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3002 Mulberry Avenue Melissa, TX 75454

4 Beds 2 Baths 2,041 sqft Built 2019

INVESTimate

$299,500

List Price

$1,950

$1,755 - $2,145

Rent Est.

$321,154  ( +7.23%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
FACTS
  • Built In 2019
  • Price/Sqft : $146.74
  • 9 Days on Market
  • MLS # : 14398976
  • Updated Date : 08/20/2020 at 11:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,041 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$269,550$329,450$299,500

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,105
Property Tax -$608
Property Insurance -$145
HOA -$47
Property Management Fees -$99
CASH FLOW
-$54

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.

$299,500

PROJECTED PRICE

$1,950

PROJECTED RENT

0.65%

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) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,368

INVESTMENT

$81,368

Down Payment
$74,875
Rehab Estimate
$2,000
Closing Costs
$4,493

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,105

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,875
Loan Amount $224,625
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,928

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,985

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$1,9003$1,9004$1,9505$2,095
$2,095
RENT COMPS ANALYSIS
  • 3002 Mulberry Avenue Melissa, TX 4
    • 4 beds 2 baths ∙ 2,041 Sqft ∙ Built 2019 4 beds 2 baths ∙ 2,041 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.96
    •  
  • 3004 Teak Drive Melissa, TX 1
    • 3 beds 2 baths ∙ 1,905 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,905 Sqft ∙ Built 2019
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.99
    •  
  • 2912 Chestnut Lane Melissa, TX 2
    • 4 beds 2 baths ∙ 2,041 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,041 Sqft ∙ Built 2018
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.93
    •  
  • 2903 Mulberry Avenue Melissa, TX 3
    • 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 2019
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.99
    •  
  • 2813 Mesquite Avenue Melissa, TX 5
    • 5 beds 3 baths ∙ 2,146 Sqft ∙ Built 2019 5 beds 3 baths ∙ 2,146 Sqft ∙ Built 2019
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.98
    •  
PROPERTY LISTING DETAILS
Steve Depriest
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14398976
Last Updated: 08/20/2020
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