HomeMy WebLinkAbout195-2024-0904 6131 Hartlee Field Rd Denton - DCAD 285204Integra Realty Resources
Fort Worth
Appraisal of Real Property
A Single Family Residence with Workshop on Acreage
6131 Hartlee Field Road
Denton, Denton County, Texas 76208
Client Reference: DCAD# 285204
Prepared For:
City of Denton
Date of the Report:
October 16, 2024
Report Format:
Appraisal Report
IRR - Fort Worth
File Number: 195-2024-0904
Subject Photographs
A Single Family Residence with Workshop on Acreage
6131 Hartlee Field Road
Denton, Texas
Aerial Photograph
The subject is outlined in red.
Integra Realty Resources 7080 Camp Bowie Boulevard T 817.763.8000
Fort Worth Fort Worth, Texas 76116 www.irr.com
October 16, 2024
Mr. Mark Mastroleo
Real Estate Specialist
City of Denton.
401 North Elm Street
Denton, Texas 76201
SUBJECT: Market Value Appraisal
A Single Family Residence with Workshop on Acreage
6131 Hartlee Field Road
Denton, Denton County, Texas 76208
Client Reference: DCAD# 285204
IRR - Fort Worth File No. 195-2024-0904
Dear Mr. Mastroleo:
Integra Realty Resources – Fort Worth is pleased to submit the accompanying appraisal of
the referenced property. The purpose of the appraisal is to develop the following opinions
of value:
The market value as is of the fee simple interest in the subject property as of the
effective date of the appraisal, October 3, 2024
The client for the assignment is City of Denton. The intended user of this report is the client.
The intended use of the report is for property acquisition purposes. No other party or
parties may use or rely on the information, opinions, and conclusions contained in this
report.
The subject is an existing single family residential dwelling containing 4,200 square feet and
a 2,400 square foot workshop/garage/apartment building. The single family residence has a
total of 5 bedrooms and 3 bathrooms, and the workshop has an unfinished one bedroom,
one bathroom apartment, workshop space as well as space to store four or more cars. The
property has a new well as of 2021. The improvements were constructed in 2005 and are
100% owner occupied as of the effective appraisal date. The site area is 6.00 acres or
261,360 square feet. The property is in the process of a remodel and is approximately 60%
complete. In the single family residence, the kitchen, dining room, entry way, living room,
Mr. Mark Mastroleo
City of Denton.
October 16, 2024
Page 2
one bedroom and one bathroom are unfinished. We account for the cost to complete the
remodel in our sales comparison approach.
The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP),
the Code of Professional Ethics and Standards of Professional Practice of the Appraisal
Institute, and applicable state appraisal regulations.
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform
Standards of Professional Appraisal Practice (USPAP) requires each written real property
appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal
Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards
Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that
were used to develop the opinion of value.
Based on the valuation analysis in the accompanying report, and subject to the definitions,
assumptions, and limiting conditions expressed in the report, the concluded opinions of
value are as follows:
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value As Is Fee Simple October 3, 2024 $1,190,000
Extraordinary Assumptions and Hypothetical Conditions
1.None.
1.None.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to be false, could alter the appraiser’s opinions or conclusions.
Mr. Mark Mastroleo
City of Denton.
October 16, 2024
Page 3
If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service.
Respectfully submitted,
Integra Realty Resources - Fort Worth
Brent Pitts, MAI, AI-GRS, R/W-AC
Texas Certified General Real Estate Appraiser
#1380206 G
Telephone: 817.763.8000
Email: bpitts@irr.com
Janet Kiker
Texas Certified General Real Estate
Appraiser #1381424 G
Telephone: 817.763.8000
Email: janet.kiker@irr.com
Table of Contents
A Single Family Residence with Workshop on Acreage
Quality Assurance 2
Executive Summary 3
Identification of the Appraisal Problem 4
Subject Description 4
Sale History 4
Pending Transactions 4
Appraisal Purpose 4
Value Type Definitions 5
Appraisal Premise Definitions 5
Property Rights Definitions 5
Client and Intended User(s) 5
Intended Use 6
Applicable Requirements 6
Report Format 6
Prior Services 6
Appraiser Competency 6
Scope of Work 7
Economic Analysis 9
Denton County Area Analysis 9
Surrounding Area Analysis 18
Property Analysis 22
Land Description and Analysis 22
Improvements Description and Analysis 28
Real Estate Taxes 37
Highest and Best Use 38
Valuation 40
Valuation Methodology 40
Sales Comparison Approach 41
Analysis and Adjustment of Sales 45
Value Indication 48
Final Opinion of Value 49
Exposure Time 49
Marketing Period 49
Certification 50
Assumptions and Limiting Conditions 52
Addenda
A. Appraiser Qualifications
B. IRR Quality Assurance Survey
C. Financials and Property Information
D. Comparable Data
Improved Sales
Subject Description 2
A Single Family Residence with Workshop on Acreage
Quality Assurance
IRR Quality Assurance Program
At IRR, delivering a quality report is a top priority. Integra has an internal Quality Assurance Program
in which managers review material and pass an exam in order to attain IRR Certified Reviewer status.
By policy, every Integra valuation assignment is assessed by an IRR Certified Reviewer who holds the
MAI designation, or is, at a minimum, a named Director with at least ten years of valuation
experience.
This quality assurance assessment consists of reading the report and providing feedback on its quality
and consistency. All feedback from the IRR Certified Reviewer is then addressed internally prior to
delivery. The intent of this internal assessment process is to maintain report quality.
Designated IRR Certified Reviewer
An internal quality assurance assessment was conducted by an IRR Certified Reviewer prior to delivery
of this appraisal report. This assessment should not be construed as an appraisal review as defined by
USPAP.
Subject Description 3
A Single Family Residence with Workshop on Acreage
Executive Summary
Property Name
Address
Property Type
Owner of Record
Tax ID
Legal Description
Land Area 6.00 acres; 261,360 SF
Gross Building Area 6,600 SF
Rentable Floor Area 4,200 SF
Year Built; Year Renovated 2005; 2024
Zoning Designation
Highest and Best Use - As if Vacant
Highest and Best Use - As Improved
Exposure Time; Marketing Period 6-18 months; 6-18 months
Effective Date of the Appraisal October 3, 2024
Date of the Report October 16, 2024
Property Interest Appraised
Market Value Indications
Cost Approach Not Used
Sales Comparison Approach $1,190,000 ($283.33/SF)
Income Capitalization Approach Not Used
Market Value Conclusion $1,190,000 ($283.33/SF)
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this
summary is a part. No party other than City of Denton may use or rely on the information, opinions, and conclusions contained in the report. It is
assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained
therein.
No Zoning, Not Applicable
Residential use
Fee Simple
Continued residential use
Moisony Jordan Flores
285204
6.0 Acres out of J. Douthitt Survey, Abstract A0329A, Denton
County, Texas
A Single Family Residence with Workshop on Acreage
6131 Hartlee Field Road
Denton, Denton County, Texas 76208
Single-Family
Extraordinary Assumptions and Hypothetical Conditions
1.None.
1.None.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to be false, could alter the appraiser’s opinions or conclusions.
Subject Description 4
A Single Family Residence with Workshop on Acreage
Identification of the Appraisal Problem
Subject Description
The subject is an existing single family residential dwelling containing 4,200 square feet and a 2,400
square foot workshop/garage/apartment building. The single family residence has a total of 5
bedrooms and 3 bathrooms, and the workshop has an unfinished one bedroom, one bathroom
apartment, workshop space as well as space to store four or more cars. The property has a new well
as of 2021. The improvements were constructed in 2005 and are 100% owner occupied as of the
effective appraisal date. The site area is 6.00 acres or 261,360 square feet. A legal description of the
property is provided below.
Property Identification
Property Name A Single Family Residence with Workshop on Acreage
Address 6131 Hartlee Field Road
Denton, Texas 76208
Tax ID 285204
Owner of Record Moisony Jordan Flores
Legal Description 6.0 Acres out of J. Douthitt Survey, Abstract A0329A, Denton County, Texas
Sale History
No known sales or transfers of ownership have taken place within a three-year period prior to the
effective appraisal date.
Pending Transactions
Based on discussions with the appropriate contacts, the property is not subject to an agreement of
sale or an option to buy, as of the effective appraisal date.
