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2414 Jefferson Avenue Melissa, TX 75454

4 Beds 4 Baths 2,695 sqft Built 2020

$490,900

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 01, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $182.15
  • 6 Days on Market
  • MLS # : 14479474
  • Updated Date : 12/01/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,695 sqft
  • Baths : 3 full , 1 half
Listing Agent

Britton Homes

Listing Agent's Description

PERRY HOMES NEW CONSTRUCTION! Home office with French doors set at entry with 12-foot ceiling. Extended entry highlights coffered ceiling. Open kitchen features generous counter space, corner walk-in pantry and island with built-in seating space. Dining area flows into open family room with wall of windows and a wood mantel fireplace. Primary suite includes bedroom with wall of windows. Dual vanities, garden tub, separate glass-enclosed shower and two large walk-in closets in primary bath. A guest suite with private bath adds to this four-bedroom home. Covered backyard patio. Mud room off three-car garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

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
 

$441,810$539,990$490,900

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,811
Property Tax -$996
Property Insurance -$183
HOA -$54
Property Management Fees -$99
CASH FLOW
-$913

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.

$490,900

PROJECTED PRICE

$2,230

PROJECTED RENT

0.45%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$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$132,089

INVESTMENT

$132,089

Down Payment
$122,725
Rehab Estimate
$2,000
Closing Costs
$7,364

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,811

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,725
Loan Amount $368,175
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$22

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,210

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,198
1$2,1982$2,2303$2,2454$2,2955$2,395
$2,395
RENT COMPS ANALYSIS
  • 2414 Jefferson Avenue Melissa, TX 2
    • 4 beds 4 baths ∙ 2,695 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,695 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.83
    •  
  • 2605 Kennedy Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,198
    • $0.80
    •  
  • 4010 Magnolia Ridge Drive Melissa, TX 3
    • 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.80
    •  
  • 2617 Patriot Drive Melissa, TX 4
    • 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.85
    •  
  • 3113 Spanish Oak Trail Melissa, TX 5
    • 4 beds 3 baths ∙ 2,887 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,887 Sqft ∙ Built 2007
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.83
    •  
PROPERTY LISTING DETAILS
Larry Delzell
Britton Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14479474
Last Updated: 12/01/2020
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