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3210 Pilgrim Drive Melissa, TX 75454

4 Beds 3 Baths 2,798 sqft Built 2012

$350,000

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $125.09
  • 1 Days on Market
  • MLS # : 14518571
  • Updated Date : 02/14/2021 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,798 sqft
  • Baths : 2 full , 1 half
Listing Agent

Phillips Realty Group & Assoc

Listing Agent's Description

If you're looking for an open and spacious floor plan on one level, look no further! This well-maintained charmer has four bedrooms plus a study with a walk-in closet that can be used as a fifth bedroom. High ceilings, custom shelving and cabinetry in living room, freshly painted and carpet is only 1.5 years old. Walk out back to your own backyard oasis with beautiful flagstone covered patio, hot tub, professional landscaping and retractable shades for added privacy. Close to community playground, neighborhood pool and elementary school! Come check this beauty out before it's gone!

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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,216
Property Tax -$710
Property Insurance -$189
HOA -$54
Property Management Fees -$99
CASH FLOW
-$58

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.

$350,000

PROJECTED PRICE

$2,210

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) 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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$10,842

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,196

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,1983$2,2104$2,2955$2,300
$2,300
RENT COMPS ANALYSIS
  • 3210 Pilgrim Drive Melissa, TX 3
    • 4 beds 3 baths ∙ 2,798 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,798 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $0.79
    •  
  • 2602 Independence Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 2006
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 2605 Kennedy Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,198
    • $0.80
    •  
  • 2617 Patriot Drive Melissa, TX 4
    • 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.85
    •  
  • 2608 Katie Trail Melissa, TX 5
    • 4 beds 4 baths ∙ 2,940 Sqft ∙ Built 2006 4 beds 4 baths ∙ 2,940 Sqft ∙ Built 2006
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.78
    •  
PROPERTY LISTING DETAILS
Millie Rodriguez
Phillips Realty Group & Assoc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14518571
Last Updated: 02/14/2021
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