6304 Pelican Ln · Wylie, TX 75407

$192,999

3 bd · 2.5 ba · 1,360 sqft · SingleFamily · 12 Days on market

Built 2026 Good condition 3,049 sqft lot Est $216k · 11% under $87/mo HOA · 5% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.5/30.0
• ARV discount +12.3/15.0
• 1% rule +4.8/10.0
• DSCR +4.8/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

LENNAR - Tillage Farms - Pima Floorplan - The first floor of this two-story home is host to a spacious open floorplan that seamlessly connects an inviting family room, elegant dining room and chef-inspired kitchen. Upstairs, there are three bedrooms, including the luxe owner’s suite, which features a restful bedroom, en-suite bathroom and generous walk-in closet. Prices and features may vary and are subject to change. Photos are for illustrative purposes only.

Key facts

• En suite bathroom
• Open floorplan
• Walk in closet

Tags

• OPEN FLOORPLAN
• CHEF INSPIRED KITCHEN
• OWNER'S SUITE
• EN SUITE BATHROOM
• WALK IN CLOSET

Property features AI

Finance

• Financial info: List price $217,999

Exterior

• Parking: 1 garage space (1 parking space total)
• Home design: Single-family residence; Pima plan
• Exterior features: Living area approximately 1,360

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms and 1 half bathroom
• Interior features: Spec new construction (Pima plan)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $193k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $78 ($939/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (1.7% below list).
• Recommended offer: $190k (1.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.0% in Wylie — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#419 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Princeton ISD (suburban): math 51% / reading 47% proficiency, ranked #188 of 826 in TX (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.0%/yr); 1409 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $189,754 (1.7% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $216,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
724 Wagtail Dr	0.08mi	3/2.5	1,360 (0%)	1mo	$195,999	$144	95
6308 Sandpiper Ln	0.15mi	3/2.5	1,360 (0%)	1mo	$217,999	$160	93
6110 Pinion Trl	0.26mi	3/2.5	1,419 (+4%)	1mo	$229,990	$162	80
6412 Longspur Ln	0.37mi	3/2.0	1,402 (+3%)	0mo	$222,999	$159	75
6508 Glade St	0.36mi	3/2.0	1,402 (+3%)	1mo	$222,999	$159	75
416 Sandhill Crane Ln	0.43mi	3/2.0	1,402 (+3%)	0mo	$221,999	$158	73
6413 Longspur Ln	0.40mi	3/2.0	1,411 (+4%)	1mo	$215,000	$152	72
6414 Willet Rd	0.43mi	3/2.0	1,402 (+3%)	1mo	$252,999	$180	72
721 Wagtail Dr	0.09mi	4/2.5 (+1)	1,535 (+13%)	1mo	$209,999	$137	68
6314 Sandpiper Ln	0.15mi	4/2.5 (+1)	1,535 (+13%)	1mo	$207,999	$136	66
6728 Teal Cir	0.53mi	3/2.0	1,268 (-7%)	0mo	$239,999	$189	62
6100 Pinion Trl	0.26mi	4/2.5 (+1)	1,549 (+14%)	1mo	$237,490	$153	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.41×
• Total profit: $-31,767
• Equity at exit: $28,777

10-year hold

• IRR: -16.5%
• Equity multiple: 0.22×
• Total profit: $-42,399
• Equity at exit: $16,687

Cash invested: $54,040 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75407

• Home prices YoY: -30.3%
• Rents YoY: -1.0%
• Active inventory: 1409
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,898 high
• Mortgage (P&I): −$1,012
• Tax est. 1.5%: −$241 /mo · $2,895/yr
• Insurance: −$80
• HOA: −$87
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $78

Break-even live

Break-even rent $1,798

Max offer price $192,999

Occupancy floor 91%

Sensitivity live

Price	-10% $212	-5% $145	+0% $78	+5% $12	+10% $-55
Rent	-10% $-72	-5% $3	+0% $78	+5% $153	+10% $228
Rate	-1.0pp $175	-0.5pp $127	base $78	+0.5pp $28	+1.0pp $-23

