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509 Forrest Lane Joshua, TX 76058

3 Beds 2 Baths 2,444 sqft Built 1983

$275,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $112.52
  • 1 Days on Market
  • MLS # : 14532454
  • Updated Date : 03/13/2021 at 18:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,444 sqft
  • Baths : 2 full
Listing Agent

Jpar Arlington

Listing Agent's Description

Large open floor plan! Huge den with electric fireplace. Perfect for a movie room, play room, man cave, craft room or many other options. Large kitchen and dining room with a bonus sun room. Master has new updated bathroom and all closets have built in shelves. New updated secondary bathroom, new flooring, new tile, new paint and more. This home sits on 2 acres with beautiful pine trees, live oaks and red oaks. If peace and quiet is what your looking for, this is it!!! Still close enough to shopping, stores & restaurants. Some work still being completed in pictures has been finished. Nothing rehung on walls due to fresh paint. Glass shower door installed in master after pictures. Even more beautiful in person!

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

Zip Code: 76058

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 76058

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
North Joshua Elementary School Primary Regular 581 38 9
North Joshua Elementary School Middle Regular 581 38 9
Joshua Ninth Grade Campus High Regular 391 29 7

North Joshua Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 38
9
GreatSchools Rating

North Joshua Elementary School

  • Education Level: Middle
  • # of students: 581
  • # of teachers: 38
9
GreatSchools Rating

Joshua Ninth Grade Campus

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

$247,500$302,500$275,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$955
Property Tax -$659
Property Insurance -$168
Property Management Fees -$99
CASH FLOW
-$2

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.

$275,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.5%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,181

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,925

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,845
1$1,8452$1,8453$1,8804$1,8955$1,950
$1,950
RENT COMPS ANALYSIS
  • 509 Forrest Lane Joshua, TX 3
    • 3 beds 2 baths ∙ 2,444 Sqft ∙ Built 1983 3 beds 2 baths ∙ 2,444 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.77
    •  
  • 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
    •  
  • 8129 County Road 804 Burleson, TX 2
    • 4 beds 3 baths ∙ 2,113 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,113 Sqft ∙ Built 1991
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.87
    •  
  • 2536 Briarcrest Drive Burleson, TX 4
    • 3 beds 2 baths ∙ 2,477 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,477 Sqft ∙ Built 2000
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.77
    •  
  • 112 Thousand Oaks Lane Joshua, TX 5
    • 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
    •  
PROPERTY LISTING DETAILS
Kelly Snodgrass
Jpar Arlington
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14532454
Last Updated: 03/13/2021
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