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1007 Spofford Drive Forney, TX 75126

3 Beds 2 Baths 2,202 sqft Built 2005

$235,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $106.72
  • 3 Days on Market
  • MLS # : 14499855
  • Updated Date : 01/16/2021 at 21:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,202 sqft
  • Baths : 2 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

This home a must see! Open living-kitchen-breakfast, separate dining, 2nd game room in between guest rooms 2 and 3! Directly across the street from the neighborhood community park and pool. Minutes from the neighborhood elementary school. Low HOA fee only $360 a year. Open House January 16th 1-3 pm. No showings until Saturday morning.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$816
Property Tax -$599
Property Insurance -$154
HOA -$30
Property Management Fees -$99
CASH FLOW
$141

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.

$235,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.78%

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$19,982

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,070

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,840
1$1,8402$1,9253$1,9504$2,0005$2,145
$2,145
RENT COMPS ANALYSIS
  • 1007 Spofford Drive Forney, TX 1
    • 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,202 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.84
    •  
  • 1009 Kimbro Drive Forney, TX 2
    • 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,014 Sqft ∙ Built 2005
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.96
    •  
  • 1110 Kimbro Drive Forney, TX 3
    • 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,155 Sqft ∙ Built 2006
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
  • 919 Johnson City Drive Forney, TX 4
    • 4 beds 2 baths ∙ 2,068 Sqft ∙ Built 2009 4 beds 2 baths ∙ 2,068 Sqft ∙ Built 2009
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.97
    •  
  • 1638 Luckenbach Drive Forney, TX 5
    • 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 2020
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.93
    •  
PROPERTY LISTING DETAILS
Joanna Utley
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14499855
Last Updated: 01/16/2021
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