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4202 Milrany Lane Melissa, TX 75454

4 Beds 4 Baths 3,041 sqft Built 2018

$499,990

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $164.42
  • 9 Days on Market
  • MLS # : 14475419
  • Updated Date : 11/23/2020 at 11:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,041 sqft
  • Baths : 3 full , 1 half
Listing Agent

Gehan Homes Brokerage, Llc

Listing Agent's Description

Gorgeous Gehan Model Home located in the desirable community of North Creek. Spacious Magnolia floor plan with master and study down, 4 bedrooms, 3.5 baths, game with a loft and media rooms up. Home offers 2-story family room, floor to ceiling fireplace, bay window in master, oversized island, built-in microwave & oven, 8ft interior doors, oversized covered patio with many decorative designer touches throughout!

SEE MORE

MARKET HIGHLIGHTS

  • . 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

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
 

$449,991$549,989$499,990

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,845
Property Tax -$1,014
Property Insurance -$203
HOA -$47
Property Management Fees -$99
CASH FLOW
-$858

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.

$499,990

PROJECTED PRICE

$2,350

PROJECTED RENT

0.47%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$18k-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$138,247

INVESTMENT

$138,247

Down Payment
$124,998
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,998
Loan Amount $374,993
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$6

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,387

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,2453$2,3504$2,3505$2,700
$2,700
RENT COMPS ANALYSIS
  • 4202 Milrany Lane Melissa, TX 4
    • 4 beds 4 baths ∙ 3,041 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,041 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.77
    •  
  • 3423 Hawthorn Lane Melissa, TX 1
    • 3 beds 3 baths ∙ 2,887 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,887 Sqft ∙ Built 2017
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.76
    •  
  • 4010 Magnolia Ridge Drive Melissa, TX 2
    • 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,812 Sqft ∙ Built 2018
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.80
    •  
  • 4202 Oak Bluff Road Melissa, TX 3
    • 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2013
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.73
    •  
  • 3212 Timberline Drive Melissa, TX 5
    • 4 beds 4 baths ∙ 3,192 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,192 Sqft ∙ Built 2018
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.85
    •  
PROPERTY LISTING DETAILS
April Maki
Gehan Homes Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14475419
Last Updated: 11/23/2020
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