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6532 Briar Ridge Lane Plano, TX 75024

3 Beds 3 Baths 3,290 sqft Built 2002

$575,000

List Price

$3,530

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $174.77
  • 3 Days on Market
  • MLS # : 14534674
  • Updated Date : 03/20/2021 at 14:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,290 sqft
  • Baths : 3 full
Listing Agent

Dave Perry Miller Real Estate

Listing Agent's Description

Mediterranean inspired home with a new circle driveway. 3 bed, 3 bath. Office, formal dining, guest room, and living room with a fireplace all downstairs. Kitchen includes double ovens, gas range and range hood, side-by-side refrigerator, and a built in wine cellar. Master and third bedroom are upstairs along with a spacious game room and separate media room that can also be turned into a bedroom. Smart home appliances and sound systems. Low maintenance backyard with an incredible swimming pool and spa- one of only two private pools in the neighborhood! Mini golf area, pool cabana, and balcony overlooking the pool. Plano schools but lower Denton County taxes.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Shoal Creek

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $123k976k

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

Neighborhood: Shoal Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q215002000250030003500400045005000Rent in $11265392

* 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
Hicks Elementary School Primary Regular 615 43 9
Arbor Creek Middle School Middle Regular 894 59 8
Hebron High School High Regular 2,458 138 7

Hicks Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 43
9
GreatSchools Rating

Arbor Creek Middle School

  • Education Level: Middle
  • # of students: 894
  • # of teachers: 59
8
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$517,500$632,500$575,000

PURCHASE PRICE

$3,177$3,883$3,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,530
EXPENSES Loan Payment -$1,997
Property Tax -$978
Property Insurance -$217
HOA -$125
Property Management Fees -$99
CASH FLOW
$113

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.

$575,000

PROJECTED PRICE

$3,530

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,125

INVESTMENT

$158,125

Down Payment
$143,750
Rehab Estimate
$5,750
Closing Costs
$8,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $143,750
Loan Amount $431,250
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$34,691

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,530

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $3,117

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9953$3,0004$3,3005$3,530
$3,530
RENT COMPS ANALYSIS
  • 6532 Briar Ridge Lane Plano, TX 5
    • 3 beds 3 baths ∙ 3,290 Sqft ∙ Built 2002 3 beds 3 baths ∙ 3,290 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,530
    • $1.07
    •  
  • 6124 Palomino Drive Plano, TX 1
    • 4 beds 4 baths ∙ 3,109 Sqft ∙ Built 1995 4 beds 4 baths ∙ 3,109 Sqft ∙ Built 1995
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.93
    •  
  • 6533 Riveredge Drive Plano, TX 2
    • 4 beds 3 baths ∙ 3,309 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,309 Sqft ∙ Built 2003
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.91
    •  
  • 6209 Trailwood Drive Plano, TX 3
    • 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 1994 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 1994
    property image
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.95
    •  
  • 6529 Sleepy Spring Drive Plano, TX 4
    • 3 beds 3 baths ∙ 3,304 Sqft ∙ Built 2008 3 beds 3 baths ∙ 3,304 Sqft ∙ Built 2008
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.00
    •  
PROPERTY LISTING DETAILS
Jamie Kohlmann
Dave Perry Miller Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14534674
Last Updated: 03/20/2021
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