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

660 Lakeridge Drive Fairview, TX 75069

3 Beds 3 Baths 2,904 sqft Built 1993

$590,000

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $203.17
  • 2 Days on Market
  • MLS # : 14467350
  • Updated Date : 11/07/2020 at 13:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,904 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty Allen

Listing Agent's Description

Gorgeous 3 bedroom 3 bathroom home nestled on a beautiful, heavily wooded 1.8 acre lot. Extensive slate flooring, stone work, and intricate wood design gives this home a cozy rustic cabin feel. Retreat onto your beautiful wrap around porch to view your own private nature oasis complete with a Pond and Creek. New roof completed Nov 2020.

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k472k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10122551

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Faubion Middle School Middle Regular 976 64 7
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Faubion Middle School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 64
7
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$531,000$649,000$590,000

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$2,177
Property Tax -$1,068
Property Insurance -$195
HOA -$120
Property Management Fees -$99
CASH FLOW
-$1,379

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$590,000

PROJECTED PRICE

$2,280

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$162,100

INVESTMENT

$162,100

Down Payment
$147,500
Rehab Estimate
$5,750
Closing Costs
$8,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,500
Loan Amount $442,500
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$99

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,432

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2503$2,2804$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 660 Lakeridge Drive Fairview, TX 3
    • 3 beds 3 baths ∙ 2,904 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,904 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.79
    •  
  • 5397 Conestoga Drive Fairview, TX 1
    • 3 beds 3 baths ∙ 2,948 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,948 Sqft ∙ Built 2012
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.71
    •  
  • 5569 Emerson Court Fairview, TX 2
    • 3 beds 3 baths ∙ 2,697 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,697 Sqft ∙ Built 2008
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.83
    •  
  • 1708 Pebble Run Drive Allen, TX 4
    • 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2000
    property image
    LEASED 08/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.90
    •  
  • 1337 Red River Lane Allen, TX 5
    • 4 beds 3 baths ∙ 2,636 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,636 Sqft ∙ Built 2006
    property image
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
PROPERTY LISTING DETAILS
Tom Grisak
Keller Williams Realty Allen
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14467350
Last Updated: 11/07/2020
BESbswy