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2215 Saratoga Drive Melissa, TX 75454

4 Beds 3 Baths 2,613 sqft Built 2020

$406,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $155.38
  • 7 Days on Market
  • MLS # : 14471965
  • Updated Date : 11/16/2020 at 13:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,613 sqft
  • Baths : 3 full
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14471965 - Built by Highland Homes - December completion! ~ Soaring foyer and family room ceilings. Secondary bedroom down with full bath. Gorgeous upgraded Kitchen with white cabinets and a grey accent island. Built in stainless steel appliances with double ovens. Upgraded Luxury Vinyl plank on first floor in common areas. Fabulous finishes throughout. Smart home features and tankless water heaters.

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
 

$365,400$446,600$406,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,498
Property Tax -$824
Property Insurance -$178
HOA -$50
Property Management Fees -$99
CASH FLOW
-$769

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.

$406,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.46%

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-$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$109,590

INVESTMENT

$109,590

Down Payment
$101,500
Rehab Estimate
$2,000
Closing Costs
$6,090

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,498

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $101,500
Loan Amount $304,500
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$19

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,143

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,880
1$1,8802$1,8953$2,1004$2,1985$2,295
$2,295
RENT COMPS ANALYSIS
  • 2215 Saratoga Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,613 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,613 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.72
    •  
  • 3405 Van Zandt Road Melissa, TX 2
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2014
    property image
    LEASED 12/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.78
    •  
  • 3302 Brazos Street Melissa, TX 3
    • 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 2014
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
  • 2605 Kennedy Drive Melissa, TX 4
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010
    property image
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,198
    • $0.80
    •  
  • 2617 Patriot Drive Melissa, TX 5
    • 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.85
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14471965
Last Updated: 11/16/2020
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