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4403 Mimosa Drive Melissa, TX 75454

4 Beds 4 Baths 3,481 sqft Built 2016

$392,500

List Price

$2,460

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $112.75
  • 2 Days on Market
  • MLS # : 14468314
  • Updated Date : 11/14/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,481 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Best Sw

Listing Agent's Description

This home has everything and at a great price! This 2016 build has all the living space you need with a living room, game room, and media room. It has a cute home office to host your zoom calls with great lighting. A large kitchen island, double oven, a ton of storage space and hand scraped wooden floors throughout makes this home complete. It’s walking distance to North Creek Elementary School and to the neighborhood amenities. Media equipment is staying. Washer, Dryer and Fridge can be negotiated.

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
 

$353,250$431,750$392,500

PURCHASE PRICE

$2,214$2,706$2,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,460
EXPENSES Loan Payment -$1,448
Property Tax -$796
Property Insurance -$228
HOA -$47
Property Management Fees -$99
CASH FLOW
-$159

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.

$392,500

PROJECTED PRICE

$2,460

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,763

INVESTMENT

$109,763

Down Payment
$98,125
Rehab Estimate
$5,750
Closing Costs
$5,888

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,448

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,125
Loan Amount $294,375
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$9,119

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,460

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,576

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4603$2,6004$2,695
$2,695
RENT COMPS ANALYSIS
  • 4403 Mimosa Drive Melissa, TX 2
    • 4 beds 4 baths ∙ 3,481 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,481 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,460
    • $0.71
    •  
  • 4202 Oak Bluff Road Melissa, TX 1
    • 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
    •  
  • 3210 Franklin Avenue Melissa, TX 3
    • 5 beds 5 baths ∙ 3,480 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,480 Sqft ∙ Built 2014
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.75
    •  
  • 3303 Robin Trail Melissa, TX 4
    • 5 beds 5 baths ∙ 3,637 Sqft ∙ Built 2015 5 beds 5 baths ∙ 3,637 Sqft ∙ Built 2015
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.74
    •  
PROPERTY LISTING DETAILS
Destanie Sykes
Keller Williams Realty Best Sw
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14468314
Last Updated: 11/14/2020
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