1202 Breezy Oak Dr · Josephine, TX 75173

$296,990

4 bd · 2.0 ba · 2,024 sqft · SingleFamily · 26 Days on market

Built 2026 7,405 sqft lot Est $291k · at est. $46/mo HOA · 2% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• Cash flow +6.9/30.0
• ARV discount +6.6/15.0
• Schools +3.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.1/10.0

Listing remarks

New! Spacious open floor plan! Four bedrooms, two full baths, with covered patio. Home includes, large island kitchen, granite counters throughout, LED lighting, full sprinkler system, professionally engineered post tension foundation, and much more! Waverly Estates is a new D. R. Horton community in Josephine. The community is conveniently located just minutes from Interstate 30, providing easy access to Rockwall and the DFW Metroplex. Waverly Estates offers a variety of single-family homes to choose from. If you're looking for a new home in the Josephine area, Waverly Estates is the perfect community for you.

Key facts

• Open floor plan
• Led lighting
• Large island kitchen

Tags

• OPEN FLOOR PLAN
• COVERED PATIO
• LARGE ISLAND KITCHEN
• GRANITE COUNTERS
• LED LIGHTING
• FULL SPRINKLER SYSTEM

Property features AI

Finance

• Other: Builder listing; possession upon completion or at closing/funding
• Financial info: Listing accepts Cash, Conventional, FHA, USDA, and VA financing; No second mortgage indicated
• HOA & community: Mandatory association; Semi-annual HOA fee (includes full use of facilities); HOA management: AAM

Exterior

• Parking: Attached 2-car garage; Covered parking for 2 vehicles
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: City water; City sewer; Property in a municipal utility district; Energy-efficient features including upgraded attic insulation, HVAC, insulation, efficient lighting, programmable thermostat, and efficient windows
• Home design: Single family residence; One level; New construction - incomplete (year built 2026); Not attached to another property; Subdivision: Waverly Estates
• Construction: Composition roof; Slab foundation; New construction
• Exterior features: Wood fencing; Less than 0.5 acre lot

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Water line to refrigerator; Breakfast bar; Built-in cabinets; Natural stone/granite counters
• Bedrooms: Primary bedroom on level 1 with ensuite bath and walk-in closet; Three additional bedrooms on level 1 (split bedroom plan)
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (natural gas); Central air (electric)
• Interior features: Open floorplan; Eat-in kitchen; Kitchen island; Granite counters; Pantry; Decorative lighting; Cable TV available; High speed internet available
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $297k.

Deal economics

• At list price, monthly cash flow is $-453 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (29.9% below list).
• Recommended offer: $208k (29.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#1,076 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools F, amenities F, commute F.
• Community ISD (rural): math 30% / reading 38% proficiency, ranked #479 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 421 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($293k) is reasonable based on typical stale-listing flexibility.

Recommended offer $208,256 (29.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 4.46%
• Cash-on-cash: -6.54%
• DSCR: 0.71
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $291,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1133 Bristlecone Dr	0.05mi	4/2.0	2,024 (0%)	0mo	$324,990	$161	97
512 Saddle Blanket Dr	0.21mi	4/2.0	2,024 (0%)	2mo	$291,535	$144	88
516 Saddle Blanket Dr	0.24mi	4/3.0	2,034 (+0%)	1mo	$301,490	$148	84
205 Weathered Way	0.36mi	4/2.0	2,042 (+1%)	2mo	$342,990	$168	80
505 Silver Birch Dr	0.16mi	5/2.0 (+1)	1,938 (-4%)	0mo	$269,990	$139	80
407 Saddle Blanket Dr	0.11mi	4/2.0	1,801 (-11%)	2mo	$273,990	$152	75
506 Saddle Blanket Dr	0.18mi	4/2.0	1,801 (-11%)	1mo	$290,990	$162	72
305 Silo Cir	0.58mi	4/2.0	2,074 (+2%)	2mo	$259,999	$125	67
1307 Community Way	0.56mi	4/2.0	2,104 (+4%)	2mo	$265,000	$126	65
500 Northern Red Dr	0.37mi	4/2.0	2,314 (+14%)	1mo	$303,490	$131	58
708 Wisteria Dr	0.63mi	4/2.5	2,155 (+6%)	1mo	$255,000	$118	57
503 Silo Cir	0.73mi	4/2.0	1,732 (-14%)	2mo	$249,900	$144	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 2.60×
• Total profit: $132,943
• Equity at exit: $267,552

