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426 Melba Street Dallas, TX 75208

3 Beds 2 Baths 1,048 sqft Built 1997

$475,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $453.24
  • 35 Days on Market
  • MLS # : 14443784
  • Updated Date : 10/26/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,048 sqft
  • Baths : 2 full
Listing Agent

Ultra Real Estate Services

Listing Agent's Description

Beautiful starter home in one of the most desirable neighborhood in Dallas. Great opportunity for redevelopment or rehab. Subdistrict 3, zoned townhome, multi-family residential with 100% lot coverage and max 50 foot height build out. Surrounded by multi-million dollar high density developments, Bishop Arts Walking distance.

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

Neighborhood: Dallas Land & Loan

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $87k332k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Dallas Land & Loan

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8241734

* 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
John H. Reagan Elementary School Primary Regular 558 37 5
Hector P. Garcia Middle School Middle Regular 887 53 3
W. H. Adamson High School High Regular 1,441 89 4

John H. Reagan Elementary School

  • Education Level: Primary
  • # of students: 558
  • # of teachers: 37
5
GreatSchools Rating

Hector P. Garcia Middle School

  • Education Level: Middle
  • # of students: 887
  • # of teachers: 53
3
GreatSchools Rating

W. H. Adamson High School

  • Education Level: High
  • # of students: 1,441
  • # of teachers: 89
4
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,753
Property Tax -$1,126
Property Insurance -$88
Property Management Fees -$99
CASH FLOW
-$1,446

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.

$475,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$25k-$20k-$15k-$10k-$5.0k$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$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$4,381

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.55

    LIST RENT PER SQFT
  • $1,177

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3003$1,4004$1,620
$1,620
RENT COMPS ANALYSIS
  • 426 Melba Street Dallas, TX 4
    • 3 beds 2 baths ∙ 1,048 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,048 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.55
    •  
  • 1922 Arizona Avenue Dallas, TX 1
    • 4 beds 2 baths ∙ 1,272 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,272 Sqft ∙ Built 2005
    property image
    LEASED 04/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.02
    •  
  • 422 N Denley Drive Dallas, TX 2
    • 3 beds 1 baths ∙ 1,147 Sqft ∙ Built 2003 3 beds 1 baths ∙ 1,147 Sqft ∙ Built 2003
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.13
    •  
  • 236 W Woodin Boulevard Dallas, TX 3
    • 3 beds 1 baths ∙ 1,147 Sqft ∙ Built 2003 3 beds 1 baths ∙ 1,147 Sqft ∙ Built 2003
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.22
    •  
PROPERTY LISTING DETAILS
Norma Coronado
Ultra Real Estate Services
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14443784
Last Updated: 10/26/2020
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