It should be noted that the property was listed for sale $1,450,000 from June 3, 2024, through
September 30, 2024, but the listing expired on October 1, 2024. During this listing period, the property
was under contract for $1,600,000 but the contract did not close. A new listing is active as of October
7, 2024, for $1,500,000 and is active as of the date of this report.
Appraisal Purpose
The purpose of the appraisal is to develop the following opinion(s) of value:
The market value as is of the fee simple interest in the subject property as of the effective
date of the appraisal, October 3, 2024
The date of the report is October 16, 2024. The appraisal is valid only as of the stated effective date or
dates.
Value Type Definitions 5
A Single Family Residence with Workshop on Acreage
Value Type Definitions
The definitions of the value types applicable to this assignment are summarized below.
Market Value
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own
best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale. 1
Appraisal Premise Definitions
The definitions of the appraisal premises applicable to this assignment are specified as follows.
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as
of the appraisal date.2
Property Rights Definitions
The property rights appraised which are applicable to this assignment are defined as follows.
Fee Simple Estate
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power, and escheat.3
Client and Intended User(s)
The client and intended user is City of Denton. No other party or parties may use or rely on the
information, opinions, and conclusions contained in this report.
1 Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation
Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472
2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
Intended Use 6
A Single Family Residence with Workshop on Acreage
Intended Use
The intended use of the appraisal is for property acquisition purposes. The appraisal is not intended
for any other use.
Applicable Requirements
This appraisal report conforms to the following requirements and regulations:
Uniform Standards of Professional Appraisal Practice (USPAP);
Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute;
Applicable state appraisal regulations.
Report Format
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards
of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be
prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an
Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical
explanation of the data, reasoning, and analysis used to develop the opinion of value.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in
connection with the subject property in the prior three years, including valuation, consulting, property
management, brokerage, or any other services. We have performed no services, as an appraiser or in
any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding the agreement to perform this assignment.
Appraiser Competency
No steps were necessary to meet the competency provisions established under USPAP. The
assignment participants have appraised several properties similar to the subject in physical, locational,
and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser
competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials
are included in the addenda of this report.
Appraiser Competency 7
A Single Family Residence with Workshop on Acreage
Scope of Work
Introduction
The appraisal development and reporting processes require gathering and analyzing information
about the assignment elements necessary to properly identify the appraisal problem. The scope of
work decision includes the research and analyses necessary to develop credible assignment results,
given the intended use of the appraisal. Sufficient information includes disclosure of research and
analyses performed and might also include disclosure of research and analyses not performed.
To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the
needs of the user, the complexity of the property, and other pertinent factors were considered. The
concluded scope of work is described below.
Research and Analysis
The type and extent of the research and analysis conducted are detailed in individual sections of the
report. The steps taken to verify comparable data are disclosed in the addenda of this report.
Although effort has been made to confirm the arms-length nature of each sale with a party to the
transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable.
Subject Property Data Sources
The legal and physical features of the subject property, including size of the site and improvements,
flood plain data, seismic zone designation, property zoning, existing easements and encumbrances,
access and exposure, and condition of the improvements (as applicable) were confirmed and
analyzed.
The financial data of the subject, including tax and assessment records, was analyzed. This
information, as well as trends established by confirmed market indicators, is used to forecast future
performance of the subject property.
Contacts
In addition to public records and other sources cited in this appraisal, information pertaining to the
subject was obtained from the following party: Amelia Hann, Realtor.
Inspection
Details regarding the property inspection conducted as part of this appraisal assignment are
summarized as follows:
Property Inspection
Party Inspection Type Inspection Date
Brent Pitts, MAI, AI-GRS, R/W-AC None N/A
Janet Kiker Interior and exterior October 3, 2024
Appraiser Competency 8
A Single Family Residence with Workshop on Acreage
Valuation Methodology
Three approaches to value are typically considered when developing a market value opinion for real
property. These are the cost approach, the sales comparison approach, and the income capitalization
approach. Use of the approaches in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
The sales comparison approach is the most reliable valuation method for the subject due to the
following:
There is an active market for similar properties, and sufficient sales data is available for
analysis.
This approach directly considers the prices of alternative properties having similar utility.
This approach is typically most relevant for owner-user properties.
The cost approach is not applicable to the assignment because:
The age of the property would limit the reliability of an accrued depreciation estimate.
There are limited land transactions in the market area of the subject, making estimates of
underlying land value subjective.
This approach is not typically used by market participants, except for new (or proposed) or
nearly new properties.
The income capitalization approach is not applicable to the assignment considering the following:
There is not an active rental market for similar properties that would permit us to develop a
reliable estimate of the property's income generating potential.
This approach does not reflect the primary analysis undertaken by a typical purchaser.
Similar properties are typically owner-occupied, decreasing the reliability of this approach.
Denton County Area Analysis 9
A Single Family Residence with Workshop on Acreage
Economic Analysis
Denton County Area Analysis
Denton County is 878 square miles in size and has a population density of 1,160 persons per square
mile.
Population
Denton County has an estimated 2024 population of 1,019,105, which represents an average annual
3.0% increase over the 2020 census of 906,422. Denton County added an average of 28,171 residents
per year over the 2020-2024 period, and its annual growth rate exceeded the Dallas MSA rate of 1.6%.
Looking forward, Denton County's population is projected to increase at a 2.0% annual rate from
2024-2029, equivalent to the addition of an average of 21,182 residents per year. Denton County's
growth rate is expected to exceed that of the Dallas MSA, which is projected to be 1.0%.
Employment
Total employment in Denton County was estimated at 315,937 jobs at year-end 2023. Between year-
end 2013 and 2023, employment rose by 116,754 jobs, equivalent to a 58.6% increase over the entire
period. There were gains in employment in ten out of the past ten years. Denton County's rate of
employment growth over the last decade surpassed that of the Dallas MSA, which experienced an
increase in employment of 29.4% or 920,781 jobs over this period.
A comparison of unemployment rates is another way of gauging an area’s economic health. Over the
past decade, the Denton County unemployment rate has been consistently lower than that of the
Dallas MSA, with an average unemployment rate of 4.0% in comparison to a 4.5% rate for the Dallas
MSA. A lower unemployment rate is a positive indicator.
Recent data shows that the Denton County unemployment rate is 3.2% in comparison to a 3.4% rate
for the Dallas MSA, a positive sign that is consistent with the fact that Denton County has
outperformed the Dallas MSA in the rate of job growth over the past two years.
Denton County Area Analysis 10
A Single Family Residence with Workshop on Acreage
Employment Sectors
The composition of the Denton County job market is depicted in the chart below. A complete data set
is not available for the Dallas MSA, so Denton County will be compared to the United States. Total
employment for the two areas is broken down by major employment sector, and the sectors are
ranked from largest to smallest based on the percentage of Denton County jobs in each category.
Denton County Area Analysis 11
A Single Family Residence with Workshop on Acreage
Denton County has greater concentrations than the United States in the following employment
sectors:
1. Trade; Transportation; and Utilities, representing 24.0% of Denton County payroll employment
compared to 19.0% for the nation overall. This sector includes jobs in retail trade, wholesale
trade, trucking, warehousing, and electric, gas, and water utilities.
2. Government, representing 14.9% of Denton County payroll employment compared to 14.5% for
the nation overall. This sector includes employment in local, state, and federal government
agencies.
3. Leisure and Hospitality, representing 12.5% of Denton County payroll employment compared
to 10.5% for the nation overall. This sector includes employment in hotels, restaurants,
recreation facilities, and arts and cultural institutions.
4. Financial Activities, representing 6.5% of Denton County payroll employment compared to 5.6%
for the nation overall. Banking, insurance, and investment firms are included in this sector, as
are real estate owners, managers, and brokers.
Employment Sectors - 2023
24.0%
14.9%
13.6%
12.6%
12.5%
6.5%
6.2%
5.8%
2.5%
1.0%
0.2%
19.0%
14.5%
14.5%
16.1%
10.5%
5.6%
8.3%
5.1%
3.0%
1.9%
1.1%
0% 5% 10% 15% 20% 25% 30%
Trade; Transportation; and Utilities
Government
Professional and Business Services
Education and Health Services
Leisure and Hospitality
Financial Activities
Manufacturing
Construction
Other Services
Information
Natural Resources & Mining
Denton County United States
Source: U.S. Bureau of Labor Statistics and Moody's Analytics
Denton County Area Analysis 12
A Single Family Residence with Workshop on Acreage
Denton County is underrepresented in the following sectors:
1. Professional and Business Services, representing 13.6% of Denton County payroll employment
compared to 14.5% for the nation overall. This sector includes legal, accounting, and
engineering firms, as well as management of holding companies.
