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1004 Morris Ranch Court Forney, TX 75126

4 Beds 3 Baths 3,300 sqft Built 2005

$274,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $83.30
  • 3 Days on Market
  • MLS # : 14469583
  • Updated Date : 11/13/2020 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,300 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mike Mazyck Realty

Listing Agent's Description

Lovely home with four bedrooms plus an office in Travis Ranch. The spacious living area has a wood burning fireplace and opens to the island kitchen with breakfast bar, granite counters, and stainless appliances. Formal dining room along with a breakfast area. Master suite featuring a master bath with dual vanity, garden tub, and a separate shower. The second floor has a large living area or game room along with a half bath. Great backyard with a covered patio and wood privacy fence.

SEE MORE

MARKET HIGHLIGHTS

  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Travis Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

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

Neighborhood: Travis Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262024

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

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Lewis Elementary School Primary Regular 472 27 7
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

Lewis Elementary School

  • Education Level: Primary
  • # of students: 472
  • # of teachers: 27
7
GreatSchools Rating

Brown Middle School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 41
7
GreatSchools Rating

North Forney High School

  • Education Level: High
  • # of students: 1,274
  • # of teachers: 83
7
GreatSchools Rating
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,014
Property Tax -$630
Property Insurance -$218
HOA -$30
Property Management Fees -$99
CASH FLOW
$199

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

$274,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$32,261

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $2,211

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0953$2,1904$2,375
$2,375
RENT COMPS ANALYSIS
  • 1004 Morris Ranch Court Forney, TX 3
    • 4 beds 3 baths ∙ 3,300 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,300 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.66
    •  
  • 1013 Camp Verde Drive Forney, TX 1
    • 4 beds 3 baths ∙ 3,156 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,156 Sqft ∙ Built 2007
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.62
    •  
  • 1011 Nueces Court Forney, TX 2
    • 4 beds 4 baths ∙ 3,572 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,572 Sqft ∙ Built 2005
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.59
    •  
  • 1209 Templin Avenue Forney, TX 4
    • 4 beds 4 baths ∙ 2,964 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,964 Sqft ∙ Built 2017
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.80
    •  
PROPERTY LISTING DETAILS
Dave Meneo
Mike Mazyck Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469583
Last Updated: 11/13/2020
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