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1901 Springwood Drive Mesquite, TX 75181

4 Beds 3 Baths 2,950 sqft Built 1992

$336,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $113.90
  • 3 Days on Market
  • MLS # : 14514011
  • Updated Date : 02/05/2021 at 21:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,950 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Mesquite two-story home offers a two-car garage. This home is vacant and cleaned regularly.

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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: Creek Crossing Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $92k243k

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

Neighborhood: Creek Crossing Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9701740

* 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
Pirrung Elementary School Primary Regular 473 30 4
Terry Middle School Middle Regular 821 52 7
John Horn High School High Regular 2,284 140 4

Pirrung Elementary School

  • Education Level: Primary
  • # of students: 473
  • # of teachers: 30
4
GreatSchools Rating

Terry Middle School

  • Education Level: Middle
  • # of students: 821
  • # of teachers: 52
7
GreatSchools Rating

John Horn High School

  • Education Level: High
  • # of students: 2,284
  • # of teachers: 140
4
GreatSchools Rating
 

$302,400$369,600$336,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,167
Property Tax -$815
Property Insurance -$198
Property Management Fees -$99
CASH FLOW
-$89

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.

$336,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.1%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,790

INVESTMENT

$94,790

Down Payment
$84,000
Rehab Estimate
$5,750
Closing Costs
$5,040

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,167

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,000
Loan Amount $252,000
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$7,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,360

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0953$2,1904$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1901 Springwood Drive Mesquite, TX 3
    • 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.74
    •  
  • 804 Buckeye Drive Mesquite, TX 1
    • 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1988
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 3608 Carriage Avenue Mesquite, TX 2
    • 5 beds 3 baths ∙ 2,754 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,754 Sqft ∙ Built 2006
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.76
    •  
  • 1119 Hidden Ridge Drive Mesquite, TX 4
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1999
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.86
    •  
  • 1808 Willow Creek Mesquite, TX 5
    • 5 beds 4 baths ∙ 2,982 Sqft ∙ Built 1994 5 beds 4 baths ∙ 2,982 Sqft ∙ Built 1994
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.84
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514011
Last Updated: 02/05/2021
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