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $48,250
• Closing costs: $5,790
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6225 Kingfisher Way Princeton, TX	3.0	2.5	1290	$1,625	$1.26	5d	1	0.01mi
803 Wagtail Dr , TX	3.0	2.5	1360	$1,605	$1.18	23d	1	0.05mi
801 Wagtail Dr , TX	4.0	2.5	1535	$1,975	$1.29	8d	1	0.05mi
905 Blue Heron Dr Princeton, TX	4.0	2.5	1535	$1,775	$1.16	25d	1	0.05mi
905 Blue Heron Dr Princeton, TX	4.0	2.5	1535	$1,775	$1.16	23d	1	0.05mi
6313 Kingfisher Way Princeton, TX	3.0	3.0	1360	$1,650	$1.21	44d	1	0.05mi
904 Sandhill Crane Ln Princeton, TX	4.0	2.5	1600	$1,750	$1.09	44d	1	0.06mi
812 Sandhill Crane Ln Princeton, TX	3.0	2.5	1309	$1,850	$1.41	44d	1	0.06mi
910 Wood Stork Way Princeton, TX	2.0	2.5	1022	$1,700	$1.66	19d	1	0.07mi
914 Sandhill Crane Ln Princeton, TX	3.0	2.5	1189	$1,775	$1.49	8d	1	0.07mi
911 Sandhill Crane Ln Princeton, TX	3.0	2.5	1360	$1,575	$1.16	45d	1	0.08mi
919 Blue Heron Dr Princeton, TX	4.0	2.5	1535	$1,775	$1.16	44d	1	0.09mi
919 Blue Heron Dr Princeton, TX	4.0	2.5	1535	$1,700	$1.11	18d	1	0.09mi
724 Wagtail Dr Princeton, TX	3.0	2.5	1360	$1,675	$1.23	3d	1	0.09mi
724 Wagtail Dr Princeton, TX	3.0	2.5	1360	$1,650	$1.21	0d	1	0.09mi
935 Sandhill Crane Ln Princeton, TX	3.0	2.5	1189	$1,999	$1.68	19d	1	0.09mi
926 Wood Stork Way Princeton, TX	3.0	2.5	1285	$1,700	$1.32	25d	1	0.10mi
721 Wagtail Dr Princeton, TX	4.0	2.5	1535	$1,600	$1.04	25d	1	0.11mi
732 Sandhill Crane Ln Princeton, TX	4.0	2.5	1570	$1,875	$1.19	12d	1	0.11mi
6234 Sanderling St Princeton, TX	4.0	2.5	1535	$1,725	$1.12	44d	1	0.14mi
6311 Whimbrel Way Princeton, TX	4.0	2.5	1535	$1,775	$1.16	0d	1	0.14mi
6222 Sandpiper Ln Unit NA Princeton, TX	3.0	2.5	1400	$1,750	$1.25	8d	1	0.16mi
6310 Sandpiper Ln Princeton, TX	4.0	2.5	1549	$2,030	$1.31	12d	1	0.16mi
6102 Pinion Trl , TX	3.0	2.5	1419	$1,600	$1.13	44d	1	0.24mi
6448 County Road 437 Princeton, TX	2.0	3.0	1621	$3,950	$2.44	0d	1	0.25mi
6015 Pinion Trl , TX	4.0	2.5	1615	$1,950	$1.21	44d	1	0.25mi
623 Linden Rd Princeton, TX	3.0	2.5	1419	$1,650	$1.16	44d	1	0.26mi
600 Sandhill Crane Ln Princeton, TX	3.0	2.0	1402	$2,100	$1.50	13d	1	0.29mi
6018 Primrose Rd , TX	3.0–4.0	2.5	1484	$1,800	$1.21	4d	5	0.29mi
6505 Glade St Princeton, TX	4.0	2.0	1600	$1,800	$1.12	44d	1	0.41mi
416 Finch CIR Princeton, TX	3.0	2.0	1266	$1,350	$1.07	44d	1	0.42mi
613 Holleman Dr , TX	3.0	2.0	1260	$1,800	$1.43	0d	1	0.44mi
545 Holleman Dr Princeton, TX	3.0	2.0	1474	$1,750	$1.19	44d	1	0.48mi
427 Bower DR Princeton, TX	4.0	2.0	1600	$1,850	$1.16	25d	1	0.49mi
538 Montclair Ave Princeton, TX	3.0	2.0	1260	$1,775	$1.41	11d	1	0.50mi
639 Montclair Ave , TX	4.0	2.0	1707	$1,850	$1.08	0d	1	0.54mi
639 Montclair Ave , TX	4.0	2.0	1707	$2,100	$1.23	44d	1	0.54mi
639 Montclair Ave , TX	4.0	2.0	1707	$1,850	$1.08	8d	1	0.54mi
6744 Teal Cir Princeton, TX	3.0	2.0	1474	$1,790	$1.21	21d	1	0.59mi
241 Boxberry Way Princeton, TX	3.0	2.0	1411	$1,725	$1.22	44d	1	0.61mi

