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3520 Jersey Road Melissa, TX 75454

4 Beds 3 Baths 2,529 sqft Built 2017

$385,000

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $152.23
  • 3 Days on Market
  • MLS # : 14474455
  • Updated Date : 11/27/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,529 sqft
  • Baths : 3 full
Listing Agent

Mike Mazyck Realty

Listing Agent's Description

Beautiful four bedroom home in a wonderful neighborhood. The spacious living area opens to the kitchen with breakfast bar, granite counters and stainless appliances. Breakfast area along with a formal dining room. Large master suite features a master bath with dual vanity, garden tub, and a separate shower. Great backyard with a covered patio and wood privacy fence. Neighborhood has a community pool, recreation areas, 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
 

$346,500$423,500$385,000

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 -$1,420
Property Tax -$781
Property Insurance -$173
HOA -$54
Property Management Fees -$99
CASH FLOW
-$318

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.

$385,000

PROJECTED PRICE

$2,210

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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,355

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
  • $0.87

    LIST RENT PER SQFT
  • $2,194

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0453$2,2104$2,2955$2,299
$2,299
RENT COMPS ANALYSIS
  • 3520 Jersey Road Melissa, TX 3
    • 4 beds 3 baths ∙ 2,529 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,529 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $0.87
    •  
  • 2707 Jackson Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 2004
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.79
    •  
  • 2607 Jackson Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,399 Sqft ∙ Built 2007
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,045
    • $0.85
    •  
  • 2617 Patriot Drive Melissa, TX 4
    • 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.85
    •  
  • 2215 Yorktown Drive Melissa, TX 5
    • 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2017
    property image
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,299
    • $0.98
    •  
PROPERTY LISTING DETAILS
Mike Mazyck
Mike Mazyck Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14474455
Last Updated: 11/27/2020
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