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3009 Ridgeway Drive Mckinney, TX 75071

3 Beds 3 Baths 2,103 sqft Built 2014

$369,300

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $175.61
  • 4 Days on Market
  • MLS # : 14469435
  • Updated Date : 11/13/2020 at 11:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,103 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jerry Fullerton Realty, Inc.

Listing Agent's Description

3 Bed, 2.5 bath w-office **Covered porch w-nice size back yard **Newly stained fence **ROOF REPLACED OCT 2020 ** Pond & fountain view **GRANITE, ENGINEERED HARDWOODS, STAINLESS STEEL KITCHEN APPL. ALL CONVEY** Vaulted ceilings throughout** Updated living & dining room lighting** OVERSIZED 3 CAR GARAGE WITH NEW EPOXY FLOORS ** single garage has heat & A-C for workshop or exercise room** Neighborhood pool, pond, parks, & outdoor recreation area. **Close proximity to shopping, grocery, hospital, day cares etc. **Minutes away from the NEW PGA GOLF COURSE **Move quickly to celebrate the upcoming holiday seasons in your new home ** Buyer-Buyer agent to verify schools, dimensions, ALL **Listing agent related to seller

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: McKinney

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k360k

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

Neighborhood: McKinney

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262358

* 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
Lorene Rogers Middle School Primary Regular 1,184 72 9
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Lorene Rogers Middle School

  • Education Level: Primary
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$332,370$406,230$369,300

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,363
Property Tax -$696
Property Insurance -$149
HOA -$48
Property Management Fees -$99
CASH FLOW
-$264

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.

$369,300

PROJECTED PRICE

$2,090

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.3%
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$8.0k

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$103,615

INVESTMENT

$103,615

Down Payment
$92,325
Rehab Estimate
$5,750
Closing Costs
$5,540

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,363

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,325
Loan Amount $276,975
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,791

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,103

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$2,090
1$2,0902$2,1003$2,1504$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 3009 Ridgeway Drive Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.99
    •  
  • 5609 Granada Drive Mckinney, TX 2
    • 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 2820 Gillingham Lane Mckinney, TX 3
    • 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2019
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.97
    •  
  • 5617 Centeridge Lane Mckinney, TX 4
    • 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 2014
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.02
    •  
  • 5500 Centeridge Lane Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2014
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.05
    •  
PROPERTY LISTING DETAILS
Jerry Fullerton
Jerry Fullerton Realty, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469435
Last Updated: 11/13/2020
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