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3016 Winchester Avenue Melissa, TX 75454

4 Beds 3 Baths 2,612 sqft Built 2018

$390,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $149.31
  • 6 Days on Market
  • MLS # : 14520604
  • Updated Date : 02/28/2021 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,612 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Open House 2-27 Noon-2pm. Beautiful 2 story with 8 foot front door, stone elevation, soaring ceilings. Built in cook-top and oven as well as direct vent gas fireplace. Large Lot with covered patio. Barely lived in, less than 2 year old home with lots of room for all. Amazing study at the front of the home for work at home flexibility. Secondary bedrooms up with a gameroom. Great Location next to Melissas future biggest city park and biggest shopping center. 1 mile from Melissa High School and half a mile to North Creek Elementary School. Close proximity to SH 121, Hwy 5 and interstate 75. Local area includes trails, walk ways and playground.

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.
 

$351,000$429,000$390,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,355
Property Tax -$791
Property Insurance -$178
HOA -$38
Property Management Fees -$99
CASH FLOW
-$220

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$390,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.57%

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) 8.00%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$109,100

INVESTMENT

$109,100

Down Payment
$97,500
Rehab Estimate
$5,750
Closing Costs
$5,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,355

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,500
Loan Amount $292,500
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$4,154

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,233

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,198
1$2,1982$2,2003$2,2404$2,2455$2,695
$2,695
RENT COMPS ANALYSIS
  • 3016 Winchester Avenue Melissa, TX 3
    • 4 beds 3 baths ∙ 2,612 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,612 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $0.86
    •  
  • 2605 Kennedy Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010
    property image
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,198
    • $0.80
    •  
  • 4218 Cherry Lane Melissa, TX 2
    • 3 beds 3 baths ∙ 2,617 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,617 Sqft ∙ Built 2016
    property image
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.84
    •  
  • 4010 Magnolia Ridge Drive Melissa, TX 4
    • 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018
    property image
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.80
    •  
  • 4015 Falcon Melissa, TX 5
    • 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2020
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.98
    •  
PROPERTY LISTING DETAILS
Chris Fetrow
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520604
Last Updated: 02/28/2021
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