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244 Briar Oak Drive Murphy, TX 75094

4 Beds 3 Baths 2,679 sqft Built 1998

$365,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $136.24
  • 2 Days on Market
  • MLS # : 14472540
  • Updated Date : 11/21/2020 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,679 sqft
  • Baths : 3 full
Listing Agent

Paragon Realtors

Listing Agent's Description

Beautifully updated home in the fantastic Timbers subdivision in Murphy! This home offers 4 bedrooms, 3 full bathrooms, a great flex space upstairs and lots of options for entertaining spaces down! This home had a major renovation in late 2016 and into 2017 including foundation, roof, all the interior, and even granite in kitchen, wood like ceramic tile downstairs, paint, etc. Home sits on a large corner lot with a very nice back yard space as well. The owners suite upstairs boasts a large bedroom and bathroom along with a huge walk in closet! There is even one bedroom and one full bathroom downstairs. Don't miss out on all this home has to offer! P.S. Did you see the large corner lot!?

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: The Timbers

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k394k

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

Neighborhood: The Timbers

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262392

* 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
Miller Elementary School Primary Regular 427 31 8
Murphy Middle School Middle Regular 1,217 65 10
Mcmillen High School High Regular 1,088 70 8

Miller Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 31
8
GreatSchools Rating

Murphy Middle School

  • Education Level: Middle
  • # of students: 1,217
  • # of teachers: 65
10
GreatSchools Rating

Mcmillen High School

  • Education Level: High
  • # of students: 1,088
  • # of teachers: 70
8
GreatSchools Rating
 

$328,500$401,500$365,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,347
Property Tax -$635
Property Insurance -$182
HOA -$46
Property Management Fees -$99
CASH FLOW
-$59

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.

$365,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,347

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$15,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,224

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2503$2,2904$2,2955$2,299
$2,299
RENT COMPS ANALYSIS
  • 244 Briar Oak Drive Murphy, TX 2
    • 4 beds 3 baths ∙ 2,679 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,679 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.84
    •  
  • 5716 Gerber Terrace Plano, TX 1
    • 4 beds 2 baths ∙ 2,648 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,648 Sqft ∙ Built 2002
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.79
    •  
  • 317 Sycamore Drive Murphy, TX 3
    • 4 beds 3 baths ∙ 2,859 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,859 Sqft ∙ Built 1994
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.80
    •  
  • 5820 New Castle Drive Richardson, TX 4
    • 3 beds 3 baths ∙ 2,587 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,587 Sqft ∙ Built 2009
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.89
    •  
  • 612 Tall Tree Drive Murphy, TX 5
    • 4 beds 3 baths ∙ 2,745 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,745 Sqft ∙ Built 2003
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,299
    • $0.84
    •  
PROPERTY LISTING DETAILS
Scott Noblett
Paragon Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14472540
Last Updated: 11/21/2020
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