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2909 Berry Patch Lane Joshua, TX 76058

3 Beds 2 Baths 1,568 sqft Built 2006

INVESTimate

$149,900

List Price

$1,390

$1,251 - $1,529

Rent Est.

$161,202  ( +7.54%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $95.60
  • 2 Days on Market
  • MLS # : 14413494
  • Updated Date : 08/25/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,568 sqft
  • Baths : 2 full
Listing Agent

Citiwide Alliance Realty

Listing Agent's Description

Beautiful home with updated new laminate flooring and new carpet in bedrooms, fresh interior paint, vinyl flooring in all wet areas, brand new HVAC system, and has a very nice storage shed on the property. Complete with white kitchen appliances and the home has a beautiful fireplace. This home has been recently leveled with an engineering report and a new aerobic septic system too. Get your offers in quickly!

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: Strawberry Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Strawberry Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9121734

* 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
Godley Elementary School Primary Regular 627 42 3
Godley Middle School Middle Regular 282 22 5
Godley High School High Regular 526 42 4

Godley Elementary School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 42
3
GreatSchools Rating

Godley Middle School

  • Education Level: Middle
  • # of students: 282
  • # of teachers: 22
5
GreatSchools Rating

Godley High School

  • Education Level: High
  • # of students: 526
  • # of teachers: 42
4
GreatSchools Rating
 

$134,910$164,890$149,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$553
Property Tax -$359
Property Insurance -$118
Property Management Fees -$99
CASH FLOW
$261

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.

$149,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.93%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.54%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,474

INVESTMENT

$45,474

Down Payment
$37,475
Rehab Estimate
$5,750
Closing Costs
$2,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$553

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,475
Loan Amount $112,425
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$32,982

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,889

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,7003$1,700
$1,700
RENT COMPS ANALYSIS
  • 2909 Berry Patch Lane Joshua, TX 1
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.89
    •  
  • 6021 Berry Ridge Lane Joshua, TX 2
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 2019
    LEASED 11/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.13
    •  
  • 7045 County Road 1017 Joshua, TX 3
    • 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 1998
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.28
    •  
PROPERTY LISTING DETAILS
Jamie Wooley
Citiwide Alliance Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14413494
Last Updated: 08/25/2020
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