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1517 Savannah Street Mesquite, TX 75149

3 Beds 2 Baths 1,333 sqft Built 1987

INVESTimate

$199,500

List Price

$1,430

$1,287 - $1,573

Rent Est.

$224,717  ( +12.64%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1987
  • Price/Sqft : $149.66
  • 10 Days on Market
  • MLS # : 14415257
  • Updated Date : 08/17/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,333 sqft
  • Baths : 2 full
Listing Agent

Prompt Realty And Mortgage

Listing Agent's Description

Great open, flowing floor plan! Home boasts of tasteful laminate flooring in the living room, nook and hallway! Open kitchen with a breakfast bar into the nook! Spacious master bedroom. Flexible 3rd bedroom could be a great study or a bedroom. TENANT OCCUPIED. Lease will only expire next year. Great investment property. Owner has 3 other investment properties ( tenant occupied) in Mesquite for sale.

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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

Neighborhood: East Glen

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: East Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9301734

* 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
Rutherford Elementary School Primary Regular 499 29 4
Agnew Middle School Middle Regular 745 49 5
Mesquite High School High Regular 2,851 168 4

Rutherford Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 29
4
GreatSchools Rating

Agnew Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 49
5
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,851
  • # of teachers: 168
4
GreatSchools Rating
 

$179,550$219,450$199,500

PURCHASE PRICE

$1,287$1,573$1,430

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$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$736
Property Tax -$484
Property Insurance -$104
Property Management Fees -$99
CASH FLOW
$7

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.

$199,500

PROJECTED PRICE

$1,430

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 12.64%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,618

INVESTMENT

$58,618

Down Payment
$49,875
Rehab Estimate
$5,750
Closing Costs
$2,993

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$736

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,875
Loan Amount $149,625
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$10,256

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,430

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4203$1,4304$1,4505$1,495
$1,495
RENT COMPS ANALYSIS
  • 1517 Savannah Street Mesquite, TX 3
    • 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,333 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.07
    •  
  • 404 Seminary Ridge Mesquite, TX 1
    • 3 beds 2 baths ∙ 1,294 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,294 Sqft ∙ Built 1987
    property image
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.08
    •  
  • 425 Horse Shoe Bend Mesquite, TX 2
    • 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1985
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $1.05
    •  
  • 1535 Charleston Cove Mesquite, TX 4
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1987
    property image
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.02
    •  
  • 1433 Savannah Street Mesquite, TX 5
    • 3 beds 2 baths ∙ 1,306 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,306 Sqft ∙ Built 1988
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.14
    •  
PROPERTY LISTING DETAILS
Alice Charales
Prompt Realty And Mortgage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415257
Last Updated: 08/17/2020
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