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3304 Blue Jay Lane Melissa, TX 75454

3 Beds 2 Baths 1,847 sqft Built 2016

$275,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $148.89
  • 2 Days on Market
  • MLS # : 14473198
  • Updated Date : 11/21/2020 at 21:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,847 sqft
  • Baths : 2 full
Listing Agent

Competitive Edge Realty Llc

Listing Agent's Description

Well care for, ONE owner home featuring great curb appeal along with exterior lightings. 3 spacious bedrooms, walk in closets. Walk up to a beautiful front door to welcome you HOME! and entering an opened entree features large living room and over size stone wood burning fire place. Kitchen is very spacious with plenty of cabinets for storage. Owner added accent lights under and above kitchen cabinets. Master bedroom features bay window and large master bath with double sinks and large tub. Covered patio, large back yard with oversized storage shed for all your lawn care storages. Highly sought after Melissa ISD. Quick and easy access to Hwy 75 and so much more!

SEE MORE

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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,015
Property Tax -$558
Property Insurance -$134
HOA -$33
Property Management Fees -$99
CASH FLOW
$2

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.

$275,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.67%

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

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$15,115

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,865

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,8404$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 3304 Blue Jay Lane Melissa, TX 3
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $1.00
    •  
  • 4103 Mockingbird Lane Melissa, TX 1
    • 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 4012 Gray Wolf Drive Melissa, TX 2
    • 4 beds 2 baths ∙ 1,729 Sqft ∙ Built 2018 4 beds 2 baths ∙ 1,729 Sqft ∙ Built 2018
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.04
    •  
  • 4302 Mimosa Lane Melissa, TX 4
    • 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 2016
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.03
    •  
  • 4222 Cherry Lane Melissa, TX 5
    • 3 beds 2 baths ∙ 1,999 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,999 Sqft ∙ Built 2016
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
PROPERTY LISTING DETAILS
Diem Goleman
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 #: 14473198
Last Updated: 11/21/2020
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