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512 Fisherman Trail Melissa, TX 75454

3 Beds 2 Baths 1,920 sqft Built 2008

INVESTimate

$235,000

List Price

$1,600

$1,440 - $1,760

Rent Est.

$251,991  ( +7.23%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $122.40
  • 5 Days on Market
  • MLS # : 14418870
  • Updated Date : 08/25/2020 at 20:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,920 sqft
  • Baths : 2 full
Listing Agent

Jp And Associates Mckinney

Listing Agent's Description

BEAUTIFUL and well maintained home in Melissa is move in ready! This home is a great single story located near hwy 121 and 75 perfect for working from home or commuting! Enjoy the conveniences of the city while soaking up the small town joys of Melissa. Don’t miss out on a great opportunity to enjoy home sweet home just 15 min north of downtown McKinney!

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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$867
Property Tax -$477
Property Insurance -$138
HOA -$25
Property Management Fees -$99
CASH FLOW
-$6

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.

$235,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.23%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$12,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,690

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,7004$1,7255$1,800
$1,800
RENT COMPS ANALYSIS
  • 512 Fisherman Trail Melissa, TX 2
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
  • 512 Basswood Lane Melissa, TX 1
    • 3 beds 2 baths ∙ 1,789 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,789 Sqft ∙ Built 2011
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 514 Teal Lane Melissa, TX 3
    • 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 2008
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.85
    •  
  • 406 Fisherman Trail Melissa, TX 4
    • 4 beds 2 baths ∙ 1,920 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,920 Sqft ∙ Built 2007
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.90
    •  
  • 407 Fisherman Trail Melissa, TX 5
    • 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,042 Sqft ∙ Built 2007
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
PROPERTY LISTING DETAILS
Stephanie Geronimo
Jp And Associates Mckinney
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418870
Last Updated: 08/25/2020
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