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1207 Terrace Drive Mesquite, TX 75150

4 Beds 3 Baths 2,484 sqft Built 1985

$295,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $118.76
  • 5 Days on Market
  • MLS # : 14521255
  • Updated Date : 02/27/2021 at 09:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,484 sqft
  • Baths : 2 full , 1 half
Listing Agent

Epps Realty, Llc

Listing Agent's Description

Tree lined streets and custom homes, that's what Meadowview Farms is made of...and this BEAUTY won't last long! This sought after 4 bedroom floorplan with 2.5 baths is meticulously maintained and has all the right updates. Designer paint colors and flooring, updated lighting, white cabinets and granite tops, vaulted beadboard ceilings, HVAC system (2020), added insulation (2020), exterior paint & gutters (2018). The interior features high ceilings, custom built ins, separate gameroom with wet bar, laundry large enough for a freezer or second pantry, floor to ceiling brick fireplace, double sinks in guest bath, master suite with his & her closets, garden tub, and separate shower. Great patio for entertaining!

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

Neighborhood: Meadowview Farms

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $92k248k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Meadowview Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9701773

* 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
Beasley Elementary School Primary Regular 466 29 5
Kimbrough Middle School Middle Regular 846 51 7
Poteet High School High Regular 1,743 113 6

Beasley Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 29
5
GreatSchools Rating

Kimbrough Middle School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 51
7
GreatSchools Rating

Poteet High School

  • Education Level: High
  • # of students: 1,743
  • # of teachers: 113
6
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,025
Property Tax -$715
Property Insurance -$171
Property Management Fees -$99
CASH FLOW
-$60

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$295,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$7,878

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,981

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7953$1,8504$1,9505$1,950
$1,950
RENT COMPS ANALYSIS
  • 1207 Terrace Drive Mesquite, TX 5
    • 4 beds 3 baths ∙ 2,484 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,484 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.79
    •  
  • 1121 Via Del Rey Mesquite, TX 1
    • 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1974
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.68
    •  
  • 1226 Terrace Drive Mesquite, TX 2
    • 3 beds 2 baths ∙ 2,232 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,232 Sqft ∙ Built 1985
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.80
    •  
  • 4125 Blackwillow Drive Mesquite, TX 3
    • 4 beds 2 baths ∙ 2,182 Sqft ∙ Built 1979 4 beds 2 baths ∙ 2,182 Sqft ∙ Built 1979
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.85
    •  
  • 4411 Silverthorn Drive Mesquite, TX 4
    • 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 1983 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 1983
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.86
    •  
PROPERTY LISTING DETAILS
Sara Cullen
Epps Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521255
Last Updated: 02/27/2021
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