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2907 Redbud Lane Melissa, TX 75454

4 Beds 3 Baths 3,259 sqft Built 2019

$398,900

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $122.40
  • 4 Days on Market
  • MLS # : 14462759
  • Updated Date : 11/01/2020 at 08:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,259 sqft
  • Baths : 3 full
Listing Agent

Competitive Edge Realty Llc

Listing Agent's Description

This almost new, open concept Mooreville Plan by Pulte has everything.. Located in the highly desirable North Creek Subdivision. This bright and spacious home includes tons of upgrades! From modern wood-look tile to a gorgeous chef's kitchen with 42 in white cabinets, stainless appliances, gas cook top and huge quartz island. Usable space abounds upstairs are 2 over sized bedrooms, large game room, spacious media room. Down is a large study that could be used as a 5th bedroom, extra mail room with counters and cabinets, mudroom and lg laundry room It is walking distance to pool, gym, park and walking trails, not to mention 2 fishing ponds. Energy efficient, Bills provided and Taexx Pest Control .

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

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$359,010$438,790$398,900

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$1,472
Property Tax -$809
Property Insurance -$216
HOA -$54
Property Management Fees -$99
CASH FLOW
-$150

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.

$398,900

PROJECTED PRICE

$2,500

PROJECTED RENT

0.63%

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,709

INVESTMENT

$107,709

Down Payment
$99,725
Rehab Estimate
$2,000
Closing Costs
$5,984

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,725
Loan Amount $299,175
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$10,124

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,509

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4003$2,5004$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 2907 Redbud Lane Melissa, TX 5
    • 4 beds 3 baths ∙ 3,259 Sqft ∙ Built 2019 4 beds 3 baths ∙ 3,259 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.77
    •  
  • 4202 Oak Bluff Road Melissa, TX 1
    • 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2013
    property image
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.73
    •  
  • 2708 Westpoint Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2011
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.77
    •  
  • 2705 Westpoint Drive Melissa, TX 3
    • 4 beds 3 baths ∙ 3,078 Sqft ∙ Built 2011 4 beds 3 baths ∙ 3,078 Sqft ∙ Built 2011
    property image
    LEASED 07/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.81
    •  
  • 2903 Madison Drive Melissa, TX 4
    • 5 beds 4 baths ∙ 3,264 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,264 Sqft ∙ Built 2004
    property image
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.77
    •  
PROPERTY LISTING DETAILS
Diane Haight
Competitive Edge Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462759
Last Updated: 11/01/2020
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