Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

4308 Mimosa Drive Melissa, TX 75454

4 Beds 2 Baths 2,265 sqft Built 2016

$334,900

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $147.86
  • 4 Days on Market
  • MLS # : 14497205
  • Updated Date : 01/21/2021 at 04:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,265 sqft
  • Baths : 2 full
Listing Agent

Competitive Edge Realty Llc

Listing Agent's Description

Beautiful 2016 Impression built home featuring 10ft ceilings, travertine backsplash, granite counter tops, hard wood floors, walk-in pantry, gas cooktop, 8 ft doors through out, an oversized island overlooking the family room and large outdoor covered patio. Garage door comes with Smart Opener capability! In close proximity to school and downtown Mckinney for shopping and many restaurants. Call today for more information, this home will not last long!

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
 

$301,410$368,390$334,900

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,163
Property Tax -$679
Property Insurance -$158
HOA -$47
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.

$334,900

PROJECTED PRICE

$2,080

PROJECTED RENT

0.62%

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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,499

INVESTMENT

$94,499

Down Payment
$83,725
Rehab Estimate
$5,750
Closing Costs
$5,024

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,163

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $83,725
Loan Amount $251,175
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$9,899

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,146

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$2,0503$2,0804$2,2505$2,290
$2,290
RENT COMPS ANALYSIS
  • 4308 Mimosa Drive Melissa, TX 3
    • 4 beds 2 baths ∙ 2,265 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,265 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.92
    •  
  • 4416 Oak Bluff Drive Melissa, TX 1
    • 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 2015
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.84
    •  
  • 4310 Magnolia Drive Melissa, TX 2
    • 4 beds 2 baths ∙ 2,214 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,214 Sqft ∙ Built 2014
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.93
    •  
  • 3102 Winchester Melissa, TX 4
    • 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 2020
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.99
    •  
  • 4422 Juniper Melissa, TX 5
    • 3 beds 2 baths ∙ 2,222 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,222 Sqft ∙ Built 2020
    property image
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $1.03
    •  
PROPERTY LISTING DETAILS
Michelle Cagle
Competitive Edge Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14497205
Last Updated: 01/21/2021
BESbswy