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

1904 Canyon Lane Melissa, TX 75454

4 Beds 4 Baths 3,100 sqft Built 2021

$397,050

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $128.08
  • 4 Days on Market
  • MLS # : 14504154
  • Updated Date : 01/21/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,100 sqft
  • Baths : 3 full , 1 half
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready April 2021! Try a new recipe in the Bexar’s impressive kitchen, complete with a useful island and large pantry. White cabinets with pearl silver granite countertops, cool grey EVP flooring and multi-tone tweed carpet in our Sleek package. Amenities include greenbelt, park, and trails. Near Hollow Oak golf course and Inspiration Park. Located in sought after Melissa ISD, North of McKinney Hwy 75, easy access to Hwy 380 and metro Dallas. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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

Zip Code: 75454

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75454

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10952171

* 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
Harry Mckillop Elementary School Primary Regular 718 41 9
Melissa Middle School Middle Regular 331 21 10
Melissa High School High Regular 583 35 8

Harry Mckillop Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 41
9
GreatSchools Rating

Melissa Middle School

  • Education Level: Middle
  • # of students: 331
  • # of teachers: 21
10
GreatSchools Rating

Melissa High School

  • Education Level: High
  • # of students: 583
  • # of teachers: 35
8
GreatSchools Rating
 

$357,345$436,755$397,050

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$1,379
Property Tax -$805
Property Insurance -$206
HOA -$33
Property Management Fees -$99
CASH FLOW
-$13

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$397,050

PROJECTED PRICE

$2,510

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 3.00%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$107,218

INVESTMENT

$107,218

Down Payment
$99,263
Rehab Estimate
$2,000
Closing Costs
$5,956

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,379

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,263
Loan Amount $297,788
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$15,951

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,519

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,5003$2,5104$2,6505$2,700
$2,700
RENT COMPS ANALYSIS
  • 1904 Canyon Lane Melissa, TX 3
    • 4 beds 4 baths ∙ 3,100 Sqft ∙ Built 2021 4 beds 4 baths ∙ 3,100 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $0.81
    •  
  • 3405 Founders Way Melissa, TX 1
    • 5 beds 3 baths ∙ 2,928 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,928 Sqft ∙ Built 2014
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.77
    •  
  • 1025 Spring Falls Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 3,108 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,108 Sqft ∙ Built 2016
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.80
    •  
  • 7900 Medina Way Mckinney, TX 4
    • 4 beds 3 baths ∙ 3,220 Sqft ∙ Built 2015 4 beds 3 baths ∙ 3,220 Sqft ∙ Built 2015
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.82
    •  
  • 408 Lake Weatherford Mckinney, TX 5
    • 4 beds 4 baths ∙ 3,129 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,129 Sqft ∙ Built 2018
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.86
    •  
PROPERTY LISTING DETAILS
Patrick Mcgrath
Meritage Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14504154
Last Updated: 01/21/2021
BESbswy