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1222 Terrace Drive Mesquite, TX 75150

4 Beds 3 Baths 2,528 sqft Built 1985

INVESTimate

$319,900

List Price

$1,900

$1,710 - $2,090

Rent Est.

$341,877  ( +6.87%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1985
  • Price/Sqft : $126.54
  • 6 Days on Market
  • MLS # : 14410968
  • Updated Date : 08/22/2020 at 12:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,528 sqft
  • Baths : 2 full , 1 half
Listing Agent

Property Max Associates

Listing Agent's Description

You'll love the updates in this 4 bedroom, 2.5 bath home. Updates include hardwood flooring, updated wet bar with granite including decorative split ledger quartzite surround, double shower in master bathroom with large his and her closets, tub surround, new vanities, kitchen backsplash, decorative lighting, updated fireplace. Fabulous and beautiful extended patio area for entertaining. Circular drive provides extra parking. Beautiful home in great neighborhood. Agent is principal in company that owns this property.

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
 

$287,910$351,890$319,900

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,180
Property Tax -$776
Property Insurance -$173
Property Management Fees -$99
CASH FLOW
-$328

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.

$319,900

PROJECTED PRICE

$1,900

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.87%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,524

INVESTMENT

$90,524

Down Payment
$79,975
Rehab Estimate
$5,750
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,180

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$588

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,934

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,7953$1,9004$1,9955$2,195
$2,195
RENT COMPS ANALYSIS
  • 1222 Terrace Drive Mesquite, TX 3
    • 4 beds 2 baths ∙ 2,528 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,528 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.75
    •  
  • 1226 Terrace Drive Mesquite, TX 1
    • 3 beds 2 baths ∙ 2,232 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,232 Sqft ∙ Built 1985
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.80
    •  
  • 1121 Via Del Rey Mesquite, TX 2
    • 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1974
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.72
    •  
  • 4500 Blue Mesa Lane Mesquite, TX 4
    • 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 2003
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.77
    •  
  • 4621 Blue Mesa Lane Mesquite, TX 5
    • 5 beds 3 baths ∙ 2,863 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,863 Sqft ∙ Built 2003
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.77
    •  
PROPERTY LISTING DETAILS
Stan Adams
Property Max Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14410968
Last Updated: 08/22/2020
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