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71 Trailridge Drive Melissa, TX 75454

4 Beds 3 Baths 3,002 sqft Built 2006

$650,000

List Price

$2,680

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $216.52
  • 4 Days on Market
  • MLS # : 14525500
  • Updated Date : 03/05/2021 at 10:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,002 sqft
  • Baths : 3 full
Listing Agent

Phillips Realty Group & Assoc

Listing Agent's Description

Over 1.6 acre ONE STORY fabulously maintained home with pool and backyard oasis available just in time for summer! Wrought iron double doors lead the way into this four bedroom plus study featuring an oversized master bedroom with patio access, custom window treatments, custom lighting, secondary bedroom with ensuite, stained concrete flooring with new carpet -2020. Large open kitchen and living area overlook the perfect backyard for entertaining! three year old salt water pool with hot tub, Bose outdoor speakers, custom lighting, fire pit area, grilling area with mini fridge are just some of the backyard features! Located in a private gated community with exemplary rated schools and close access to I75.

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
 

$585,000$715,000$650,000

PURCHASE PRICE

$2,412$2,948$2,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,680
EXPENSES Loan Payment -$2,258
Property Tax -$1,318
Property Insurance -$201
HOA -$70
Property Management Fees -$99
CASH FLOW
-$1,266

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.

$650,000

PROJECTED PRICE

$2,680

PROJECTED RENT

0.41%

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$500k$1.0M$1.5M$2.0M

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$178,000

INVESTMENT

$178,000

Down Payment
$162,500
Rehab Estimate
$5,750
Closing Costs
$9,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,258

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $162,500
Loan Amount $487,500
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$58

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,680

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,432

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,198
1$2,1982$2,2503$2,2954$2,4755$2,680
$2,680
RENT COMPS ANALYSIS
  • 71 Trailridge Drive Melissa, TX 5
    • 4 beds 3 baths ∙ 3,002 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,002 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $0.89
    •  
  • 2605 Kennedy Drive Melissa, TX 1
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2010
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,198
    • $0.80
    •  
  • 3405 Founders Way Melissa, TX 2
    • 5 beds 3 baths ∙ 2,928 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,928 Sqft ∙ Built 2014
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.77
    •  
  • 2617 Patriot Drive Melissa, TX 3
    • 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,691 Sqft ∙ Built 2008
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.85
    •  
  • 1001 Motley Drive Melissa, TX 4
    • 5 beds 4 baths ∙ 3,023 Sqft ∙ Built 2018 5 beds 4 baths ∙ 3,023 Sqft ∙ Built 2018
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $0.82
    •  
PROPERTY LISTING DETAILS
Millie Rodriguez
Phillips Realty Group & Assoc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14525500
Last Updated: 03/05/2021
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