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6329 Falcon Ridge Lane Mckinney, TX 75071

4 Beds 4 Baths 3,470 sqft Built 2007

$425,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $122.48
  • 3 Days on Market
  • MLS # : 14505663
  • Updated Date : 01/30/2021 at 16:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,470 sqft
  • Baths : 3 full , 1 half
Listing Agent

Ebby Halliday, Allen-fairview

Listing Agent's Description

MULTIPLE OFFERS RECEIVED. Please submit highest & best by Sunday, Jan 31, 4PM. Thank you! Charming Highland home makes great first impression & continues to impress! Pretty front door & gleaming wood floors greet you & lead past the home office & dining room to kitchen with wrap-around bar for entertaining! Enjoy fun-filled movie nights or grilling while hosting the perfect dinner party in this home's abundant entertaining spaces complete with an outdoor extended patio & pretty landscaping plus upstairs media & game rooms. Enjoy quiet time secluded in downstairs primary retreat with newly appointed frameless shower, soaking tub & modern vanities. Hurry to make this pristine house your new HOME SWEET HOME!

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
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,476
Property Tax -$800
Property Insurance -$228
HOA -$54
Property Management Fees -$99
CASH FLOW
-$117

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.

$425,000

PROJECTED PRICE

$2,540

PROJECTED RENT

0.60%

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-$5.0k$0.0$5.0k$10k

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$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$10,703

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $2,550

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5403$2,5504$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 6329 Falcon Ridge Lane Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,470 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,470 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $0.73
    •  
  • 6800 Orchard Park Drive Mckinney, TX 1
    • 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
Leah Goldstein
Ebby Halliday, Allen-fairview
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14505663
Last Updated: 01/30/2021
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