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2301 Patriot Drive Melissa, TX 75454

4 Beds 4 Baths 3,215 sqft Built 2014

INVESTimate

$389,900

List Price

$2,280

$2,052 - $2,508

Rent Est.

$418,090  ( +7.23%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $121.28
  • 6 Days on Market
  • MLS # : 14417185
  • Updated Date : 08/23/2020 at 09:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,215 sqft
  • Baths : 3 full , 1 half
Listing Agent

Classik Management Co

Listing Agent's Description

You’ll love this beautiful, 2-story home with an open floor plan and breathtaking cathedral ceilings just 10 minutes NE from McKinney! This 4 bedroom, 3.5 bathroom, 2 living rooms, study, separate dining room, fully decked media room, fully extended screened in covered patio and separate eat-in kitchen nook with several upgrades (bathrooms, kitchen & lights) throughout the house. Wake up each morning to awe-inspiring sunrises and the peace and serenity away from the hustle when you drift off to sleep each night with the tranquil sounds of nature. Situated in a friendly community with an award-winning school system & onsite elementary school & new high school.

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

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

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$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,439
Property Tax -$791
Property Insurance -$213
HOA -$50
Property Management Fees -$99
CASH FLOW
-$311

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

$2,280

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.23%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

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 70% 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

1.17

YEARS SAVED

$2,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,484

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2803$2,4004$2,4505$2,475
$2,475
RENT COMPS ANALYSIS
  • 2301 Patriot Drive Melissa, TX 2
    • 4 beds 4 baths ∙ 3,215 Sqft ∙ Built 2014 4 beds 4 baths ∙ 3,215 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.71
    •  
  • 2608 Fritz Street Melissa, TX 1
    • 4 beds 3 baths ∙ 3,093 Sqft ∙ Built 2008 4 beds 3 baths ∙ 3,093 Sqft ∙ Built 2008
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.71
    •  
  • 2708 Westpoint Drive Melissa, TX 3
    • 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.77
    •  
  • 2706 Katie Trail Melissa, TX 4
    • 4 beds 3 baths ∙ 3,111 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,111 Sqft ∙ Built 2004
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.79
    •  
  • 1001 Motley Drive Melissa, TX 5
    • 5 beds 4 baths ∙ 3,023 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,023 Sqft ∙ Built 2018
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $0.82
    •  
PROPERTY LISTING DETAILS
Andy Dayani
Classik Management Co
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417185
Last Updated: 08/23/2020
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