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

2714 Independence Drive Melissa, TX 75454

3 Beds 3 Baths 2,305 sqft Built 2020

$371,490

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $161.17
  • 1 Days on Market
  • MLS # : 14467759
  • Updated Date : 11/07/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,305 sqft
  • Baths : 2 full , 1 half
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14467759 - Built by Highland Homes - March completion! ~ Fabulous one story plan with great layout. Large kitchen with white cabinets, built in hutch, quartz countertops, and S-S appliances. Large breakfast nook features a window seat and lots of windows. Study in front of home, perfect for a home office. Large entertainment is perfect for movies or a play room. Tankless water heater, Smart home features & 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
 

$334,341$408,639$371,490

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,371
Property Tax -$754
Property Insurance -$160
HOA -$50
Property Management Fees -$99
CASH FLOW
-$704

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.

$371,490

PROJECTED PRICE

$1,730

PROJECTED RENT

0.47%

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$100,445

INVESTMENT

$100,445

Down Payment
$92,873
Rehab Estimate
$2,000
Closing Costs
$5,572

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,371

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,873
Loan Amount $278,618
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$12

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,902

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,8503$1,9004$1,9985$2,000
$2,000
RENT COMPS ANALYSIS
  • 2714 Independence Drive Melissa, TX 1
    • 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.75
    •  
  • 2707 Jackson Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 2004
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.79
    •  
  • 2804 Madison Drive Melissa, TX 3
    • 4 beds 2 baths ∙ 2,409 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,409 Sqft ∙ Built 2007
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.79
    •  
  • 2311 Patriot Drive Melissa, TX 4
    • 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2014
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,998
    • $0.87
    •  
  • 3105 Whispering Pine Melissa, TX 5
    • 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2006
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $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 #: 14467759
Last Updated: 11/07/2020
BESbswy