2. Education and Health Services, representing 12.6% of Denton County payroll employment
compared to 16.1% for the nation overall. This sector includes employment in public and private
schools, colleges, hospitals, and social service agencies.
3. Manufacturing, representing 6.2% of Denton County payroll employment compared to 8.3% for
the nation overall. This sector includes all establishments engaged in the manufacturing of
durable and nondurable goods.
4. Other Services, representing 2.5% of Denton County payroll employment compared to 3.0% for
the nation overall. This sector includes establishments that do not fall within other defined
categories, such as private households, churches, and laundry and dry cleaning establishments.
Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and
services produced in a defined geographic area, and annual changes in Gross Domestic Product (GDP)
are a gauge of economic growth.
Economic growth, as measured by annual changes in GDP, has been considerably higher in Denton
County than the Dallas MSA overall during the past five years. Denton County has grown at a 7.1%
average annual rate while the Dallas MSA has grown at a 4.1% rate. Denton County continues to
perform better than the Dallas MSA. GDP for Denton County rose by 6.4% in 2022 while the Dallas
MSA's GDP rose by 5.7%.
Denton County has a per capita GDP of $46,935, which is 37% less than the Dallas MSA's GDP of
$74,582. This means that Denton County industries and employers are adding relatively less value to
the economy than their counterparts in the Dallas MSA.
Denton County Area Analysis 13
A Single Family Residence with Workshop on Acreage
Denton County Area Analysis 14
A Single Family Residence with Workshop on Acreage
Denton County Area Analysis 15
A Single Family Residence with Workshop on Acreage
Household Income
Denton County is more affluent than the Dallas MSA. Median household income for Denton County is
$102,026, which is 23.8% greater than the corresponding figure for the Dallas MSA.
The following chart shows the distribution of households across twelve income levels. Denton County
has a greater concentration of households in the higher income levels than the Dallas MSA.
Specifically, 30% of Denton County households are at the $150,000 or greater levels in household
income as compared to 23% of Dallas MSA households. A lesser concentration of households is
apparent in the lower income levels, as 22% of Denton County households are below the $50,000 level
in household income versus 30% of Dallas MSA households.
Denton County Area Analysis 16
A Single Family Residence with Workshop on Acreage
Education and Age
Residents of Denton County have a higher level of educational attainment than those of the Dallas
MSA. An estimated 48% of Denton County residents are college graduates with four-year degrees,
versus 38% of Dallas MSA residents. People in Denton County are similar in age to their Dallas MSA
counterparts. The median age of both Denton County and the Dallas MSA is 37 years.
Household Income Distribution - 2024
6.9%
5.5%
6.4%
10.8%
16.3%
13.0%
10.3%
7.9%
9.5%
4.7%
5.6%
3.2%
5.3%
3.6%
4.4%
8.6%
14.2%
12.9%
11.4%
9.1%
12.1%
6.1%
7.7%
4.6%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%
Less than $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - 499,999
$500,000 and more
Denton County, TX Dallas-Fort Worth-Arlington, TX Metro
Source: Claritas
Denton County Area Analysis 17
A Single Family Residence with Workshop on Acreage
Area Map
Surrounding Area Analysis 18
A Single Family Residence with Workshop on Acreage
Surrounding Area Analysis
Location
The subject is located in the central portion of Denton County, northeast of the City of Denton.
Boundaries & Delineation
Boundaries
Market Area Dallas-Fort Worth
Submarket Denton
Area Type Suburban
Delineation
North Sanger
South Argyle
East Prosper
West Krum
Access and Linkages
Primary highway access to the area is via Interstate 35, State Highway 288 and State Highway 380.
Overall, access to the subject is considered average.
Access & Linkages
Vehicular Access
Major Highways Interstate 35, Highway 288, Highway 380
Primary Corridors East Sherman Dr, Hartlee Field Road
Vehicular Access Rating Average
Airport(s)
Name Dallas-Fort Worth International Airport
Distance 30 miles
Driving Time 45 minutes
Primary Transportation Mode Automobile
Surrounding Area Analysis 19
A Single Family Residence with Workshop on Acreage
Population and Income
A demographic profile of the surrounding area, including population, households, and income data, is
presented in the following table.
As shown above, the current population within a 10-minute drive time of the subject is 18,313, and
the average household size is 2.9. Population in the area has grown since the 2020 census, and this
trend is projected to continue over the next five years. Compared to Denton County overall, the
population within a 10-minute drive time is projected to grow at a faster rate.
Median household income is $98,325, which is lower than the household income for Denton County.
Residents within a 10-minute drive time have a considerably lower level of educational attainment
than those of Denton County, while median owner-occupied home values are considerably lower.
Life Cycle
Real estate is affected by cycles involving development trends within a market area as well as market
and economic forces. Trends in demand for development in a particular market are described by the
Market Area Life Cycle, while market and economic trends are described by the Real Estate Cycle.
Surrounding Area Analysis 20
A Single Family Residence with Workshop on Acreage
A Market Area Life Cycle typically evolves through four stages:4
Growth – a period during which the market area gains public favor and acceptance
Stability – a period of equilibrium without marked gains or losses
Decline – a period of diminishing demand
Revitalization – a period of renewal, redevelopment, modernization, and increasing demand
The subject’s market area is in the growth stage of the Market Area Life Cycle.
The Real Estate Cycle also impacts a neighborhood. The stages of the Real Estate Cycle include:
Expansion – Sustained growth in demand, increasing construction
Hypersupply – Positive but falling demand, increasing vacancy
Recession – Falling demand, increasing vacancy
Recovery – Increasing demand, decreasing vacancy
These stages are illustrated below, along with a summary of common characteristics of each stage of
the Real Estate Cycle. The subject is in the expansion stage of the Real Estate Cycle.
4 Appraisal Institute, The Appraisal of Real Estate, 15th ed. (Chicago: Appraisal Institute, 2020)
Surrounding Area Analysis 21
A Single Family Residence with Workshop on Acreage
Outlook and Conclusions
The area is in the growth stage of its life cycle. Recent development activity has been primarily single-
family residences. We anticipate that property values will increase in the near future.
Surrounding Area Map
Land Description and Analysis 22
A Single Family Residence with Workshop on Acreage
Property Analysis
Land Description and Analysis
Land Description
Land Area 6.00 acres; 261,360 SF
Source of Land Area Public Records
Primary Street Frontage Hartlee Field Road
Shape Rectangular
Corner No
Topography Generally level and at street grade
Drainage No problems reported or observed
Environmental Hazards None reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 48121C0245G
Date April 18, 2011
Zone X
Description Outside of 500-year floodplain
Insurance Required?No
Zoning; Other Regulations
Zoning Jurisdiction None
Zoning Designation No Zoning
Description Not Applicable
Legally Conforming?Appears to be legally conforming
Zoning Change Likely?No
Permitted Uses Various uses permitted
Other Land Use Regulations None reported or observed
Utilities
Service Provider
Water Well
Sewer Septic
Electricity Oncor
Natural Gas Atmos
Local Phone Various
Land Description and Analysis 23
A Single Family Residence with Workshop on Acreage
Easements, Encroachments and Restrictions
A current title report was not provided for review. There are no apparent easements, encroachments,
or restrictions that would adversely affect value. This valuation assumes no adverse impacts from
easements, encroachments, or restrictions, and further assumes that the subject has clear and
marketable title.
Conclusion of Site Analysis
Overall, the physical characteristics and the availability of utilities result in a functional site, suitable
for a variety of uses. No other restrictions on development are apparent.
Land Description and Analysis 24
A Single Family Residence with Workshop on Acreage
Aerial Photograph
The subject is outlined in red.
Land Description and Analysis 25
A Single Family Residence with Workshop on Acreage
Tax Map
The subject is outlined in blue.
Land Description and Analysis 26
A Single Family Residence with Workshop on Acreage
Flood Hazard Map
Land Description and Analysis 27
A Single Family Residence with Workshop on Acreage
Zoning Map
The subject site is marked with a star.