HOA detail

• Monthly dues: $87 · $1,044/yr

Listing history 12 events

1. 2026-06-21
   remarks 464-char remark
2. 2026-06-21
   days on marketlisting id $192,999 Active 12 DOM
3. 2026-06-18
   days on market $192,999 Active 11 DOM
4. 2026-06-17
   days on market $192,999 Active 10 DOM
5. 2026-06-16
   days on market $192,999 Active 9 DOM
6. 2026-06-15
   days on market $192,999 Active 8 DOM
7. 2026-06-13
   days on market $192,999 Active 6 DOM
8. 2026-06-13
   days on market $192,999 Active 5 DOM
9. 2026-06-09
   days on market $192,999 Active 2 DOM
10. 2026-06-08
    price $192,999 Active 1 DOM
11. 2026-06-08
    remarks 323-char remark
12. 2026-06-08
    listed $217,999 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,770
• − Mortgage interest: −$10,811
• − Property taxes: −$2,895
• − Insurance: −$965
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − HOA: −$1,044
• − Depreciation: −$5,615
• Taxable loss: −$2,202
• Est. tax savings @ 24.0%: +$529
• After-tax cash flow: $1,468/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This two-story home features a spacious open floorplan with modern appliances and neutral decor. The exterior is well-maintained, and the interior is in good condition with minimal repairs needed.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Rental Clean windows — Improves natural light and air circulation

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Rental Clean windows — Improves natural light and air circulation ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Princeton ISD
• NCES district ID: 4835850
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $54,827
• Composite: 42.44/100
• National rank: #3226
• State rank: #188 of 826 in TX

Livability — Wylie

• Score: 69/100
• State rank: #419
• US rank: #8623

Category grades

Amenities F Commute F Cost of living B Crime A+ Employment A+ Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collin County · 1,159,394 people
• City population: 69,325
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 34,171
• Household income: $100,037
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 368.0

Population outlook (Collin County) Hauer SSP2

• Today (2025): 1,210,074 people
• By 2030: 1,358,201 · +12.2%
• By 2040: 1,654,061 · +36.7%
• By 2050: 1,937,359 · +60.1%
• By 2075: 2,567,039 · +112.1%
• By 2100: 2,952,048 · +144.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Hispanic / Latino 30% Black 17% Two or more races 10% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Lithuanian 2% Romanian 1% Russian 1%
• Foreign-born: 15% · Canada, China, Mexico
• Languages at home: 70% English-only · Spanish 22% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Collin

• 2024 margin: R (+11.1) · D 43.1% · R 54.3% · Other 2.6%
• 2008→2024 swing: +14.4pp toward D · 2008: -25.6pp · 2024: -11.1pp
• All cycles: 2024: R+11.1 2020: R+4.3 2016: R+17.0 2012: R+31.6 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.99%
• Current HPI: 238.9373
• Rent YoY: ▼ -1.02%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B