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3308 Glenmore Drive Melissa, TX 75454

4 Beds 3 Baths 2,303 sqft Built 2008

$289,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $125.49
  • 5 Days on Market
  • MLS # : 14477100
  • Updated Date : 11/27/2020 at 12:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,303 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp And Associates Realtors

Listing Agent's Description

As soon as you walk in, you'll feel like home!! The beautiful laminate floors and high ceilings lead you to the open floorplan where you can enjoy the spacious living area next to a cozy gas log fireplace. Enjoy entertaining your family outdoors under the beautiful custom cedar pergola! The split floorplan allows you to relax in your SPACIOUS private first floor master suite with jetted tub and plenty of natural lighting! Three bedrooms and additional living area upstairs. This home is nestled in the beautiful community of Hunter's Creek, only 45 minutes to downtown Dallas & downtown McKinney close by, you can enjoy the convenience of shopping, dining & A-rated schools in Melissa ISD! Definitely a must see!

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
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,066
Property Tax -$586
Property Insurance -$160
HOA -$29
Property Management Fees -$99
CASH FLOW
$69

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.

$289,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.70%

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-$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,066

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$21,650

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,222

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,010
1$2,0102$2,0953$2,1004$2,2505$2,350
$2,350
RENT COMPS ANALYSIS
  • 3308 Glenmore Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $0.87
    •  
  • 2904 Winchester Avenue Melissa, TX 2
    • 3 beds 2 baths ∙ 2,177 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,177 Sqft ∙ Built 2019
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.96
    •  
  • 3016 Pronghorn Drive Melissa, TX 3
    • 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2020
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 3102 Winchester Melissa, TX 4
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2020
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.99
    •  
  • 4025 Magnolia Ridge Drive Melissa, TX 5
    • 4 beds 2 baths ∙ 2,425 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,425 Sqft ∙ Built 2020
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.97
    •  
PROPERTY LISTING DETAILS
Laura Cano
Jp And Associates Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477100
Last Updated: 11/27/2020
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