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3524 Melanie Lane 
Plano, TX
75023
5 Beds 4 Baths 3,399 sqft
Built 1985
INVESTimate
$489,000
List Price
$135,335
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PROPERTY INFO
FACTS
- Built In 1985
- Price/Sqft : $143.87
- 3 Days on Market
- MLS # : 14374885
- Updated Date : 08/25/2020 at 02:00
CONSTRUCTION
- Beds : 5
- Floor Size : 3,399 sqft
- Baths : 3 full , 1 half
Listing Agent
Keller Williams Realty
Listing Agent's Description
Custom home on a cul-de-sac lot in Forest Creek Estates. Well maintained & nicely updated 2 story w 5 bedrooms + multiple living & dining areas - includes 2 master suites - one on each level. Fireplace in each living area along w coffered ceilings, built ins & wet bar. Kitchen offers granite counters, breakfast bar, double ovens, gas cooktop, built in desk. Oversized flex space currently used as an office space - good for another living area, play room or simply a sunroom that overlooks the sparkling pool. Other updates: kitchen remodel 2014, water heater 2017, pool heater 2014, Polaris & pool pump 2019, both HVAC units 2016. Highly rated Plano schools, minutes to Shops at Legacy, easy highway access.
SEE MORE
- . 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
Neighborhood: Forest Creek Estates
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Forest Creek Estates
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,830 |
| EXPENSES | Loan Payment | -$1,804 |
| Property Tax | -$832 | |
| Property Insurance | -$224 | |
| Property Management Fees | -$99 | |
|
CASH FLOW
-$129
|
||
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.
$489,000
PROJECTED PRICE
$2,830
PROJECTED RENT
0.58%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.94% |
| Appreciation Year (1-5) | 3.97% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 6.93% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$135,335
LOAN DETAILS
$1,804
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $122,250 |
| Loan Amount | $366,750 |
3.5
YEARS SAVED
$18,456
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,830
LIST RENT -
$0.83
LIST RENT PER SQFT
-
$2,813
COMP ESTIMATED VALUE -
$0.83
COMP AVG. RENT PER SQFT
Comps Range
-
3524 Melanie Lane Plano, TX 3
- 5 beds 4 baths ∙ 3,399 Sqft ∙ Built 1985 5 beds 4 baths ∙ 3,399 Sqft ∙ Built 1985
- Rent
- Rent Per SQFT
- $2,830
- $0.83
-
2904 Benchmark Drive Plano, TX 1
- 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 2
- 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
-
6800 Pentridge Drive Plano, TX 4
- 4 beds 4 baths ∙ 3,403 Sqft ∙ Built 1991 4 beds 4 baths ∙ 3,403 Sqft ∙ Built 1991
LEASED 11/12/19- Rent
- Rent Per SQFT
- $2,900
- $0.85
-
6705 Leslie Court Plano, TX 5
- 5 beds 4 baths ∙ 3,444 Sqft ∙ Built 1985 5 beds 4 baths ∙ 3,444 Sqft ∙ Built 1985
LEASED 12/18/19- Rent
- Rent Per SQFT
- $3,150
- $0.91
PROPERTY LISTING DETAILS
Keller Williams Realty
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
MLS #: 14374885
Last Updated: 08/25/2020