Improvements Description and Analysis 28
A Single Family Residence with Workshop on Acreage
Improvements Description and Analysis
Overview
The subject is an existing single family residential dwelling containing 4,200 square feet and a 2,400
square foot workshop/garage/apartment building. The single family residence has a total of 5
bedrooms and 3 bathrooms, and the workshop has an unfinished one bedroom, one bathroom
apartment, workshop space as well as space to store four or more cars. The property has a new well
as of 2021. The improvements were constructed in 2005 and are 100% owner occupied as of the
effective appraisal date. The site area is 6.00 acres or 261,360 square feet. The following description is
based on the inspection of the property and discussions with ownership.
Improvements Description
`Overall Property Single Family Residence Workshop
Name of Property A Single Family Residence with
Workshop on Acreage
General Property Type Residential 1-4 Family
Specific Use Single Family Residence
Competitive Property Class C C C
Occupancy Type Owner Occupied Owner Occupied Owner Occupied
Number of Buildings 2 1 1
Stories 2 1
Construction Class D D D
Construction Type Wood frame Wood frame Wood frame
Construction Quality Average Average Average
Condition Average Average Average
Gross Building Area (SF)6,600 4,200 2,400
Rentable Floor Area (SF)4,200 4,200 2,400
Land Area (SF)261,360 43,560 217,800
Floor Area Ratio (RFA/Land SF)0.02 0.10 0.01
Building Area Source Inspection Inspection Inspection
Year Built 2005 2005 2022
Year Renovated 2024 2024 2024
Actual Age (Yrs.)19 19 2
Estimated Effective Age (Yrs.)5 5 5
Estimated Economic Life (Yrs.)55 55 55
Remaining Economic Life (Yrs.)50 50 50
Number of Parking Spaces 4 0 4
Source of Parking Count Inspection Inspection Inspection
Parking Type Covered/Garage/Workshop None Covered/Garage/Workshop
Parking Spaces/Unit 4.0 0.0 4.0
Improvements Description and Analysis 29
A Single Family Residence with Workshop on Acreage
Construction Details
Single Family Residence Workshop
Foundation Concrete Concrete
Structural Frame Wood Frame Wood Frame
Exterior Walls Siding/Brick Metal
Roof Pitched/ Composite Shingles Metal
Heating Central None
Air Conditioning Central Window Unit
Improvements Analysis – As If Complete
The subject property is improved with one single family residential dwelling containing 4,200 square
feet and a 2,400 square foot workshop/garage/apartment building. The single family residence has a
total of 5 bedrooms and 3 bathrooms, and the workshop has a one bedroom, one bathroom
apartment, workshop space as well as space to store four or more cars.
Quality and Condition
The improvements are of average quality construction and are in average condition. The quality of the
subject is consistent with competing properties. Maintenance has been consistent with competing
properties. Overall, the market appeal of the subject is consistent with competing properties.
Functional Utility
The improvements appear to be adequately suited to their current use. Based on the property
inspection and consideration of the foregoing, there do not appear to be any significant items of
functional obsolescence.
Deferred Maintenance
No deferred maintenance is apparent from the property inspection, and none is identified based on
discussions with ownership.
Planned Capital Expenditures
The property is in the process of a remodel and is approximately 60% complete. In the single family
residence, the kitchen, dining room, entry way, living room, one bedroom and one bathroom are
unfinished. Expenditures for various capital items considered to be necessary are identified in the
following table. To estimate the amounts of these expenditures, reliance is placed on the owner’s
budget, which is reasonable based on Marshall Valuation Service. Projected capital expenditures are
as follows.
Improvements Description and Analysis 30
A Single Family Residence with Workshop on Acreage
Capital Expenditures
Item Year 1
Remodel Completion $100,000
Entreprenurial Profit (15%)$15,000
Total $115,000
Percent Applied 100%
Net Total $115,000
Source: Owner's Budget
ADA Compliance
Based on the property inspection and information provided, there are no apparent ADA issues.
However, ADA matters are beyond the scope of expertise of the assignment participants, and further
study by an appropriately qualified professional would be recommended to assess ADA compliance.
Hazardous Substances
An environmental assessment report was not provided for review, and environmental issues are
beyond the scope of expertise of the assignment participants. No hazardous substances were
observed during the inspection of the improvements; however, detection of such substances is
outside the scope of expertise of the assignment participants. Qualified professionals should be
consulted. Unless otherwise stated, it is assumed no hazardous conditions exist on or near the subject.
Personal Property
The appraisal assignment is specifically focused on the value of the real property only. Items of
personal property are excluded from consideration.
Conclusion of Improvements Analysis
In comparison to competitive properties in the market, the subject improvements are rated as follows:
Improvements Ratings
Design and Appearance Average
Age/Condition Average
Room Sizes and Layouts Average
Bathrooms Average
Kitchens Average
Landscaping Average
Garages Average
Overall, the quality, condition, and functional utility of the improvements are average for their age
and location.
Improvements Description and Analysis 31
A Single Family Residence with Workshop on Acreage
Improvements Analysis – As Is
The subject property is improved with one single family residential dwelling containing 4,200 square
feet and a 2,400 square foot workshop/garage/apartment building. The single family residence has a
total of 5 bedrooms and 3 bathrooms, and the workshop has an unfinished one bedroom, one
bathroom apartment, workshop space as well as space to store four or more cars. The property is in
the process of a remodel and is approximately 60% complete. In the single family residence, the
kitchen, dining room, entry way, living room, one bedroom and one bathroom are unfinished
Improvements Description and Analysis 32
A Single Family Residence with Workshop on Acreage
Exterior View of Subject Property Exterior View of Subject Property
Bedroom Bathroom
Bedroom Bedroom
Improvements Description and Analysis 33
A Single Family Residence with Workshop on Acreage
Bathroom Bathroom
Living Area Unfinished Patio
Unfinished Entry Way Unfinished Entry Way
Improvements Description and Analysis 34
A Single Family Residence with Workshop on Acreage
Unfinished Kitchen Unfinished Kitchen
Unfinished Kitchen Unfinished Bedroom
Unfinished Bathroom Well
Improvements Description and Analysis 35
A Single Family Residence with Workshop on Acreage
Workshop Workshop
Workshop Workshop/Garage Area
Workshop/Garage Area Workshop/Garage Area
Improvements Description and Analysis 36
A Single Family Residence with Workshop on Acreage
Workshop/Apartment Workshop/Apartment
Workshop/Apartment
Real Estate Taxes 37
A Single Family Residence with Workshop on Acreage
Real Estate Taxes
Real estate tax assessments are administered by the Denton County Appraisal District and are
estimated by jurisdiction on a county basis for the subject. Real estate taxes in this state and this
jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate
taxes for an individual property may be determined by dividing the assessed value for a property by
$100, then multiplying the estimate by the composite rate. The composite rate is based on a
consistent state tax rate throughout the state, in addition to one or more local taxing district rates.
Real estate taxes and assessments for the current tax year are shown in the following table.
Taxes and Assessments - 2024
Assessed Value Taxes and Assessments
Tax ID Land Improvements Total Tax Rate
Ad Valorem
Taxes Total
285204 $233,441 $236,812 $470,253 1.370769%$6,446 $6,446
Based on the concluded market value of the subject and consideration of the ratio of assessed value to
market value of other properties in this county, the assessed value appears reasonable.
Highest and Best Use 38
A Single Family Residence with Workshop on Acreage
Highest and Best Use
The highest and best use of a property is the reasonably probable use resulting in the highest value,
and represents the use of an asset that maximizes its productivity.
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject
site, both as though vacant, and as improved or proposed. By definition, the highest and best use
must be:
Physically possible.
Legally permissible under the zoning regulations and other restrictions that apply to the site.
Financially feasible.
Maximally productive, i.e., capable of producing the highest value from among the
permissible, possible, and financially feasible uses.
As Though Vacant
First, the property is evaluated as though vacant, with no improvements.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on
development. Overall, the physical characteristics of the site and the availability of utilities result in
functional utility suitable for a variety of uses.
Legally Permissible
The site is outside of the City of Denton and is not zoned; therefore, various uses are permitted. There
are no apparent legal restrictions, such as easements or deed restrictions, effectively limiting the use
of the property. Given prevailing land use patterns in the area, only residential use is given further
consideration in determining highest and best use of the site, as though vacant.
Financially Feasible
Based on the accompanying analysis of the market, there is currently adequate demand for residential
use in the subject’s area. It appears a newly developed residential use on the site would have a value
commensurate with its cost. Therefore, residential use is considered to be financially feasible.
Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher
residual land value than residential use. Accordingly, residential use, developed to the normal market
density level permitted by zoning, is the maximally productive use of the property.
