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1915 Thornberry Drive Melissa, TX 75454

4 Beds 3 Baths 2,198 sqft Built 2001

$389,900

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $177.39
  • 3 Days on Market
  • MLS # : 14484714
  • Updated Date : 12/11/2020 at 18:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,198 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Hard to find country home in fast-growing Melissa. This 4 bedroom, 2.5 bath home sits on 1.6 acres with newer saltwater pool with fencing, lots of trees, garden area, storage shed, creek, and enclosed 3-season patio. Perfect for a family who loves the outdoors! Interior has fresh coat of paint and HVAC system has been updated. Beautiful hardwood floors, crown molding, and tray ceiling are added touches. Kitchen has freshly painted white cabinets, granite countertops, black appliances, electric cooktop, tile floors, and pantry. Primary suite offers garden tub, separate shower, dual sinks, and walk-in closet. Newer wet bar in upstairs game room added in 2017. Located in Melissa ISD.

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: 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
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,439
Property Tax -$791
Property Insurance -$154
HOA -$6
Property Management Fees -$99
CASH FLOW
-$479

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.

$389,900

PROJECTED PRICE

$2,010

PROJECTED RENT

0.52%

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) 8.00%
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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$239

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,874

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$1,9954$2,0005$2,010
$2,010
RENT COMPS ANALYSIS
  • 1915 Thornberry Drive Melissa, TX 5
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $0.91
    •  
  • 3014 Pinecrest Drive Melissa, TX 1
    • 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 2007
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.88
    •  
  • 3007 Pinecrest Drive Melissa, TX 2
    • 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.81
    •  
  • 2304 Patriot Melissa, TX 3
    • 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2013 3 beds 2 baths ∙ 2,294 Sqft ∙ Built 2013
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.87
    •  
  • 3105 Whispering Pine Melissa, TX 4
    • 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
PROPERTY LISTING DETAILS
Charles Brown
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14484714
Last Updated: 12/11/2020
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