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3119 Berkshire Lane Corinth, TX 76210

4 Beds 3 Baths 2,357 sqft Built 1997

$240,000

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $101.82
  • 3 Days on Market
  • MLS # : 14481653
  • Updated Date : 12/04/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,357 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ideal Real Estate Group

Listing Agent's Description

Amazing Location close to an amazing park on a corner lot. This home needs alot of cosmetic work but is priced $60k under market. Put in some work on this property and make it your own. Paint and flooring is needed. Structurally it looks good, roof replaced 2017. Great floor plan with formal dining and living at the entry, open island kitchen to large den and breakfast area. Large bedroom on split stair case separate from other bedrooms with HUGE walk in closet. Master is huge with great bath with separate shower and tub with large walk in closet.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Meadow Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Meadow Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8742171

* 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
Corinth Elementary School Primary Regular 554 40 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Corinth Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$886
Property Tax -$485
Property Insurance -$163
HOA -$17
Property Management Fees -$99
CASH FLOW
$340

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.

$240,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.83%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.9%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

11.42

YEARS SAVED

$47,936

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,033

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,825
1$1,8252$1,9903$1,9954$2,0955$2,100
$2,100
RENT COMPS ANALYSIS
  • 3119 Berkshire Lane Corinth, TX 2
    • 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.84
    •  
  • 2514 Graystone Lane Corinth, TX 1
    • 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2001
    LEASED 06/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.82
    •  
  • 2414 Lula Court Corinth, TX 3
    • 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 1997
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.85
    •  
  • 2713 Tori Oak Trail Corinth, TX 4
    • 4 beds 2 baths ∙ 2,263 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,263 Sqft ∙ Built 2002
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.93
    •  
  • 3112 Mason Avenue Corinth, TX 5
    • 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
PROPERTY LISTING DETAILS
Sandra Luedke
Ideal Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481653
Last Updated: 12/04/2020
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