Conclusion
Development of the site for residential use is the only use which meets the four tests of highest and
best use. Therefore, it is concluded to be the highest and best use of the property as though vacant.
Highest and Best Use 39
A Single Family Residence with Workshop on Acreage
As Improved
The subject site is developed with one 4,200 square foot single family residential dwelling, which is
consistent with the highest and best use of the site as though vacant. Based on the analysis in the
income capitalization approach, the project appears to be financially feasible, including a reasonable
line item for entrepreneurial profit. There does not appear to be any alternative use that could
reasonably be expected to provide a higher present value than the current use, and the value of the
existing improved property exceeds the value of the site, as though vacant. For these reasons,
continued residential use is concluded to be maximally productive and the highest and best use of the
property as improved.
Most Probable Buyer
Taking into account the size and characteristics of the property and its occupancy, the likely buyer is
an owner-user.
Valuation Methodology 40
A Single Family Residence with Workshop on Acreage
Valuation
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These
are the cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements being appraised are relatively new and represent the highest and best use of the
land or when the property has unique or specialized improvements for which there is little or no sales
data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a
property than the cost of acquiring another existing property with the same utility. This approach is
especially appropriate when an active market provides sufficient reliable data. The sales comparison
approach is less reliable in an inactive market or when estimating the value of properties for which no
directly comparable sales data is available. The sales comparison approach is often relied upon for
owner-user properties.
The income capitalization approach reflects the market’s perception of a relationship between a
property’s potential income and its market value. This approach converts the anticipated net income
from ownership of a property into a value indication through capitalization. The primary methods are
direct capitalization and discounted cash flow analysis, with one or both methods applied, as
appropriate. This approach is widely used in appraising income-producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the
quantity and quality of available data in each approach and the applicability of each approach to the
property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
Sales Comparison Approach 41
A Single Family Residence with Workshop on Acreage
Sales Comparison Approach
The sales comparison approach develops an indication of value by comparing the subject to sales of
similar properties. The steps taken to apply the sales comparison approach are:
Identify relevant property sales;
Research, assemble, and verify pertinent data for the most relevant sales;
Analyze the sales for material differences in comparison to the subject;
Reconcile the analysis of the sales into a value indication for the subject.
To apply the sales comparison approach, the research focused on transactions within the following
parameters:
Property Type: Single Family Residential Dwellings
Location: Denton County
Size: 2,500 to 5,500 square feet
Age/Quality: Various
Transaction Date: 2022 through the Effective Appraisal Date
For this analysis, price per square foot of rentable floor area is used as the appropriate unit of
comparison because market participants typically compare sale prices and property values on this
basis. The sales considered most relevant are summarized in the following table.
Sales Comparison Approach 42
A Single Family Residence with Workshop on Acreage
Summary of Comparable Improved Sales
No.Name/Address
Sale
Date;
Status
Yr. Blt.;
# Stories;
% Occ.
# Units;
Rentable SF;
Avg Unit SF Sale Price
1 SFR in Cross Roads Sep-24 2005 1 $1,250,000
300 Spring Mountain Rd. Closed 1 4,084
Cross Roads Owner 4,084
Denton County
TX
2 SFR in Denton Mar-24 1997 1 $800,000
6490 C Wolfe Rd. Closed 2 2,710
Denton Owner 2,710
Denton County
TX
3 SFR in Aubrey Jan-24 2006 1 $1,335,000
4031 Dugas Rd. Closed 1 4,539
Aubrey Owner 4,539
Denton County
TX
4 SFR in Aubrey Dec-23 2010 1 $1,325,000
6015 Northview Ct. Closed 2 4,303
Aubrey Owner 4,303
Denton County
TX
Subject 2005 1
A Single Family Residence 2 4,200
Denton, TX Owner 4,200
Comments: A 2,710 SF single family residence on 8.632 acers sold for $800,000, or $295/SF in
March 2024. Property is improved with a 5 bed/ 3 bath with a 2 space carport, a metal barn
with six horse stalls, a metal workshop and a tool shed. The property has a pond, perimeter
fencing and a gated entrance.
Comments: A 4,303 SF single family residence on 5.153 acers sold for $1,325,000, or $308/SF
in December 2023. Property is improved with a 4 bed/ 4 bath / 3 car garage residential
dwelling, a 36X36 wooden barn with a game room, two bedrooms and one bathroom.
Comments: 4,084 SF Single Family Residence on 4.582 acres sold in September 2024 for
$1,250,000, or $3.06/SF. Property is improved with a 5 bed/ 5 bath / 3 car garage residential
dwelling, a 20X36 workshop, a pond, perimeter fencing and gate.
Comments: A 4,539 SF single family residence on 4.0 acers sold for $1,335,000, or $294/SF in
January 2024. Property is improved with a 5 bed/ 5 bath with a 2 car garage and 2 space
carport, a 60x52 metal barn that houses a 30x40 insulated workshop, additional garage
space and 3 horse stalls. The property has perimeter pipe fencing and gated entrance.
Sales Comparison Approach 43
A Single Family Residence with Workshop on Acreage
Comparable Improved Sales Map
Sales Comparison Approach 44
A Single Family Residence with Workshop on Acreage
Sale 1
SFR in Cross Roads
Sale 2
SFR in Denton
Sale 3
SFR in Aubrey
Sale 4
SFR in Aubrey
Sales Comparison Approach 45
A Single Family Residence with Workshop on Acreage
Analysis and Adjustment of Sales
The sales are compared to the subject and adjusted to account for material differences that affect
value. Adjustments are considered for the following factors, in the sequence shown below.
Adjustment Factor Accounts For Comments
Effective Sale Price Atypical economics of a transaction,
such as excess land or non-realty
components.
No adjustments necessary.
Real Property Rights Leased fee, fee simple, leasehold,
partial interest, etc.
No adjustments necessary.
Financing Terms Seller financing, or assumption of
existing financing, at non-market
terms.
No adjustments necessary.
Conditions of Sale Extraordinary motivation of buyer
or seller.
No adjustments necessary.
Market Conditions Changes in the economic
environment over time that affect
the appreciation and depreciation
of real estate.
A positive annual adjustment has
been applied due to improving
market conditions.
Location Market or submarket area
influences on sale price;
surrounding land use influences.
No adjustments necessary.
Access/Exposure Convenience to transportation
facilities; ease of site access;
visibility; traffic counts.
No adjustments necessary.
Size Inverse relationship that often
exists between size and value.
Sale 2 is smaller and requires a
downward adjustment.
Sales Comparison Approach 46
A Single Family Residence with Workshop on Acreage
Adjustment Factor Accounts For Comments
Land to Building Ratio The relationship between the land
square footage and the building
square footage.
Sales 1, 3 and 4 require an upward
adjustment as they have a lower
Land to Building ratio. Sale 2
requires a downward adjustment,
as it has a higher Land to Building
ratio.
Quality of
Construction
Construction quality, market
appeal, functional utility.
The subject has brick and siding
exterior. Sales 1, 3 and 4 have
primarily stone, stucco and brick
exterior and are considered
superior in quality. Sales 1, 3 and 4
require downward adjustments.
Sale 2 has siding exterior and is
considered inferior quality. Sale 2
requires an upward adjustment.
Effective
Age/Condition
Effective age; physical condition. Sale 2 is an older property and
requires an upward adjustment.
Ancillary Buildings The presence, quality, and age of
ancillary buildings on the property.
The subject has one workshop
partially finished out with an
apartment and garage area with
electricity to the building. Sale 2 has
two unfinished metal buildings with
no electricity and is considered
inferior to the subject. An upward
adjustment is required.
Sales Comparison Approach 47
A Single Family Residence with Workshop on Acreage
Adjustments Summary
The following table summarizes the adjustments discussed above and applied to each sale.
Improved Sales Adjustment Grid
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4
Property Name A Single Family
Residence with
Workshop on
Acreage
SFR in Cross Roads SFR in Denton SFR in Aubrey SFR in Aubrey
Address 6131 Hartlee Field
Road
300 Spring
Mountain Rd.
