Active 68 DOM
6. 2026-06-09
   days on market $1,500,000 Active 64 DOM
7. 2026-06-08
   days on market $1,500,000 Active 63 DOM
8. 2026-06-07
   days on market $1,500,000 Active 62 DOM
9. 2026-06-04
   days on market $1,500,000 Active 59 DOM
10. 2026-06-03
    days on market $1,500,000 Active 58 DOM
11. 2026-06-02
    days on market $1,500,000 Active 57 DOM
12. 2026-06-01
    days on market $1,500,000 Active 56 DOM
13. 2026-05-31
    days on market $1,500,000 Active 55 DOM
14. 2026-04-06
    listed $1,700,000 Active 1716-char remark

    Show marketing remark (1716 chars)

    One lot. Three buildings. Eight individual apartments. A rare opportunity to acquire an income-producing multi-family property just steps from Historic Downtown McKinney Square - one of North Texas’ most vibrant and walkable destinations. Located in rapidly growing Collin County, this unique offering places you in the heart of downtown McKinney, where festivals, fine dining, boutique shopping, and year-round events continue to draw visitors from across the region. Despite this demand, walkable boutique-style accommodations remain limited, creating a clear opportunity for thoughtful repositioning. This property is well-suited for a variety of uses, including a luxury bed and breakfast, boutique hotel, short-term rental compound, or a curated multi-family concept designed to serve the area’s expanding visitor base. It also offers strong long-term rental potential and has a proven track record supporting a nonprofit housing initiative, demonstrating both income stability and flexibility for mission-driven use. The site features a historic two-story home converted into a fourplex, a five-car garage with two apartments above, and a duplex complete with on-site laundry facilities and a spacious office, ideal for management or operations. A standout feature is the abundance of on-site parking, a rare and valuable asset in downtown McKinney that enhances both functionality and guest experience. With three distinct structures and eight fully self-sufficient units on a single lot, the property offers multiple paths for income generation, repositioning, or future redevelopment. An exceptional opportunity to own a versatile asset in the heart of Historic Downtown McKinney.

15. 2011-12-28
    soldstatus Closed 388-char remark

    Show marketing remark (388 chars)

    McKinney Historic Dist. 8 units, 3 bldgs includes early 1900's 2 story home coverted to 4plex, 5 car garage, 1 converted to laundry room, 2 apts above, duplex with 2 garages, all utilities separately metered; coin operated wd convey with property; all window acs, stoves, refrigerators convey with property; easy to lease, currently full, most 6 month leases, some now mtm. Cap rate 9.04%

16. 2011-12-03
    price $395,000 388-char remark

    Show marketing remark (388 chars)

    McKinney Historic Dist. 8 units, 3 bldgs includes early 1900's 2 story home coverted to 4plex, 5 car garage, 1 converted to laundry room, 2 apts above, duplex with 2 garages, all utilities separately metered; coin operated wd convey with property; all window acs, stoves, refrigerators convey with property; easy to lease, currently full, most 6 month leases, some now mtm. Cap rate 9.04%

17. 2011-09-10
    listed $415,000 Active 388-char remark

    Show marketing remark (388 chars)

    McKinney Historic Dist. 8 units, 3 bldgs includes early 1900's 2 story home coverted to 4plex, 5 car garage, 1 converted to laundry room, 2 apts above, duplex with 2 garages, all utilities separately metered; coin operated wd convey with property; all window acs, stoves, refrigerators convey with property; easy to lease, currently full, most 6 month leases, some now mtm. Cap rate 9.04%

18. 2007-03-30
    soldstatus
19. 2007-02-23
    historical
20. 2007-01-09
    listed $335,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $4,654 · $388/mo
• Projected year-2 tax: $27,450 · $2,288/mo
• Expected delta: +$22,796/yr (+$1,900/mo · 489.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $201,264
• − Mortgage interest: −$84,023
• − Property taxes: −$4,654
• − Insurance: −$7,500
• − Repairs & maintenance: −$16,101
• − Management: −$16,101
• − Depreciation: −$43,636
• Taxable income: $29,248
• Est. tax owed @ 24.0%: −$7,020
• After-tax cash flow: $45,431/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mckinney ISD
• NCES district ID: 4829850
• Math proficiency: 54% ▼ -9.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $78,283
• Composite: 50.46/100
• National rank: #1862
• State rank: #72 of 826 in TX

Livability — McKinney

• Score: 76/100
• State rank: #115
• US rank: #3716

Category grades

Amenities F Commute F Cost of living C- Crime A+ Employment A+ Housing A+ Health & safety C+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McKinney, TX
• County: Collin County · 1,159,394 people
• City population: 232,161
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 40,032
• Household income: $85,327
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 1898.0

Population outlook (Collin County) Hauer SSP2

• Today (2025): 1,210,074 people
• By 2030: 1,358,201 · +12.2%
• By 2040: 1,654,061 · +36.7%
• By 2050: 1,937,359 · +60.1%
• By 2075: 2,567,039 · +112.1%
• By 2100: 2,952,048 · +144.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Hispanic / Latino 29% Two or more races 11% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 2%
• Foreign-born: 16% · Canada, China
• Languages at home: 72% English-only · Spanish 24% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Collin

• 2024 margin: R (+11.1) · D 43.1% · R 54.3% · Other 2.6%
• 2008→2024 swing: +14.4pp toward D · 2008: -25.6pp · 2024: -11.1pp
• All cycles: 2024: R+11.1 2020: R+4.3 2016: R+17.0 2012: R+31.6 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.98%
• Current HPI: 280.2534
• Rent YoY: ▼ -2.14%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

+407.5% since first listed

7 events — show timeline

• 2026-04-06 Listed $1,700,000 NTREIS
• 2011-12-28 Sold (MLS) — NTREIS
• 2011-12-03 Price Changed $395,000 NTREIS
• 2011-09-10 Listed $415,000 NTREIS
• 2007-03-30 Sold (MLS) — NTREIS
• 2007-02-23 Listing Removed — NTREIS
• 2007-01-09 Listed $335,000 NTREIS

Property tax history

+4.5%/yr

Latest (2017): $4,654 · +13.4% YoY. Source: county tax records.