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4302 Magnolia Road Melissa, TX 75454

4 Beds 2 Baths 2,075 sqft Built 2013

$305,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $146.99
  • 2 Days on Market
  • MLS # : 14527965
  • Updated Date : 03/06/2021 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,075 sqft
  • Baths : 2 full
Listing Agent

United Real Estate

Listing Agent's Description

Charming single story home in North Creek neighborhood. Greeted by gorgeous hand scraped wood floors through most of living areas. Office or formal living in front with great game room in the back. 4 bedrooms. MASTER suite is separate from the other rooms. Open Family Room and Kitchen with beautiful cabinetry and granite. Stainless Steel appliances- Refrigerator, washer and dryer can convey. NEW paint and carpet. 2 inch blinds throughout. Two Amenity Centers, one includes 24 hr fitness center, playground, pool and community center, putting green etc...A Must See!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,059
Property Tax -$619
Property Insurance -$147
HOA -$63
Property Management Fees -$99
CASH FLOW
-$67

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.

$305,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.63%

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

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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,059

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$8,463

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,034

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9203$2,0004$2,0505$2,050
$2,050
RENT COMPS ANALYSIS
  • 4302 Magnolia Road Melissa, TX 2
    • 4 beds 2 baths ∙ 2,075 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,075 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.93
    •  
  • 4309 Cherry Lane Melissa, TX 1
    • 3 beds 2 baths ∙ 2,011 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,011 Sqft ∙ Built 2017
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.94
    •  
  • 4222 Cherry Lane Melissa, TX 3
    • 3 beds 2 baths ∙ 1,999 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,999 Sqft ∙ Built 2016
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 4302 Spruce Road Melissa, TX 4
    • 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
    •  
  • 4310 Magnolia Drive Melissa, TX 5
    • 4 beds 2 baths ∙ 2,214 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,214 Sqft ∙ Built 2014
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.93
    •  
PROPERTY LISTING DETAILS
Sabrina Delacretaz
United Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14527965
Last Updated: 03/06/2021
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