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2428 Ithaca Drive Mesquite, TX 75181

3 Beds 3 Baths 1,461 sqft Built 1988

$230,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $157.43
  • 3 Days on Market
  • MLS # : 14540962
  • Updated Date : 03/27/2021 at 08:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,461 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

This gorgeous 2 story home sits on a corner lot and features a beautiful landscaped elevation. Warm wooden floors welcome you to a bright living room with high ceilings and a wood burning fireplace. The kitchen opens to the dining room with bright white cabinets and tons of counter space. The sun soaked master bedroom has high ceilings and a beautiful master bath with separate garden tub and shower along with dual sinks. The upstairs welcomes two bedrooms with a hall bath. This well maintained home will not last long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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
Smith Elementary School Primary Regular 477 29 4
Berry Middle School Middle Regular 910 55 5
John Horn High School High Regular 2,284 140 4

Smith Elementary School

  • Education Level: Primary
  • # of students: 477
  • # of teachers: 29
4
GreatSchools Rating

Berry Middle School

  • Education Level: Middle
  • # of students: 910
  • # of teachers: 55
5
GreatSchools Rating

John Horn High School

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

$207,000$253,000$230,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$799
Property Tax -$558
Property Insurance -$112
Property Management Fees -$99
CASH FLOW
$73

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.

$230,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.71%

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$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$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$14,939

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $1,487

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,6254$1,6405$1,750
$1,750
RENT COMPS ANALYSIS
  • 2428 Ithaca Drive Mesquite, TX 4
    • 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.12
    •  
  • 1525 Osage Trail Mesquite, TX 1
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1988
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.06
    •  
  • 2403 Weatherby Drive Mesquite, TX 2
    • 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1988
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.06
    •  
  • 2424 Baretta Drive Mesquite, TX 3
    • 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1990
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.96
    •  
  • 2605 Hackberry Creek Mesquite, TX 5
    • 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,760 Sqft ∙ Built 1995
    LEASED 12/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
PROPERTY LISTING DETAILS
Matthew Soto
Exp Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14540962
Last Updated: 03/27/2021
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