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2712 Independence Drive Melissa, TX 75454

3 Beds 3 Baths 2,103 sqft Built 2020

$364,500

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $173.32
  • 2 Days on Market
  • MLS # : 14467742
  • Updated Date : 11/07/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,103 sqft
  • Baths : 2 full , 1 half
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14467742 - Built by Highland Homes - April completion! ~ Our popular model home floor plan features a 12' foyer, 11' ceilings throughout and 8' interior doors. Beautiful upgraded kitchen with white cabinets, oversized island, quartz countertops and pendant lights. Large breakfast nook features beautiful bay window. Luxury vinyl plank flooring in all common areas Tankless water heater, smart home features and more.

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
 

$328,050$400,950$364,500

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,345
Property Tax -$739
Property Insurance -$149
HOA -$50
Property Management Fees -$99
CASH FLOW
-$622

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.

$364,500

PROJECTED PRICE

$1,760

PROJECTED RENT

0.48%

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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,593

INVESTMENT

$98,593

Down Payment
$91,125
Rehab Estimate
$2,000
Closing Costs
$5,468

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,345

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,125
Loan Amount $273,375
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

$4

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,951

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,8503$1,8754$1,9985$2,095
$2,095
RENT COMPS ANALYSIS
  • 2712 Independence Drive Melissa, TX 1
    • 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.84
    •  
  • 2316 Independence Drive Melissa, TX 2
    • 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 2016
    property image
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.92
    •  
  • 2602 Fritz Street Melissa, TX 3
    • 3 beds 2 baths ∙ 2,123 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,123 Sqft ∙ Built 2006
    property image
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.88
    •  
  • 2311 Patriot Drive Melissa, TX 4
    • 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2014
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,998
    • $0.87
    •  
  • 2710 Katie Trail Melissa, TX 5
    • 4 beds 2 baths ∙ 2,017 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,017 Sqft ∙ Built 2006
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.04
    •  
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 #: 14467742
Last Updated: 11/07/2020
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