Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6308 Falcon Ridge Lane Mckinney, TX 75071

5 Beds 4 Baths 3,782 sqft Built 2010

$465,000

List Price

$2,900

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $122.95
  • 6 Days on Market
  • MLS # : 14464657
  • Updated Date : 11/05/2020 at 07:32
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,782 sqft
  • Baths : 4 full
Listing Agent

Exp Realty

Listing Agent's Description

Elegant home, wood floors, a beauty. What really makes this home shine is it's easy, breezy open floor plan. Master and additional bdrm down, 3 bedrms up including MIL suite. Gourmet Kitchen, GAS stove, ss appliances and focal point of a huge island with breakfast room surrounded by windows. Spread into the main living area, gas fireplace for ambiance, room for family and friends. Romantic master retreat: bay windows, barn door to bath dual vanity, soaking tub and MASSIVE walk in closet! Dramatic staircase to 2nd floor, Private MIL ensuite, large living and media room. All bdrms have walk in closets. Covered rear patio, low maintenance yard. Close to community pool, dog park, and city amenities.

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
 

$418,500$511,500$465,000

PURCHASE PRICE

$2,610$3,190$2,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,900
EXPENSES Loan Payment -$1,716
Property Tax -$876
Property Insurance -$246
HOA -$48
Property Management Fees -$99
CASH FLOW
-$84

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.

$465,000

PROJECTED PRICE

$2,900

PROJECTED RENT

0.62%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$18,802

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,900

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,865

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,795
1$2,7952$2,9003$3,0004$3,0005$3,000
$3,000
RENT COMPS ANALYSIS
  • 6308 Falcon Ridge Lane Mckinney, TX 2
    • 5 beds 4 baths ∙ 3,782 Sqft ∙ Built 2010 5 beds 4 baths ∙ 3,782 Sqft ∙ Built 2010
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.77
    •  
  • 7204 Meredith Court Mckinney, TX 1
    • 4 beds 3 baths ∙ 3,933 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,933 Sqft ∙ Built 2005
    property image
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.71
    •  
  • 816 Moss Cliff Circle Mckinney, TX 3
    • 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,848 Sqft ∙ Built 2006
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.78
    •  
  • 832 Hidden Springs Court Mckinney, TX 4
    • 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007 5 beds 4 baths ∙ 3,931 Sqft ∙ Built 2007
    property image
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.76
    •  
  • 6525 Rabbit Hill Road Mckinney, TX 5
    • 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018 4 beds 5 baths ∙ 3,850 Sqft ∙ Built 2018
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.78
    •  
PROPERTY LISTING DETAILS
Jc Young
Exp Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14464657
Last Updated: 11/05/2020
BESbswy