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501 Roaring Springs Drive Joshua, TX 76058

4 Beds 3 Baths 2,538 sqft Built 1997

$312,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $122.93
  • 4 Days on Market
  • MLS # : 14520475
  • Updated Date : 02/26/2021 at 15:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,538 sqft
  • Baths : 3 full
Listing Agent

Keller Williams-johnson County

Listing Agent's Description

Beautiful Mountain Valley home on almost an acre lot! Hard to find large 4 bedroom home with 3 car side entry garage! Large living area with built ins and wood burning fireplace! Formal dining connected to cute kitchen! Kitchen features breakfast bar, trash compactor, eat in area and bay windows. Master features a built in desk area nook ideal for a home office. Master bath features a soaking tub, dual closets, dual sinks & separate shower. Oversized secondary bedrooms are perfect for guests! Large utility room with extra closet and cabinets. Back patio out back with a yard perfect for entertaining!

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: Mountain Valley Lake

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $98k256k

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

Neighborhood: Mountain Valley Lake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9861900

* 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
Joshua Ninth Grade Campus High Regular 391 29 7
Joshua High School High Regular 995 75 5

Joshua Ninth Grade Campus

  • Education Level: High
  • # of students: 391
  • # of teachers: 29
7
GreatSchools Rating

Joshua High School

  • Education Level: High
  • # of students: 995
  • # of teachers: 75
5
GreatSchools Rating
 

$280,800$343,200$312,000

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,084
Property Tax -$748
Property Insurance -$174
Property Management Fees -$99
CASH FLOW
-$4

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$312,000

PROJECTED PRICE

$2,100

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

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$88,430

INVESTMENT

$88,430

Down Payment
$78,000
Rehab Estimate
$5,750
Closing Costs
$4,680

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,000
Loan Amount $234,000
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,148

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,068

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,845
1$1,8452$1,9503$2,0004$2,0155$2,100
$2,100
RENT COMPS ANALYSIS
  • 501 Roaring Springs Drive Joshua, TX 5
    • 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 3012 Shoreline Drive Burleson, TX 1
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2002
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.75
    •  
  • 112 Thousand Oaks Lane Joshua, TX 2
    • 4 beds 2 baths ∙ 2,581 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,581 Sqft ∙ Built 1985
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.76
    •  
  • 2984 Lakeview Circle Burleson, TX 3
    • 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2003
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
  • 2800 Lakeside Drive Burleson, TX 4
    • 4 beds 2 baths ∙ 2,228 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,228 Sqft ∙ Built 1998
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,015
    • $0.90
    •  
PROPERTY LISTING DETAILS
Karan Wethington
Keller Williams-johnson County
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520475
Last Updated: 02/26/2021
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