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3425 Melanie Lane Plano, TX 75023

4 Beds 4 Baths 3,331 sqft Built 1985

$540,000

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $162.11
  • 2 Days on Market
  • MLS # : 14536819
  • Updated Date : 03/20/2021 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,331 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

A Beautiful Home right in the Heart of Plano in the much desired Forest Creek Estates, which is voted one of the best neighborhoods in Plano! This home is so clean you can move right in! The kitchen, living room, formal dining and den offer the perfect flow for all of your entertaining or large family get togethers! The Master bedroom and beautifully updated bath along with a second bedroom and full bath is also on the first floor. Two additional bedrooms are upstairs. The totally private backyard with amazing pool and spa are an added bonus! Come see the great location with one of the best walking and biking trails in Plano. Close to Jack Carter Pool, Carpenter Rec Center, Chisolm Trail and all shopping.

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

Neighborhood: Forest Creek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k493k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Forest Creek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263058

* 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
Carlisle Elementary School Primary Regular 529 38 8
Schimelpfenig Middle School Middle Regular 957 53 9
Plano Senior High School High Regular 2,766 155 9

Carlisle Elementary School

  • Education Level: Primary
  • # of students: 529
  • # of teachers: 38
8
GreatSchools Rating

Schimelpfenig Middle School

  • Education Level: Middle
  • # of students: 957
  • # of teachers: 53
9
GreatSchools Rating

Plano Senior High School

  • Education Level: High
  • # of students: 2,766
  • # of teachers: 155
9
GreatSchools Rating
 

$486,000$594,000$540,000

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$1,876
Property Tax -$919
Property Insurance -$220
Property Management Fees -$99
CASH FLOW
-$183

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.

$540,000

PROJECTED PRICE

$2,930

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,876

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$13,305

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,930

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,598

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6003$2,6754$2,8005$2,930
$2,930
RENT COMPS ANALYSIS
  • 3425 Melanie Lane Plano, TX 5
    • 4 beds 4 baths ∙ 3,331 Sqft ∙ Built 1985 4 beds 4 baths ∙ 3,331 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,930
    • $0.88
    •  
  • 3721 Lowrey Way Plano, TX 1
    • 4 beds 3 baths ∙ 3,023 Sqft ∙ Built 1997 4 beds 3 baths ∙ 3,023 Sqft ∙ Built 1997
    LEASED 03/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.83
    •  
  • 3916 Sunflower Lane Plano, TX 2
    • 4 beds 4 baths ∙ 3,509 Sqft ∙ Built 1995 4 beds 4 baths ∙ 3,509 Sqft ∙ Built 1995
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.74
    •  
  • 2904 Benchmark Drive Plano, TX 3
    • 5 beds 4 baths ∙ 3,527 Sqft ∙ Built 1995 5 beds 4 baths ∙ 3,527 Sqft ∙ Built 1995
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $0.76
    •  
  • 4309 Mead Drive Plano, TX 4
    • 5 beds 4 baths ∙ 3,530 Sqft ∙ Built 1990 5 beds 4 baths ∙ 3,530 Sqft ∙ Built 1990
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.79
    •  
PROPERTY LISTING DETAILS
Kathi Thompson
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 #: 14536819
Last Updated: 03/20/2021
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