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4240 Flamingo Way Mesquite, TX 75150

3 Beds 3 Baths 1,618 sqft Built 1986

INVESTimate

$215,000

List Price

$1,480

$1,332 - $1,628

Rent Est.

$237,919  ( +10.66%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1986
  • Price/Sqft : $132.88
  • 9 Days on Market
  • MLS # : 14415344
  • Updated Date : 08/19/2020 at 04:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,618 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Lakefront

Listing Agent's Description

Beautifully maintained home just off hwy 80 with fantastic access to I30 and 635. Large open floor plan with eating bar and very large kitchen and plenty of cabinet space for the most discriminating chef. Board on board fencing for privacy. New windows have been installed for enhanced energy efficiency. Back patio is cozy and private overlooking a manicured lawn. Storage shed will help you keep lawn tools secure and allow more open space in garage for your vehicles.

SEE MORE

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 Meadows Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $82k243k

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

Neighborhood: East Meadows Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
Range Elementary School Primary Regular 571 37 5
Mcdonald Middle School Middle Regular 1,024 67 5
North Mesquite High School High Regular 2,754 168 4

Range Elementary School

  • Education Level: Primary
  • # of students: 571
  • # of teachers: 37
5
GreatSchools Rating

Mcdonald Middle School

  • Education Level: Middle
  • # of students: 1,024
  • # of teachers: 67
5
GreatSchools Rating

North Mesquite High School

  • Education Level: High
  • # of students: 2,754
  • # of teachers: 168
4
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,332$1,628$1,480

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-$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$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$793
Property Tax -$521
Property Insurance -$121
Property Management Fees -$99
CASH FLOW
-$54

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.

$215,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.66%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$6,550

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,545

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,4993$1,5504$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 4240 Flamingo Way Mesquite, TX 1
    • 3 beds 3 baths ∙ 1,618 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,618 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.91
    •  
  • 4116 Amy Drive Mesquite, TX 2
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1986
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.97
    •  
  • 3021 Colony Drive Mesquite, TX 3
    • 4 beds 2 baths ∙ 1,673 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,673 Sqft ∙ Built 1984
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 3349 Guiding Light Drive Dallas, TX 4
    • 4 beds 3 baths ∙ 1,635 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,635 Sqft ∙ Built 2006
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
  • 3005 Colony Drive Mesquite, TX 5
    • 3 beds 2 baths ∙ 1,707 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,707 Sqft ∙ Built 1984
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.94
    •  
PROPERTY LISTING DETAILS
Todd Cianciulli
Re/max Lakefront
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415344
Last Updated: 08/19/2020
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