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:
- New roof installed last week, along with some new gutters and some new fascia.
- 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.
- The HVAC system appears to be in good condition and was functioning properly when I visited the property.
- 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.
- 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 Rental properties in this area seem to tolerate a level of outdated cosmetics in favor of multiple baths, a garage, and a bit lower rent ($1300-$1400).
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.
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.