6490 C Wolfe Rd. 4031 Dugas Rd. 6015 Northview Ct.
City Denton Cross Roads Denton Aubrey Aubrey
County Denton Denton Denton Denton Denton
State Texas TX TX TX TX
Sale Date Sep-24 Mar-24 Jan-24 Dec-23
Sale Status Closed Closed Closed Closed
Sale Price $1,250,000 $800,000 $1,335,000 $1,325,000
Gross Living Area 4,200 4,084 2,710 4,539 4,303
Year Built 2010
Land to Building Ratio (Land SF/RFA)62.23 48.87 138.75 38.39 52.16
Parking Spaces 4 3 2 4 3
Price per SF of Rentable Floor Area $306.07 $295.20 $294.12 $307.92
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple
% Adjustment – – – –
Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller
% Adjustment – – – –
Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length
% Adjustment – – – –
Expenditures Made Immediately After Purchase
$ Adjustment – – – –
Market Conditions 10/3/2024 Sep-24 Mar-24 Jan-24 Dec-23
Annual % Adjustment 3% – 2% 2% 2%
Cumulative Adjusted Price $306.07 $301.11 $300.00 $314.08
Property Adjustments
Location – – – –
Access/Exposure – – – –
Size – -5% – –
Land to Building Ratio 5% -10% 10% 5%
Quality of Construction -5% 5% -5% -5%
Effective Age/Condition – 5% – –
Ancillary Buildings – 5% – –
Net Property Adjustments ($)$0.00 $0.00 $15.00 $0.00
Net Property Adjustments (%)0%0%5%0%
Final Adjusted Price $306.07 $301.11 $315.00 $314.08
Range of Adjusted Prices $301.11 - $315.00
Average $309.07
Indicated Value $310.00
Sales Comparison Approach 48
A Single Family Residence with Workshop on Acreage
Value Indication
Prior to adjustment, the sales reflect a range of $294.12 - $307.92 per square foot. After adjustment,
the range is narrowed to $301.11 - $315.00 per square foot, with an average of $309.07 per square
foot. To arrive at an indication of value, we place emphasis on the mean.
Based on the preceding analysis, the value indication by the sales comparison approach is as follows:
Value Indication by Sales Comparison
Indicated Value per SF $310.00
Subject Square Feet 4,200
Indicated Value $1,302,000
Adjustments
Capital Expenditures Remodel Completion -$115,000
Total Adjustments -$115,000
Indicated Value $1,187,000
Rounded $1,190,000
Additional Support:
Capital Expenditures
The property is in the process of a remodel and is approximately 60% complete. In the single family
residence, the kitchen, dining room, entry way, living room, one bedroom and one bathroom are
unfinished. Expenditures for various capital items considered to be necessary are identified in the
following table. To estimate the amounts of these expenditures, reliance is placed on the owner’s
budget, which is reasonable based on Marshall Valuation Service. Projected capital expenditures are
as follows.
Capital Expenditures
Item Year 1
Remodel Completion $100,000
Entreprenurial Profit (15%)$15,000
Total $115,000
Percent Applied 100%
Net Total $115,000
Source: Owner's Budget
Sales Comparison Approach 49
A Single Family Residence with Workshop on Acreage
Final Opinion of Value
Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting
conditions expressed in the report, the concluded opinion of value is as follows
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value As Is Fee Simple October 3, 2024 $1,190,000
Extraordinary Assumptions and Hypothetical Conditions
1.None.
1.None.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to be false, could alter the appraiser’s opinions or conclusions.
Exposure Time
Exposure time is the length of time the subject property would have been exposed for sale in the
market had it sold on the effective valuation date at the concluded market value. Based on the
concluded market value stated previously, the probable exposure time is 6-18 months.
Marketing Period
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded
market value immediately following the effective date of value. The subject’s marketing period is
estimated at 6-18 months.
Certification 50
A Single Family Residence with Workshop on Acreage
Certification
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. We have performed no services, as an appraiser or in any other capacity, regarding the
property that is the subject of this report within the three-year period immediately preceding
the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice as well as
applicable state appraisal regulations.
9. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Brent Pitts, MAI, AI-GRS, R/W-AC has not made a personal inspection of the property that is
the subject of this report. Janet Kiker has personally inspected the subject.
12. No one provided significant real property appraisal assistance to the persons signing this
certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
the Competency Rule of USPAP.
Certification 51
A Single Family Residence with Workshop on Acreage
14. As of the date of this report, Brent Pitts, MAI, AI-GRS, R/W-AC has completed the continuing
education program for Designated Members of the Appraisal Institute.
Brent Pitts, MAI, AI-GRS, R/W-AC
Texas Certified General Real Estate Appraiser
#1380206 G
Janet Kiker
Texas Certified General Real Estate Appraiser
#1381424 G
Assumptions and Limiting Conditions 52
A Single Family Residence with Workshop on Acreage
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following
standard assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and competent
management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value
of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would
render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in
correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is given for its
accuracy.
This appraisal and any other work product related to this engagement are subject to the following
limiting conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents our opinion as to the value of the
property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and
no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without
limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this
appraisal, and we reserve the right to revise or rescind any of the value opinions based upon
any subsequent environmental impact studies. If any environmental impact statement is
required by law, the appraisal assumes that such statement will be favorable and will be
approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any
subpoena or attend any court, governmental or other hearing with reference to the property
without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection with
such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The appraisal
Assumptions and Limiting Conditions 53
A Single Family Residence with Workshop on Acreage
covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we
have assumed that the property is not subject to surface entry for the exploration or removal
of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields. Such
considerations include, but are not limited to, legal descriptions and other legal matters such
as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical,
electrical, structural and other engineering and environmental matters. Such considerations
may also include determinations of compliance with zoning and other federal, state, and local
laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies
only under the reported highest and best use of the property. The allocations of value for land
and improvements must not be used in conjunction with any other appraisal and are invalid if
so used. The appraisal report shall be considered only in its entirety. No part of the appraisal
report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other
means of communication (including without limitation prospectuses, private offering
memoranda and other offering material provided to prospective investors) without the prior
written consent of the persons signing the report.
11. Information, estimates and opinions contained in the report and obtained from third-party
sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
13. If the property is subject to one or more leases, any estimate of residual value contained in
the appraisal may be particularly affected by significant changes in the condition of the
economy, of the real estate industry, or of the appraised property at the time these leases
expire or otherwise terminate.
14. Unless otherwise stated in the report, no consideration has been given to personal property
located on the premises or to the cost of moving or relocating such personal property; only
the real property has been considered.
15. The current purchasing power of the dollar is the basis for the values stated in the appraisal;
we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are subject to these and to any other assumptions or conditions set
forth in the body of this report but which may have been omitted from this list of Assumptions
and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and economic
Assumptions and Limiting Conditions 54
A Single Family Residence with Workshop on Acreage
conditions, the absence of material changes in the competitive environment and other
matters. Some estimates or assumptions, however, inevitably will not materialize, and
unanticipated events and circumstances may occur; therefore, actual results achieved during
the period covered by our analysis will vary from our estimates, and the variations may be
material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not
made a specific survey or analysis of the property to determine whether the physical aspects
of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non-
conforming physical characteristics of a property, a specific study of both the owner’s financial
ability and the cost to cure any deficiencies would be needed for the Department of Justice to
determine compliance.
19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or
affiliates. It may not be used or relied upon by any other party. All parties who use or rely
upon any information in the report without our written consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is predicated
upon the assumption that the subject property is free and clear of any environment hazards
including, without limitation, hazardous wastes, toxic substances and mold. No
representations or warranties are made regarding the environmental condition of the subject
property. IRR - Fort Worth , Integra Realty Resources, Inc., and their respective officers,
owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”),
shall not be responsible for any such environmental conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions exist.
Because we are not experts in the field of environmental conditions, the appraisal report
cannot be considered as an environmental assessment of the subject property.
21. The persons signing the report may have reviewed available flood maps and may have noted
in the appraisal report whether the subject property is located in an identified Special Flood
Hazard Area. However, we are not qualified to detect such areas and therefore do not
guarantee such determinations. The presence of flood plain areas and/or wetlands may affect
the value of the property, and the value conclusion is predicated on the assumption that
wetlands are non-existent or minimal.
