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1937 Thornberry Drive Melissa, TX 75454

4 Beds 3 Baths 2,590 sqft Built 1999

$500,000

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $193.05
  • 2 Days on Market
  • MLS # : 14467474
  • Updated Date : 11/13/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,590 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Country lifestyle with city amenities. This stunning Custom Ranch home with POOL sits on 1.6 acres with creek at the back of property. Grand entrance opens to living area and formal dining room great for family gatherings. Kitchen features SS appliances and granite countertops. Bonus room upstairs being used as a media room. Sound system throughout the home carries out in to the the huge, landscaped back yard with plenty of entertainment space including new deck and pergola. Separate patio and pergola with outdoor stone fireplace. 180 sq ft enclosed sunroom in addition to sq ft of home. Water heater is 1 year old. Wifi enabled garage door opener with camera installed 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: 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
 

$450,000$550,000$500,000

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,845
Property Tax -$1,014
Property Insurance -$177
HOA -$5
Property Management Fees -$99
CASH FLOW
-$930

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.

$500,000

PROJECTED PRICE

$2,210

PROJECTED RENT

0.44%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$18k-$16k-$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$17

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8503$1,8504$2,0005$2,210
$2,210
RENT COMPS ANALYSIS
  • 1937 Thornberry Drive Melissa, TX 5
    • 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,590 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $0.85
    •  
  • 3010 Pinecrest Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 2010
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.71
    •  
  • 2602 Independence Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 3108 Whispering Pine Drive Melissa, TX 3
    • 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2011
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.76
    •  
  • 2916 Whispering Pine Boulevard Melissa, TX 4
    • 4 beds 3 baths ∙ 2,726 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,726 Sqft ∙ Built 2015
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.73
    •  
PROPERTY LISTING DETAILS
Traci Long
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14467474
Last Updated: 11/13/2020
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