10-year hold

• IRR: 18.1%
• Equity multiple: 5.98×
• Total profit: $414,314
• Equity at exit: $576,986

Cash invested: $83,157 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75173

• Home prices YoY: 3.1%
• Active inventory: 421
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,083 high
• Mortgage (P&I): −$1,557
• Tax est. 1.5%: −$371 /mo · $4,455/yr
• Insurance: −$124
• HOA: −$46
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-453

Break-even live

Break-even rent $2,656

Max offer price $231,410

Occupancy floor —

Sensitivity live

Price	-10% $-248	-5% $-351	+0% $-453	+5% $-556	+10% $-658
Rent	-10% $-618	-5% $-535	+0% $-453	+5% $-371	+10% $-289
Rate	-1.0pp $-304	-0.5pp $-378	base $-453	+0.5pp $-530	+1.0pp $-608

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $74,248
• Closing costs: $8,910
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
503 Saddle Blanket Dr Nevada, TX	4.0	3.0	2077	$2,190	$1.05	45d	1	0.12mi
504 Saddle Blanket Dr Nevada, TX	4.0	2.0	1649	$1,949	$1.18	16d	1	0.14mi
504 Saddle Blanket Dr Nevada, TX	4.0	2.0	1649	$1,925	$1.17	7d	1	0.14mi
319 Plum Dr Nevada, TX	4.0	2.0	1587	$1,899	$1.20	11d	1	0.48mi
1307 Community Way Royse City, TX	4.0	2.0	2104	$2,100	$1.00	45d	1	0.58mi
305 Silo Cir Royse City, TX	4.0	2.0	2074	$2,100	$1.01	25d	1	0.60mi
311 Milo Way Royse City, TX	4.0	2.0	2074	$2,200	$1.06	7d	1	0.65mi
802 Turnbuckle Ct Royse City, TX	4.0	2.0	1577	$1,849	$1.17	45d	1	0.74mi
1004 Cotton Gin Ct Royse City, TX	4.0	2.0	1875	$1,850	$0.99	14d	1	0.84mi
1007 Cotton Gin Ct Royse City, TX	3.0	2.0	1611	$2,050	$1.27	45d	1	0.85mi
801 Meadow Creek Ln Josephine, TX	4.0	2.0	1757	$2,500	$1.42	6d	1	0.85mi
508 Windrow Dr Royse City, TX	3.0	2.0	1533	$1,875	$1.22	25d	1	0.85mi
508 Windrow Dr Royse City, TX	3.0	2.0	1533	$1,900	$1.24	45d	1	0.85mi
722 Windmill St Josephine, TX	4.0	2.0	1568	$2,190	$1.40	3d	1	0.86mi
800 Windmill St Josephine, TX	4.0	2.0	1843	$2,100	$1.14	8d	1	0.87mi
800 Windmill St Josephine, TX	4.0	2.0	1843	$2,100	$1.14	0d	1	0.87mi
1503 Cotton Gin Ct Royse City, TX	3.0	2.0	1566	$2,200	$1.40	45d	1	0.89mi
315 Pine Hollow Way Josephine, TX	4.0	3.0	2212	$2,300	$1.04	8d	1	0.90mi
1501 Bridle Dr Josephine, TX	4.0	2.0	2081	$1,975	$0.95	45d	1	0.93mi
1210 Honeysuckle Dr Josephine, TX	5.0	2.0	1995	$2,100	$1.05	14d	1	0.96mi
813 Cottonwood Way Royse City, TX	4.0	3.0	2347	$2,350	$1.00	14d	1	0.98mi
717 Cottonwood WAY Josephine, TX	4.0	3.0	2073	$2,125	$1.03	0d	1	1.03mi
306 E Cook St Josephine, TX	3.0	2.0	1817	$2,100	$1.16	0d	1	1.03mi
711 Cistern Way Royse City, TX	4.0	2.0	2081	$1,975	$0.95	8d	1	1.05mi
1208 Fieldstone Ct Royse City, TX	4.0	2.0	1835	$2,000	$1.09	45d	1	1.05mi
1413 Thunder Canyon Way Josephine, TX	5.0	2.0	2006	$2,500	$1.25	45d	1	1.12mi
1910 Bailer Way Royse City, TX	3.0	2.0	1592	$1,995	$1.25	25d	1	1.34mi
2000 Bailer Way Royse City, TX	3.0	2.5	1947	$2,500	$1.28	4d	1	1.35mi
2008 Bailer Way Royse City, TX	3.0	2.0	1509	$1,975	$1.31	20d	1	1.37mi
816 Country Rd Royse City, TX	4.0	2.5	2080	$2,550	$1.23	0d	1	1.41mi
903 Shear Dr Royse City, TX	3.0	2.5	1898	$2,000	$1.05	4d	1	1.41mi