22. We are not a building or environmental inspector. The Integra Parties do not guarantee that
the subject property is free of defects or environmental problems. Mold may be present in the
subject property and a professional inspection is recommended.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. IRR - Fort Worth is an independently owned and operated company. The parties hereto
agree that Integra shall not be liable for any claim arising out of or relating to any appraisal
report or any information or opinions contained therein as such appraisal report is the sole
and exclusive responsibility of IRR - Fort Worth . In addition, it is expressly agreed that in
Assumptions and Limiting Conditions 55
A Single Family Residence with Workshop on Acreage
any action which may be brought against the Integra Parties arising out of, relating to, or in
any way pertaining to the engagement letter, the appraisal reports or any related work
product, the Integra Parties shall not be responsible or liable for any incidental or
consequential damages or losses, unless the appraisal was fraudulent or prepared with
intentional misconduct. It is further expressly agreed that the collective liability of the
Integra Parties in any such action shall not exceed the fees paid for the preparation of the
assignment (unless the appraisal was fraudulent or prepared with intentional misconduct).
It is expressly agreed that the fees charged herein are in reliance upon the foregoing
limitations of liability.
25. IRR - Fort Worth is an independently owned and operated company, which has prepared the
appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal
report by anyone other than the Client is prohibited except as otherwise provided.
Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and
benefit unless we provide our prior written consent. We expressly reserve the unrestricted
right to withhold our consent to your disclosure of the appraisal report or any other work
product related to the engagement (or any part thereof including, without limitation,
conclusions of value and our identity), to any third parties. Stated again for clarification, unless
our prior written consent is obtained, no third party may rely on the appraisal report (even if
their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information,
data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the
current market, and research conducted by third parties, and such data are not always
completely reliable. The Integra Parties are not responsible for these and other future
occurrences that could not have reasonably been foreseen on the effective date of this
assignment. Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we are of the
opinion that our findings are reasonable based on current market conditions, we do not
represent that these estimates will actually be achieved, as they are subject to considerable
risk and uncertainty. Moreover, we assume competent and effective management and
marketing for the duration of the projected holding period of this property.
27. All prospective value opinions presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable risk and uncertainty. In addition to the
contingencies noted in the preceding paragraph, several events may occur that could
substantially alter the outcome of our estimates such as, but not limited to changes in the
economy, interest rates, and capitalization rates, behavior of consumers, investors and
lenders, fire and other physical destruction, changes in title or conveyances of easements and
deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Assumptions and Limiting Conditions 56
A Single Family Residence with Workshop on Acreage
28. The appraisal is also subject to the following:
Extraordinary Assumptions and Hypothetical Conditions
1.None.
1.None.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an
assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to be false, could alter the appraiser’s opinions or conclusions.
Addenda
A Single Family Residence with Workshop on Acreage
Addendum A
Appraiser Qualifications
Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
F 817.763.8017
7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Brent Pitts, MAI, AI-GRS, R/W-AC
Experience
Brent Pitts is a Managing Director with Integra Realty Resources - Fort Worth. Mr. Pitts has been
involved in real estate valuation and advisory since early 2010 with a focus on right of way and
eminent domain since 2011. He is a Certified General Appraiser and has prepared appraisals in
numerous states. Mr. Pitts has experience in appraising all major categories of real estate, including
land, retail, restaurant, industrial, gas stations, office, manufactured housing, self-storage,
apartments, condominiums, automotive, hotels, religious facilities, single-family residences,
subdivisions, timeshares, and various other special purpose properties.
Valuation clients include government agencies, project management and engineering firms,
insurance companies, brokers, law firms and attorneys, estates, and individuals. Brent has also
appraised multiple properties for whole takings, partial takings, and easement acquisitions for
condemnation proceedings with many of these appraisals requiring complex analyses and
consideration of damages to the remainder. Brent has also qualified as an expert witness and
testified in multiple administrative and commissioners’ hearings as well as in trial settings and holds
the MAI and AI-GRS designations from the Appraisal Institute as well as the R/W-AC credential from
the International Right of Way Association. Mr. Pitts currently serves as the President of the
Central Texas Chapter of the Appraisal Institute.
Licenses
Texas, Certified General Real Estate Appraiser, 1380206 G, Expires January 2025
Education
MAI Designation, Appraisal Institute
AI-GRS Designation, Appraisal Institute
International Right of Way Association - Chapter 36
President - Central Texas Chapter, Appraisal Institute (2024)
Texas Tech University (2008) - Bachelor of Business Administration in Petroleum Land Management
Texas Tech University Graduate School (2009) - Masters of Business Administration in Finance
Numerous Appraisal Institute, International Right of Way Association, and other professional
development courses.
bpitts@irr.com - 817.763.8000
Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
F 817.763.8017
7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Brent Pitts, MAI, AI-GRS, R/W-AC
Qualified Before Courts & Administrative Bodies
Texas | Kansas | Missouri | Oklahoma | Louisiana | Florida | Utah | Arizona | New Mexico
Colorado | Georgia | North Carolina
Miscellaneous
Director, Real Estate - Kroll (Dallas, TX) - Served as Team Lead for National Right of Way Practice
Valuation Services Director - Colliers International (Dallas, TX)
Appraiser - Appraisal Source, Inc. (Fort Worth, TX)
Appraiser - National Appraisal Partners, LLP (Houston, TX)
bpitts@irr.com - 817.763.8000
Janet Kiker
Integra Realty Resources - Fort
Worth
irr.com
T 817.763.8000
F 817.763.8017
7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Experience
Janet Kiker is a State Certified General Real Estate Appraiser, graduating with a Bachelor of Science in
Merchandising from Texas Christian University.
Janet has prepared appraisals for vacant land, farms, ranches, Right of Way acquisitions, single family
portfolio valuations, Built to Rent (BTR) single family properties, multifamily properties, retail
properties, office/warehouse properties, general and medical offices, office condominiums,
industrial and various commercial properties.
Licenses
Texas, Certified General Real Estate Appraiser, 1381424 G, Expires March 2026
Education
Bachelor of Science in Merchandising, Texas Christian University, 2002
McKissock School of Appraisal Education
Basic Appraisal Principles (30 Hours)
Basic Appraisal Procedures (30 Hours)
15 Hour National USPAP (15 Hours)
Supervisor Trainee Course (4 Hours)
General Appraiser Market Analysis Highest and Best Use (30 Hours)
Statistics, Modeling and Finance (15 Hours)
General Appraiser Site Valuation and Cost Approach (30 Hours)
General Appraiser Sales Comparison Approach (30 Hours)
General Appraiser Income Approach (60 Hours)
General Report Writing & Case Studies (30 Hours)
Commercial Appraisal Review (15 Hours)
Expert Witness for Commercial Appraisers (15 Hours)
janet.kiker@irr.com - 817.763.8000
About IRR
Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling,
and advisory services. Routinely ranked among leading property valuation and consulting firms, we are
now the largest independent firm in our industry in the United States, with local offices coast to coast
and in the Caribbean.
IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25
years, on average, of commercial real estate experience in their local markets. This experience, coupled
with our understanding of how national trends affect the local markets, empowers our clients with the
unique knowledge, access, and historical perspective they need to make the most informed decisions.
Many of the nation's top financial institutions, developers, corporations, law firms, and government
agencies rely on our professional real estate opinions to best understand the value, use, and feasibility
of real estate in their market.
Local Expertise...Nationally!
irr.com
Addenda
A Single Family Residence with Workshop on Acreage
Addendum B
IRR Quality Assurance Survey
Addenda
A Single Family Residence with Workshop on Acreage
IRR Quality Assurance Survey
We welcome your feedback!
At IRR, providing a quality work product and delivering on time is what we strive to accomplish. Our
local offices are determined to meet your expectations. Please reach out to your local office contact so
they can resolve any issues.
Integra Quality Control Team
Integra does have a Quality Control Team that responds to escalated concerns related to a specific
assignment as well as general concerns that are unrelated to any specific assignment. We also enjoy
hearing from you when we exceed expectations! You can communicate with this team by clicking on
the link below. If you would like a follow up call, please provide your contact information and a member
of this Quality Control Team will call contact you.
