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

2217 Grassland Avenue Melissa, TX 75454

4 Beds 2 Baths 1,980 sqft Built 2020

$348,490

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $176.01
  • 4 Days on Market
  • MLS # : 14496172
  • Updated Date : 01/08/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,980 sqft
  • Baths : 2 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14496172 - Built by Ashton Woods Homes - February completion! ~ New Ashton Woods home less than 10 miles from McKinney, minutes from SH-121 and within the amenity-rich, master planned community of Meadow Run in Melissa. This 1-story brick home with 4 bedrooms, 2 baths and gorgeous finishes like a white mosaic tile family room fireplace and Quartz kitchen countertops. Two secondary bedrooms are off the foyer with the other bedroom just before the kitchen and large utility room. Kitchen includes ebony shaker style cabinetry, Energy Star Whirlpool stainless steel appliances with a built-in wall oven and microwave, an undermount single bowl sink, matte black faucet and a pull-out waste basket.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
 

$313,641$383,339$348,490

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 -$1,210
Property Tax -$707
Property Insurance -$142
HOA -$167
Property Management Fees -$99
CASH FLOW
-$445

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.

$348,490

PROJECTED PRICE

$1,880

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,350

INVESTMENT

$94,350

Down Payment
$87,123
Rehab Estimate
$2,000
Closing Costs
$5,227

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,210

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,123
Loan Amount $261,368
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$34

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
  • $0.95

    LIST RENT PER SQFT
  • $1,856

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6993$1,7954$1,8805$2,100
$2,100
RENT COMPS ANALYSIS
  • 2217 Grassland Avenue Melissa, TX 4
    • 4 beds 2 baths ∙ 1,980 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,980 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.95
    •  
  • 2908 Whispering Pine Boulevard Melissa, TX 1
    • 4 beds 3 baths ∙ 1,948 Sqft ∙ Built 2014 4 beds 3 baths ∙ 1,948 Sqft ∙ Built 2014
    property image
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.87
    •  
  • 3014 Pinyon Place Melissa, TX 2
    • 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2014
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.90
    •  
  • 3007 Hickory Ridge Melissa, TX 3
    • 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 2015
    property image
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
  • 2503 Lovegrass Lane Melissa, TX 5
    • 4 beds 2 baths ∙ 1,980 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,980 Sqft ∙ Built 2020
    property image
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.06
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14496172
Last Updated: 01/08/2021
BESbswy