$135,000 Property Type : Single Family Home

More Information

This is an assignment of contract.  I intend to sell my interest in this property.

I believe the right buyer would be someone that is looking to owner finance the property as is, or keep it as a rental long term.  This is a three bedroom, two bath, two car garage (detached), brick, pier and beam home.  A new roof was installed last week.

Asking $135,000 OBO

4539 Live Oak Dr, Mesquite, TX 75150

ARV: $182,500 [It is my opinion that $146/ft (average of two most like properties) is the correct valuation.  Could be as high as $150/ft depending on the renovation)

Repairs: As low as $5,000 or as high as $25,000 – depends on your crew and scope of work, here is why:

  1. New roof installed last week, along with some new gutters and some new fascia.
  2. The foundation needs some leveling and shimming.  The estimate came in at $3,000.  This home is pier and beam.  The detached garage has a slab, and it is heaving in the middle.  It is still serviceable (cars park in it at the moment), but would need repairs in order to meet Mesquite rental code.  The driveway would also need some work if you were going to rent the home out.
  3. The HVAC system appears to be in good condition and was functioning properly when I visited the property.
  4. Although much of the plumbing is assumed to be original, there are no reported leaks or issues with back ups.  As previously mentioned, this home is pier and beam which makes plumbing repairs much more economical.
  5. Kitchen and baths are out dated for sure.  Rental properties in this area seem to tolerate a level of outdated cosmetics in favor of multiple baths, a garage, and a bit lower rent ($1300-$1400).

Recommended Strategy:

Purchase for $135,000
Budget $5,000 in closing and carry costs.
Budget $20,000 for a top notch rehab with contingencies.
Refinance at $140,000 (approximately a 75% loan at a $185,000 appraisal)
Cash Flow at $350/mo gross ($210/mo net after vacancy and maintenance deduction)
Earn 12% ($2,520 net per year off an approximate $20,000 out of pocket transaction) while your asset appreciates and you post a paper loss 😉
Note: You shouldn’t spend more than $15,000 in repairs as a rental in my opinion, but everyone wants to over do it these days.

MY COMPS

Quick Statistics ( 3 Listings Total )

                          Min                Max                Average         Median
List Price         $169,900      $192,000      $178,800       $174,500
Sold Price        $174,000      $187,000      $178,500        $174,500

MLS #          Address                          City              Bed/Bth/GAR      Yr Blt    Pool     SqFt      S$/SqFt   Acres    List Price   Sold Price  Sold Date
14104082    4535 Marigold Trail    Mesquite      3/2/2                     1960      No       1,159     $150.13    0.165    $169,900   $174,000   7/26/19
14004545    4509 Astor Road          Mesquite      3/2/2                     1959       No       1,470     118.71      0.184    $174,500   $174,500   6/10/19
14142303     4534 Marigold Trail    Mesquite      3/2/2                     1960       No       1,314     $142.31   0.165    $192,000   $187,000   8/19/19

 

I AM A REAL ESTATE INVESTOR, I HAVE PLACED THE FOLLOWING PROPERTY UNDER CONTRACT TO PURCHASE AND MAY SELL OR ASSIGN MY EQUITABLE INTEREST IN THE PROPERTY RATHER THAN TAKE TITLE TO THE PROPERTY. I DO NOT HAVE LEGAL TITLE TO THE REAL PROPERTY.  I AM NOT A LICENSED REAL ESTATE AGENT IN THE STATE OF TEXAS ENTERING INTO OR HAVE ENTERED INTO THIS CONTRACT TO PURCHASE REAL PROPERTY ON MY OWN BEHALF, AND THIS ASSIGNMENT IS IN NO WAY AFFILIATED WITH THE PRACTICE OF REAL ESTATE BROKERAGE.

Property Details
After Repaired Value $185,000
Estimated Rehab 5000-15000
Price $135,000
Bedrooms 3
Bathrooms 2
Garage 2
SqFt 1,253
Year Built 1961
City Mesquite
Contact Information
Phone Number 214-441-6911
Contact Name Shelby
Date Listed January 28, 2020
Status Available
Walk Score 65
Property Address 4539 Live Oak Drive, Mesquite, TX, 75150
Terms Cash, bank, or hard money financing only.
Subdivision Whitson Gardens 05
Area Oates and Gus Thomasson
Estimated Rent $1,400
County Dallas County
State Texas
Postal code 75150

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