HOA detail

• Monthly dues: $46 · $552/yr

Listing history 17 events

1. 2026-06-21
   days on market $296,990 Active 26 DOM
2. 2026-06-18
   days on market $296,990 Active 23 DOM
3. 2026-06-17
   days on market $296,990 Active 22 DOM
4. 2026-06-16
   days on market $296,990 Active 21 DOM
5. 2026-06-15
   days on market $296,990 Active 20 DOM
6. 2026-06-13
   days on market $296,990 Active 18 DOM
7. 2026-06-13
   days on market $296,990 Active 17 DOM
8. 2026-06-10
   price $296,990 Active 14 DOM
9. 2026-06-09
   days on market $326,990 Active 14 DOM
10. 2026-06-08
    days on market $326,990 Active 13 DOM
11. 2026-06-07
    days on market $326,990 Active 12 DOM
12. 2026-06-04
    days on market $326,990 Active 9 DOM
13. 2026-06-03
    days on market $326,990 Active 8 DOM
14. 2026-06-02
    days on market $326,990 Active 7 DOM
15. 2026-06-01
    days on market $326,990 Active 6 DOM
16. 2026-05-31
    days on market $326,990 Active 5 DOM
17. 2026-05-26
    listed $326,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,991
• − Mortgage interest: −$16,636
• − Property taxes: −$4,455
• − Insurance: −$1,485
• − Repairs & maintenance: −$1,999
• − Management: −$1,999
• − HOA: −$552
• − Depreciation: −$8,640
• Taxable loss: −$10,775
• Est. tax savings @ 24.0%: +$2,586
• After-tax cash flow: $-2,852/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Community ISD
• NCES district ID: 4814850
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $71,841
• Composite: 31.58/100
• National rank: #5951
• State rank: #479 of 826 in TX

Livability — Josephine

• Score: 60/100
• State rank: #1076
• US rank: #19105

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment B Housing A+ Health & safety F User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,284

Population outlook (Collin County) Hauer SSP2

• Today (2025): 1,210,074 people
• By 2030: 1,358,201 · +12.2%
• By 2040: 1,654,061 · +36.7%
• By 2050: 1,937,359 · +60.1%
• By 2075: 2,567,039 · +112.1%
• By 2100: 2,952,048 · +144.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 28% Two or more races 15% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 17% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 24% Arabic 1%

Political lean MEDSL · Collin

• 2024 margin: R (+11.1) · D 43.1% · R 54.3% · Other 2.6%
• 2008→2024 swing: +14.4pp toward D · 2008: -25.6pp · 2024: -11.1pp
• All cycles: 2024: R+11.1 2020: R+4.3 2016: R+17.0 2012: R+31.6 2008: R+25.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.09%
• Current HPI: 331.12
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

1 event — show timeline

• 2026-05-26 Listed $326,990 NTREIS