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2308 Spring Mills Road Mesquite, TX 75181

3 Beds 2 Baths 1,674 sqft Built 1987

$228,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $136.20
  • 4 Days on Market
  • MLS # : 14470203
  • Updated Date : 11/12/2020 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,674 sqft
  • Baths : 2 full
Listing Agent

Rendon Realty, Llc

Listing Agent's Description

This beautiful 3 bed 2 bath home is a wonderful opportunity, with an open floor plan that invites you right in! The spacious living areas are well lit by large windows, including the soft glow of pleated arch coverings above. The kitchen is modern with stainless steel appliances and an island. The owner's suite includes a separate shower in the bathroom, dual sinks, and a skylight. Welcome home!

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: Valleycreek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Valleycreek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451792

* 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
Gentry Elementary School Primary Regular 820 49 7
Gentry Elementary School Middle Regular 820 49 7
John Horn High School High Regular 2,284 140 4

Gentry Elementary School

  • Education Level: Primary
  • # of students: 820
  • # of teachers: 49
7
GreatSchools Rating

Gentry Elementary School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 49
7
GreatSchools Rating

John Horn High School

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

$205,200$250,800$228,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$841
Property Tax -$553
Property Insurance -$124
Property Management Fees -$99
CASH FLOW
-$97

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.

$228,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,170

INVESTMENT

$66,170

Down Payment
$57,000
Rehab Estimate
$5,750
Closing Costs
$3,420

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,000
Loan Amount $171,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$4,574

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,582

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5203$1,5504$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 2308 Spring Mills Road Mesquite, TX 2
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.91
    •  
  • 2633 Pandale Drive Mesquite, TX 1
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 2004
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.91
    •  
  • 2800 Crockett Place Mesquite, TX 3
    • 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 2006
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 900 Bridgewater Lane Mesquite, TX 4
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1986
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
  • 431 Wellington Drive Mesquite, TX 5
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1986
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
PROPERTY LISTING DETAILS
Norma Gonzalez
Rendon Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14470203
Last Updated: 11/12/2020
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