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1007 Grimes Drive Forney, TX 75126

3 Beds 2 Baths 1,862 sqft Built 2005

$230,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $123.52
  • 4 Days on Market
  • MLS # : 14478633
  • Updated Date : 12/03/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,862 sqft
  • Baths : 2 full
Listing Agent

Magnolia Realty Argyle

Listing Agent's Description

Welcome home to this single-story stunner! When you step in you're met with a spacious floorplan, 10' soaring ceilings, & wood-like luxury vinyl floors. Tall windows throughout let natural light stream into the home & illuminate the space. Imagine the holiday parties in your gorgeous kitchen with an oversized island & bar that overlooks your living room where you will enjoy time laughing with loved ones. Spend your afternoons out experiencing everything this growing community has to offer, a swimming pool, covered pavilion, playsets, & more. Located just minutes away from 80, The Harbor, Lake Ray Hubbard, shopping, restaurants, & zoned to Forney ISD. Don't miss out on this opportunity, schedule a showing today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

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
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$849
Property Tax -$586
Property Insurance -$135
HOA -$30
Property Management Fees -$99
CASH FLOW
$61

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.

$230,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.77%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$16,217

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,755

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7604$1,7755$1,800
$1,800
RENT COMPS ANALYSIS
  • 1007 Grimes Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.95
    •  
  • 1026 Kimbro Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2005
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 1015 Rumley Road Forney, TX 2
    • 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 2005
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 1019 Rumley Road Forney, TX 4
    • 3 beds 2 baths ∙ 1,974 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,974 Sqft ∙ Built 2005
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.90
    •  
  • 1022 Cottontail Drive Forney, TX 5
    • 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,851 Sqft ∙ Built 2007
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
PROPERTY LISTING DETAILS
Seth Dingas
Magnolia Realty Argyle
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14478633
Last Updated: 12/03/2020
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