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1038 Joanna Lane Allen, TX 75013

3 Beds 4 Baths 3,357 sqft Built 2020

INVESTimate

$598,129

List Price

$2,760

$2,510 - $3,010

Rent Est.

$629,770  ( +5.29%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $178.17
  • 7 Days on Market
  • MLS # : 14417767
  • Updated Date : 08/21/2020 at 17:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,357 sqft
  • Baths : 4 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14417767 - Built by Darling Homes - October completion! ~ Study, kitchen with breakfast area open to family room, master suite, 1 additional room and full bath, covered porch and patio; upstairs game room and media room with storage, 2 additional bedrooms and 2 full baths.

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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

Zip Code: 75013

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Zip Code: 75013

ZipNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Norton Elementary School Primary Regular 573 39 10
Norton Elementary School Middle Regular 573 39 10
Lowery Freshman Center High Regular 1,571 104 8

Norton Elementary School

  • Education Level: Primary
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Norton Elementary School

  • Education Level: Middle
  • # of students: 573
  • # of teachers: 39
10
GreatSchools Rating

Lowery Freshman Center

  • Education Level: High
  • # of students: 1,571
  • # of teachers: 104
8
GreatSchools Rating
 

$538,316$657,942$598,129

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,207
Property Tax -$1,151
Property Insurance -$221
HOA -$95
Property Management Fees -$99
CASH FLOW
-$1,013

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$598,129

PROJECTED PRICE

$2,760

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 5.29%
Maintenance Year (1-5) 3.00%
Vacancy 7.37%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,504

INVESTMENT

$160,504

Down Payment
$149,532
Rehab Estimate
$2,000
Closing Costs
$8,972

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$2,207

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,532
Loan Amount $448,597
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$52

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,778

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,6503$2,7604$2,8505$2,995
$2,995
RENT COMPS ANALYSIS
  • 1038 Joanna Lane Allen, TX 3
    • 3 beds 4 baths ∙ 3,357 Sqft ∙ Built 2020 3 beds 4 baths ∙ 3,357 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $0.82
    •  
  • 1136 Philip Drive Allen, TX 1
    • 4 beds 4 baths ∙ 3,511 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,511 Sqft ∙ Built 2007
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.75
    •  
  • 1621 Roma Lane Allen, TX 2
    • 3 beds 3 baths ∙ 3,224 Sqft ∙ Built 2005 3 beds 3 baths ∙ 3,224 Sqft ∙ Built 2005
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.82
    •  
  • 506 Mefford Lane Allen, TX 4
    • 4 beds 4 baths ∙ 3,175 Sqft ∙ Built 2007 4 beds 4 baths ∙ 3,175 Sqft ∙ Built 2007
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.90
    •  
  • 1230 Brenham Drive Allen, TX 5
    • 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,556 Sqft ∙ Built 2000
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417767
Last Updated: 08/21/2020
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