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312 Hermitage Street Alvarado, TX 76009

3 Beds 2 Baths 1,440 sqft Built 2008

$189,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $131.25
  • 2 Days on Market
  • MLS # : 14527760
  • Updated Date : 03/06/2021 at 08:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 2 full
Listing Agent

Joy Michelle Realty And Associates, Llc

Listing Agent's Description

Over .7 acres-Secluded and private-surrounded by green space; Granite counters in kitchen with black stainless appliance, new counters, sinks, tubs, showers, toilets in bathrooms;2 large walk-in closets in owner suite; walk-in shower owner bathroom, new water proof vinyl flooring throughout-large walk in closets in bedrooms; Custom built covered front deck, foam insulated shop with electric, with attached outdoor living space-New cooper look gutters on house and shop- To many upgrades to list-Community salt water pool-boat dock, boat launch-park-playground- Survey available-Home has never been moved and was retro-fitted in 2020-Custom built dining room table stays with home-chairs not custom, but stay with home

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: Blue Water Oaks

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $68k243k

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

Neighborhood: Blue Water Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7701734

* 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
Alvarado High School High Regular 1,033 64 5

Alvarado High School

  • Education Level: High
  • # of students: 1,033
  • # of teachers: 64
5
GreatSchools Rating
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$656
Property Tax -$434
Property Insurance -$110
HOA -$50
Property Management Fees -$99
CASH FLOW
-$89

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.

$189,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$3.0k-$2.0k-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$656

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$2,247

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,195

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,395
$1,395
RENT COMPS ANALYSIS
  • 312 Hermitage Street Alvarado, TX 1
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.88
    •  
  • 286 Chambers Drive Alvarado, TX 2
    • 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,681 Sqft ∙ Built 1993
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.83
    •  
PROPERTY LISTING DETAILS
Joy Martin
Joy Michelle Realty And Associates, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14527760
Last Updated: 03/06/2021
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