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531 Binkley Court Mesquite, TX 75181

4 Beds 3 Baths 2,714 sqft Built 2003

$328,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $120.85
  • 3 Days on Market
  • MLS # : 14518171
  • Updated Date : 02/12/2021 at 13:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,714 sqft
  • Baths : 2 full , 1 half
Listing Agent

Texas Ally Real Estate Group

Listing Agent's Description

Spacious corner lot home, perfect for your family. Wonderful schools in the MISD. Family room is the heart of this home. Open to large nook & kitchen. Private master suite. Master has luxury bath and walk-in closet. This home has been very well maintained and won't last long! Tall privacy fence surrounding gorgeous backyard oasis.

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: Glenway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $92k243k

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

Neighborhood: Glenway Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9701975

* 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
 

$295,200$360,800$328,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,139
Property Tax -$796
Property Insurance -$184
HOA -$30
Property Management Fees -$99
CASH FLOW
-$218

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.

$328,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.7%
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-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$92,670

INVESTMENT

$92,670

Down Payment
$82,000
Rehab Estimate
$5,750
Closing Costs
$4,920

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,139

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,000
Loan Amount $246,000
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,035

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,097

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9953$1,9954$2,0305$2,400
$2,400
RENT COMPS ANALYSIS
  • 531 Binkley Court Mesquite, TX 4
    • 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.75
    •  
  • 2716 Ash Creek Mesquite, TX 1
    • 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,561 Sqft ∙ Built 1996
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.70
    •  
  • 804 Buckeye Drive Mesquite, TX 2
    • 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1988
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 1300 Parkwood Trail Mesquite, TX 3
    • 4 beds 2 baths ∙ 2,528 Sqft ∙ Built 1999 4 beds 2 baths ∙ 2,528 Sqft ∙ Built 1999
    property image
    LEASED 02/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.79
    •  
  • 1119 Hidden Ridge Drive Mesquite, TX 5
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1999
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.86
    •  
PROPERTY LISTING DETAILS
Ingo Hagemann
Texas Ally Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14518171
Last Updated: 02/12/2021
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