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7565 Fossil Ridge Drive Frisco, TX 75034

3 Beds 3 Baths 2,392 sqft Built 2000

$449,900

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $188.09
  • 3 Days on Market
  • MLS # : 14500429
  • Updated Date : 01/15/2021 at 16:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,392 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty Frisco

Listing Agent's Description

Single Story Custom Home Tucked Away On Quiet Street In Hickory Springs In The Heart Of Frisco. Modern Open Concept Floorplan. Executive Study With Built In Cabinets. Chef's Kitchen Includes Contemporary Metallic Glass Front Cabinets, Stainless Steel Commercial Grade Kitchen Aid Appliances, Built In Wine Rack, Exotic Granite Countertops & Backsplash. Solid Red Oak Wood Floors. Designer Light Fixtures. Plantation Shutters. Chrome Long Handle Hardware On All Cabinets & Drawers. Stone Wood Burning Fireplace. Masterbath Remodel Complete With Square Free Standing Soaking Tub, White Marble Floors & Frameless Shower. Custom Draperies. Outdoor Kitchen With Grill & Smoker. Steps Away From Neighborhood Pool And Park.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Hickory Springs

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $122k434k

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

Neighborhood: Hickory Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262614

* 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
Ida Lee Bright Elementary School Primary Regular 551 37 3
Benton A. Staley Middle School Middle Regular 715 60 7
Frisco High School High Regular 2,136 146 8

Ida Lee Bright Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 37
3
GreatSchools Rating

Benton A. Staley Middle School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 60
7
GreatSchools Rating

Frisco High School

  • Education Level: High
  • # of students: 2,136
  • # of teachers: 146
8
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,563
Property Tax -$892
Property Insurance -$165
HOA -$83
Property Management Fees -$99
CASH FLOW
-$622

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.

$449,900

PROJECTED PRICE

$2,180

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$22

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,237

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,1503$2,1804$2,1955$2,300
$2,300
RENT COMPS ANALYSIS
  • 7565 Fossil Ridge Drive Frisco, TX 3
    • 3 beds 3 baths ∙ 2,392 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,392 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.91
    •  
  • 7502 Acorn Lane Frisco, TX 1
    • 3 beds 3 baths ∙ 2,292 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,292 Sqft ∙ Built 1998
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.91
    •  
  • 7842 Whitehart Street Frisco, TX 2
    • 3 beds 3 baths ∙ 2,358 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,358 Sqft ∙ Built 2005
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.91
    •  
  • 7114 Stoneridge Drive Frisco, TX 4
    • 4 beds 2 baths ∙ 2,237 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,237 Sqft ∙ Built 1997
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.98
    •  
  • 7605 Acorn Lane Frisco, TX 5
    • 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2007
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
PROPERTY LISTING DETAILS
Tiffany Sharkey
Coldwell Banker Realty Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500429
Last Updated: 01/15/2021
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