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5520 Ridgepass Lane Mckinney, TX 75071

3 Beds 2 Baths 2,339 sqft Built 2014

INVESTimate

$354,900

List Price

$2,190

$1,971 - $2,409

Rent Est.

$380,950  ( +7.34%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $151.73
  • 3 Days on Market
  • MLS # : 14419612
  • Updated Date : 08/25/2020 at 02:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,339 sqft
  • Baths : 2 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Charming 1 story with custom upgrades including hand scraped hardwoods, vaulted tray ceilings, custom paint, modern updated light fixtures & new hardware on cabinets! Open Kitchen-Breakfast-Living is great for entertaining! Gourmet Kit with eat in island, granite counters, ss appliances, double ovens & gas cooktop. Family room has designer 2 story tile fireplace & wall of windows overlooking the large backyard & covered patio. Primary Bdrm is large with lots of windows, bthrm features 6 ft corner tub & sep. shower w bench & HUGE walk in closet w seasonal racks & tons of storage. Custom rustic wood walls in 2nd bedroom. Garage with plenty of storage. Community pool, playground, spray pavilion & walking trails

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
 

$319,410$390,390$354,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,309
Property Tax -$668
Property Insurance -$162
HOA -$50
Property Management Fees -$99
CASH FLOW
-$99

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.

$354,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.34%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,799

INVESTMENT

$99,799

Down Payment
$88,725
Rehab Estimate
$5,750
Closing Costs
$5,324

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,309

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,725
Loan Amount $266,175
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$12,043

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,368

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1903$2,2004$2,2005$2,450
$2,450
RENT COMPS ANALYSIS
  • 5520 Ridgepass Lane Mckinney, TX 2
    • 3 beds 2 baths ∙ 2,339 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,339 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.94
    •  
  • 5609 Granada Drive Mckinney, TX 1
    • 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,188 Sqft ∙ Built 2012
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 5617 Centeridge Lane Mckinney, TX 3
    • 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,162 Sqft ∙ Built 2014
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.02
    •  
  • 5612 Binbranch Lane Mckinney, TX 4
    • 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,168 Sqft ∙ Built 2011
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
  • 5501 Ridgepass Lane Mckinney, TX 5
    • 3 beds 3 baths ∙ 2,307 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,307 Sqft ∙ Built 2016
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.06
    •  
PROPERTY LISTING DETAILS
Marla Gober
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 #: 14419612
Last Updated: 08/25/2020
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