Link to the IRR Quality Assurance Survey: quality.irr.com
Addenda
A Single Family Residence with Workshop on Acreage
Addendum C
Financials and Property Information
Addenda
A Single Family Residence with Workshop on Acreage
Addenda
A Single Family Residence with Workshop on Acreage
Addenda
A Single Family Residence with Workshop on Acreage
Addenda
A Single Family Residence with Workshop on Acreage
Comparable Data
Addenda
A Single Family Residence with Workshop on Acreage
Improved Sales
Residential 1-4 Family Sale Profile Sale No. 1
Location & Property Identification
SFR in Cross Roads Property Name:
Sub-Property Type: Single Family Residence
300 Spring Mountain Rd. Address:
Cross Roads, TX 76227 City/State/Zip:
Denton County:
Suburban Market Orientation:
IRR Event ID: 3286520
Sale Information
$1,250,000 Sale Price:
$1,250,000 Effective Sale Price:
09/13/2024 Sale Date:
Sale Status: Closed
$/SF GBA: $306.07
$/SF NRA: $306.07
$/Unit: $1,250,000 /Unit
Grantor/Seller: Smith Family Living Trust,
Jennifer Smith-Breshears, Paul
Stephen Smith
Grantee/Buyer: Dennis Micheal Glore,
Elizabeth Ann Glore, Isolde
Konstantia Perry
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Exposure Time: 3 (months)
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2024-99618
Subsidized/Restricted: No
Verified By: Janet Kiker
Verification Date: 10/15/2024
Confirmation Source: Cheryl Wiemeyer/
940-391-9090
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
R183878 Legal/Tax/Parcel ID:
GBA-SF: 4,084
NRA-SF: 4,084
4.58/4.58 Acres(Usable/Gross):
199,592/199,592 Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Year Built: 2005
Property Class: C
M&S Class: D
No. of Buildings/Stories: 2/1
Multi-Tenant/Condo.: No/No
Total Parking Spaces: 3
Park. Ratio 1000 SF GLA: 0.73
Park. Structure Space: 3
Park. Ratio 1000 SF GBA: 0.73
3.00 Parking Ratio(/Unit):
Air-Conditioning Type: Central
Density-Unit/Gross Acre: 0.22
Density-Unit/Usable Acre: 0.22
Bldg. to Land Ratio FAR: 0.02
Source of Land Info.: Broker
Comments
4,084 SF Single Family Residence on 4.582 acres sold in
September 2024 for $1,250,000, or $3.06/SF. Property is
improved with a 5 bed/ 5 bath / 3 car garage residential
dwelling, a 20X36 workshop, a pond, perimeter fencing
SFR in Cross Roads
Residential 1-4 Family Sale Profile Sale No. 1
Comments (Cont'd)
and gate.
SFR in Cross Roads
Residential 1-4 Family Sale Profile Sale No. 2
Location & Property Identification
SFR in Denton Property Name:
Sub-Property Type: Single Family Residence
6490 C Wolfe Rd. Address:
Denton, TX 76259 City/State/Zip:
Denton County:
Suburban Market Orientation:
IRR Event ID: 3286523
Sale Information
$800,000 Sale Price:
$800,000 Effective Sale Price:
03/19/2024 Sale Date:
Sale Status: Closed
$/SF GBA: $295.20
$/SF NRA: $295.20
$/Unit: $800,000 /Unit
Grantor/Seller: Camille Huniu
Grantee/Buyer: Jose J Torres
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Exposure Time: 2 (months)
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2024-28245
Subsidized/Restricted: No
Verified By: Janet Kiker
Verification Date: 10/15/2024
Confirmation Source: Cory Simeos/ 214-763-1732
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
R179481 Legal/Tax/Parcel ID:
GBA-SF: 2,710
NRA-SF: 2,710
8.63/8.63 Acres(Usable/Gross):
376,010/376,010 Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Year Built: 1997
Property Class: C
M&S Class: D
No. of Buildings/Stories: 2/2
Multi-Tenant/Condo.: No/No
Total Parking Spaces: 2
Park. Ratio 1000 SF GLA: 0.74
No. Covered Spaces: 2
Park. Ratio 1000 SF GBA: 0.74
2.00 Parking Ratio(/Unit):
Air-Conditioning Type: Central
Density-Unit/Gross Acre: 0.12
Density-Unit/Usable Acre: 0.12
Bldg. to Land Ratio FAR: 0.01
Source of Land Info.: Broker
Comments
A 2,710 SF single family residence on 8.632 acers sold for
$800,000, or $295/SF in March 2024. Property is improved
with a 5 bed/ 3 bath with a 2 space carport, a metal barn with
six horse stalls, a metal workshop and a tool shed. The
property has a pond, perimeter fencing and a gated entrance.
SFR in Denton
Residential 1-4 Family Sale Profile Sale No. 3
Location & Property Identification
SFR in Aubrey Property Name:
Sub-Property Type: Single Family Residence
4031 Dugas Rd. Address:
Aubrey, TX 76227 City/State/Zip:
Denton County:
Suburban Market Orientation:
IRR Event ID: 3286522
Sale Information
$1,335,000 Sale Price:
$1,335,000 Effective Sale Price:
01/10/2024 Sale Date:
Sale Status: Closed
$/SF GBA: $294.12
$/SF NRA: $294.12
$/Unit: $1,335,000 /Unit
Grantor/Seller: Steven and Nichole Krysil
Grantee/Buyer: Jeff Osbone, 2021 Osborne
Family Trust
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Exposure Time: 5 (months)
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2024-2890
Subsidized/Restricted: No
Verified By: Janet Kiker
Verification Date: 10/15/2024
Confirmation Source: Cheryl Wiemeyer/
940-391-9090
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
R273074, R273073 Legal/Tax/Parcel ID:
GBA-SF: 4,539
NRA-SF: 4,539
4.00/4.00 Acres(Usable/Gross):
174,240/174,240 Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Year Built: 2006
Property Class: C
M&S Class: D
Construction Quality: Good
Improvements Cond.: Good
No. of Buildings/Stories: 2/1
Total Parking Spaces: 4
Park. Ratio 1000 SF GLA: 0.88
Park. Structure Space: 2
No. Surface Spaces: 2
No. Covered Spaces: 4
Park. Ratio 1000 SF GBA: 0.88
4.00 Parking Ratio(/Unit):
Density-Unit/Gross Acre: 0.25
Density-Unit/Usable Acre: 0.25
Bldg. to Land Ratio FAR: 0.03
Source of Land Info.: Broker
Comments
A 4,539 SF single family residence on 4.0 acers sold for
$1,335,000, or $294/SF in January 2024. Property is improved
with a 5 bed/ 5 bath with a 2 car garage and 2 space carport, a
60x52 metal barn that houses a 30x40 insulated workshop,
additional garage space and 3 horse
SFR in Aubrey
Residential 1-4 Family Sale Profile Sale No. 3
Comments (Cont'd)
stalls. The property has perimeter pipe fencing and gated
entrance.
SFR in Aubrey
Residential 1-4 Family Sale Profile Sale No. 4
Location & Property Identification
SFR in Aubrey Property Name:
Sub-Property Type: Single Family Residence
6015 Northview Ct. Address:
Aubrey, TX 76227 City/State/Zip:
Denton County:
Suburban Market Orientation:
IRR Event ID: 3286521
Sale Information
$1,325,000 Sale Price:
$1,325,000 Effective Sale Price:
12/08/2023 Sale Date:
Sale Status: Closed
$/SF GBA: $307.92
$/SF NRA: $307.92
$/Unit: $1,325,000 /Unit
Grantor/Seller: Terry and Janice Turner
Grantee/Buyer: Jennifer and Paul Bunker
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Exposure Time: 2 (months)
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Warranty Deed
Recording No.: 2023-129722
Subsidized/Restricted: No
Verified By: Janet Kiker
Verification Date: 10/15/2024
Confirmation Source: Katie Hines/ 940-367-1486
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
R169167 Legal/Tax/Parcel ID:
GBA-SF: 4,303
NRA-SF: 4,303
5.15/5.15 Acres(Usable/Gross):
224,465/224,465 Land-SF(Usable/Gross):
Usable/Gross Ratio: 1.00
Year Built: 2010
Property Class: C
M&S Class: D
Construction Quality: Good
Improvements Cond.: Good
Exterior Walls: Stone
No. of Buildings/Stories: 2/2
Multi-Tenant/Condo.: No/No
Total Parking Spaces: 3
Park. Ratio 1000 SF GLA: 0.70
Park. Structure Space: 3
Park. Ratio 1000 SF GBA: 0.70
3.00 Parking Ratio(/Unit):
Air-Conditioning Type: Central
Density-Unit/Gross Acre: 0.19
Density-Unit/Usable Acre: 0.19
Bldg. to Land Ratio FAR: 0.02
Source of Land Info.: Broker
Comments
A 4,303 SF single family residence on 5.153 acers sold for
$1,325,000, or $308/SF in December 2023. Property is
improved with a 4 bed/ 4 bath / 3 car garage residential
dwelling, a 36X36 wooden barn with a game room, two
bedrooms and one bathroom.
SFR in Aubrey