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6305 Falcon Ridge Lane Mckinney, TX 75071

4 Beds 4 Baths 3,373 sqft Built 2007

$459,900

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $136.35
  • 4 Days on Market
  • MLS # : 14507427
  • Updated Date : 01/30/2021 at 21:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,373 sqft
  • Baths : 3 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Beautiful curb appeal featuring Stone Elevation welcomes you to this lovely family home. Perfect floorplan for entertaining with a decorative floor to ceiling Stone Fireplace that is a showstopper. Kitchen has Stainless Steel Appliances and Granite Countertops. Home has Upgraded Carpet and Pad with Wood Floors in Study. Downstairs Master Ensuite features Bay Window, Separate Vanities, Separate Shower, Garden Tub and Walk-in Closets. Upstairs has Gameroom, Media Room and 3 additional bedrooms with 2 baths including a Jack and Jill. Large Covered Patio with Pergola and Ceiling Fan makes outdoor living easy. Recently replaced roof, carpet in living and Primary bedroom. 100% Energy Star. Don't miss this one!

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: Ridgecrest

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k406k

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

Neighborhood: Ridgecrest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262652

* 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
Mcclure Elementary School Primary Regular 629 40 8
Cockrill Middle School Middle Regular 1,349 87 9
Mckinney North High School High Regular 2,089 134 8

Mcclure Elementary School

  • Education Level: Primary
  • # of students: 629
  • # of teachers: 40
8
GreatSchools Rating

Cockrill Middle School

  • Education Level: Middle
  • # of students: 1,349
  • # of teachers: 87
9
GreatSchools Rating

Mckinney North High School

  • Education Level: High
  • # of students: 2,089
  • # of teachers: 134
8
GreatSchools Rating
 

$413,910$505,890$459,900

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$1,597
Property Tax -$866
Property Insurance -$222
HOA -$33
Property Management Fees -$99
CASH FLOW
-$348

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.

$459,900

PROJECTED PRICE

$2,470

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.2%
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-$5.0k$0.0$5.0k

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$127,624

INVESTMENT

$127,624

Down Payment
$114,975
Rehab Estimate
$5,750
Closing Costs
$6,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,597

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $114,975
Loan Amount $344,925
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,486

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,479

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,470
1$2,4702$2,4953$2,5504$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 6305 Falcon Ridge Lane Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,373 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,373 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $0.73
    •  
  • 6800 Orchard Park Drive Mckinney, TX 2
    • 5 beds 4 baths ∙ 3,564 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,564 Sqft ∙ Built 2005
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.70
    •  
  • 6305 Canyon Crest Drive Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,515 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,515 Sqft ∙ Built 2011
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.73
    •  
  • 6600 Wind Song Drive Mckinney, TX 4
    • 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2006
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.74
    •  
  • 601 Excalibur Drive Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,372 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,372 Sqft ∙ Built 2011
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.77
    •  
PROPERTY LISTING DETAILS
Sherri Burlison
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14507427
Last Updated: 01/30/2021
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