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3706 Bastrop Street Melissa, TX 75454

3 Beds 2 Baths 1,897 sqft Built 2018

$275,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $144.97
  • 3 Days on Market
  • MLS # : 14479691
  • Updated Date : 12/04/2020 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,897 sqft
  • Baths : 2 full
Listing Agent

Better Homes & Gardens, Winans

Listing Agent's Description

OPEN HOUSE SATURDAY December 5th FROM 12PM-2PM!! You won't want to miss this cozy 3 bed 2 bath home nestled in the quiet Villages of Melissa. Built by DR Horton in 2018 with an open floor plan and lots of kitchen cabinet space, granite countertops and island. The office space at the front of the home is perfect for work or school. Private backyard with additional patio area and beautiful Forever Lawn K9 Classic Grass that comes with a 10 year warranty. Less yard work and more relaxation time!! Don't miss this gem, schedule your showing today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,015
Property Tax -$558
Property Insurance -$137
HOA -$32
Property Management Fees -$99
CASH FLOW
-$190

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

$1,650

PROJECTED RENT

0.60%

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

PROJECTED ANNUAL CASH FLOW

11530-$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$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 70% 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

1.5

YEARS SAVED

$2,940

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,826

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7503$1,7754$1,8505$2,100
$2,100
RENT COMPS ANALYSIS
  • 3706 Bastrop Street Melissa, TX 1
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.87
    •  
  • 3506 Van Zandt Road Melissa, TX 2
    • 3 beds 2 baths ∙ 1,769 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,769 Sqft ∙ Built 2016
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 3500 Cooke Lane Melissa, TX 3
    • 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,897 Sqft ∙ Built 2017
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.94
    •  
  • 3510 Van Zandt Road Melissa, TX 4
    • 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 2016
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
  • 3715 Brazos Street Melissa, TX 5
    • 3 beds 2 baths ∙ 2,069 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,069 Sqft ∙ Built 2019
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.01
    •  
PROPERTY LISTING DETAILS
Tiffani Geisert
Better Homes & Gardens, Winans
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14479691
Last Updated: 12/04/2020
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