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6425 Falcon Ridge Lane Mckinney, TX 75071

5 Beds 4 Baths 3,437 sqft Built 2010

$465,000

List Price

$2,650

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $135.29
  • 3 Days on Market
  • MLS # : 14536642
  • Updated Date : 03/26/2021 at 18:39
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,437 sqft
  • Baths : 4 full
Listing Agent

Fathom Realty Llc

Listing Agent's Description

Meticulously maintained 5BR-4BA Highland home. Open floor plan w-soaring ceilings, private study, formal dining, large master w-sitting area, downstairs guest suite currently used as craft room w-stained concrete floor and wall-to-wall shelving. Gourmet kitchen w-island, granite countertops, gas cooktop and breakfast area. Living room features a gas log fireplace overlooking the landscaped backyard with ornamental Cherry Blossom trees & large covered patio. Game room, 3 secondary bedrooms & 2 full baths on second level. Tons of storage w-3 attics (2 floored) & 2 large storage closets. Updates include LED lighting throughout, freshly painted interior, batten board wall in foyer & wood accent wall in study.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$1,615
Property Tax -$876
Property Insurance -$226
HOA -$55
Property Management Fees -$99
CASH FLOW
-$220

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

$2,650

PROJECTED RENT

0.57%

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

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$7,001

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,595

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,5503$2,6004$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 6425 Falcon Ridge Lane Mckinney, TX 5
    • 5 beds 4 baths ∙ 3,437 Sqft ∙ Built 2010 5 beds 4 baths ∙ 3,437 Sqft ∙ Built 2010
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.77
    •  
  • 6305 Canyon Crest Drive Mckinney, TX 1
    • 4 beds 4 baths ∙ 3,515 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,515 Sqft ∙ Built 2011
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.73
    •  
  • 6600 Wind Song Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,431 Sqft ∙ Built 2006
    property image
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.74
    •  
  • 601 Excalibur Drive Mckinney, TX 3
    • 4 beds 4 baths ∙ 3,372 Sqft ∙ Built 2011 4 beds 4 baths ∙ 3,372 Sqft ∙ Built 2011
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.77
    •  
  • 5912 Waterford Lane Mckinney, TX 4
    • 4 beds 5 baths ∙ 3,354 Sqft ∙ Built 2010 4 beds 5 baths ∙ 3,354 Sqft ∙ Built 2010
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.78
    •  
PROPERTY LISTING DETAILS
Patsy Lair
Fathom Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14536642
Last Updated: 03/26/2021
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