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3404 Ridge Lily Lane Mckinney, TX 75071

4 Beds 3 Baths 2,815 sqft Built 2005

$395,000

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $140.32
  • 2 Days on Market
  • MLS # : 14525171
  • Updated Date : 03/20/2021 at 12:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,815 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Beautiful 2 story home w private backyard backing to Corp of Eng greenbelt & creek. This Paul Taylor built home features fabulous fully remolded kitchen w Carrara bksplash, quartz countertps, custom built-in quartz table w power outlets, open shelving, custom cabinets w soft-close & pull-out shelves, pot drawers, coffee-wine bar, and all SS Bosch appl, inc dbl ovens, 5-burner gas cooktop, vent hood, microwave-convection oven, dshwsher & fridge. First floor boasts eng wood floors, office, formal dining and views of greenbelt from kitchen, living rm & master. Second floor w all fresh carpet and paint (March 2021). Enjoy serene greenbelt setting year round from 14x12 screened porch or 26x13 open deck. Prosper ISD

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Robinson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k373k

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

Neighborhood: Robinson Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262252

* 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
John A. Baker Elementary School Primary Regular 698 53 8
Prosper High School High Regular 1,868 120 9
John A. Baker Elementary School Primary Unknown NA

John A. Baker Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 53
8
GreatSchools Rating

Prosper High School

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

John A. Baker Elementary School

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

$355,500$434,500$395,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,372
Property Tax -$744
Property Insurance -$190
HOA -$48
Property Management Fees -$99
CASH FLOW
-$413

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.

$395,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.0%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$428

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,153

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9953$2,0404$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 3404 Ridge Lily Lane Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,815 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,815 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $0.72
    •  
  • 5417 Ridgepass Lane Mckinney, TX 1
    • 4 beds 4 baths ∙ 2,765 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,765 Sqft ∙ Built 2006
    property image
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.71
    •  
  • 5301 Ridgeson Drive Mckinney, TX 2
    • 3 beds 3 baths ∙ 2,768 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,768 Sqft ∙ Built 2005
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.72
    •  
  • 3100 Crossridge Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.78
    •  
  • 2805 Laurel Oak Drive Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,820 Sqft ∙ Built 2007
    property image
    LEASED 03/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.85
    •  
PROPERTY LISTING DETAILS
Lisa Birdsong
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14525171
Last Updated: 03/20/2021
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