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4213 Ridgewood Road Melissa, TX 75454

3 Beds 2 Baths 1,839 sqft Built 2013

$267,500

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $145.46
  • 4 Days on Market
  • MLS # : 14522321
  • Updated Date : 02/25/2021 at 22:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,839 sqft
  • Baths : 2 full
Listing Agent

Southern Hills Realty

Listing Agent's Description

Welcome home! This gem is located on a quiet street with a Cul de Sac and has beautiful curb appeal. The open concept living and dining space has TONS of light and wood-looking tile. The kitchen has plenty of cabinet and counter space for all your entertaining needs, including built in surround sound in the living room. The breakfast nook has a cute sitting bench. The private master suite is split from the other two bedrooms at the back of the house and the bathroom comes with two closets, a soaking tub and standing shower. Second and third bedrooms have soaring ceilings and the backyard has a covered patio. Come see this one before its gone!

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
 

$240,750$294,250$267,500

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$929
Property Tax -$543
Property Insurance -$133
HOA -$83
Property Management Fees -$99
CASH FLOW
-$18

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.

$267,500

PROJECTED PRICE

$1,770

PROJECTED RENT

0.66%

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$900k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$76,638

INVESTMENT

$76,638

Down Payment
$66,875
Rehab Estimate
$5,750
Closing Costs
$4,013

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$929

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,875
Loan Amount $200,625
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$9,869

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,839

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7703$1,9254$1,9955$2,050
$2,050
RENT COMPS ANALYSIS
  • 4213 Ridgewood Road Melissa, TX 2
    • 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.96
    •  
  • 4401 Willow Wood Road Melissa, TX 1
    • 3 beds 2 baths ∙ 1,984 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,984 Sqft ∙ Built 2009
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
  • 4307 Oak Bluff Road Melissa, TX 3
    • 4 beds 2 baths ∙ 1,865 Sqft ∙ Built 2011 4 beds 2 baths ∙ 1,865 Sqft ∙ Built 2011
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.03
    •  
  • 4203 Spruce Road Melissa, TX 4
    • 4 beds 2 baths ∙ 1,865 Sqft ∙ Built 2013 4 beds 2 baths ∙ 1,865 Sqft ∙ Built 2013
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.07
    •  
  • 4302 Spruce Road Melissa, TX 5
    • 4 beds 2 baths ∙ 1,950 Sqft ∙ Built 2013 4 beds 2 baths ∙ 1,950 Sqft ∙ Built 2013
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.05
    •  
PROPERTY LISTING DETAILS
Kristen Banner
Southern Hills Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14522321
Last Updated: 02/25/2021
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