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5700 Ridgeson Drive Mckinney, TX 75071

4 Beds 3 Baths 2,823 sqft Built 2014

$399,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $141.34
  • 3 Days on Market
  • MLS # : 14506755
  • Updated Date : 01/29/2021 at 23:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,823 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Gorgeous custom home in coveted Robinson Ridge in Prosper ISD! Immaculate 4 bedroom, 2 and a half bath home, facing the lovely neighborhood pond. This home has upgrades, spacious rooms and large closets. Open kitchen features stainless steel appliances, 4-burner gas stove and oven, built-in microwave, granite countertops in a large eat-in Kitchen that is open to the Living room. Extra nice large master suite with sitting area and beautiful master bath with walk-in closet. Nice sized backyard with a covered patio to enjoy family gatherings. Home includes water softener system. Very close proximity to shopping, grocery, hospital, day cares, eateries, etc. A must see property!

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
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
 

$359,100$438,900$399,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,386
Property Tax -$751
Property Insurance -$190
HOA -$44
Property Management Fees -$99
CASH FLOW
-$221

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.

$399,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.56%

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$1.2M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,631

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,082

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9953$2,1004$2,2505$2,300
$2,300
RENT COMPS ANALYSIS
  • 5700 Ridgeson Drive Mckinney, TX 4
    • 4 beds 3 baths ∙ 2,823 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,823 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.80
    •  
  • 5417 Ridgepass Lane Mckinney, TX 1
    • 4 beds 4 baths ∙ 2,765 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,765 Sqft ∙ Built 2006
    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
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.72
    •  
  • 5312 Ridgepass Lane Mckinney, TX 3
    • 4 beds 3 baths ∙ 2,851 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,851 Sqft ∙ Built 2006
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.74
    •  
  • 3100 Crossridge Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,954 Sqft ∙ Built 2006
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.78
    •  
PROPERTY LISTING DETAILS
Susan Beers
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506755
Last Updated: 01/29/2021
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