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1013 Hanover Drive Forney, TX 75126

5 Beds 2 Baths 2,582 sqft Built 2002

$295,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $114.25
  • 5 Days on Market
  • MLS # : 14473565
  • Updated Date : 11/19/2020 at 16:30
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,582 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Advantage

Listing Agent's Description

Be the envy of the neighborhood in this gorgeous 5 bedroom, 2 bath home. They have pulled out all the stops with upgrades indoors and out. Inside you will find an oversized cedar closet in the master, with a giant walk-in resort style shower in the bathroom. The two living areas and upgraded kitchen have engineered hardwood flooring. The washroom has an elevated built in base for “no bending” laundry activities. The backyard has a separate fenced, mulched playground with safety in mind and an extra tall privacy fence between neighboring house. Hot tub and copper ionized pool is situated beautifully in back, complete with pretty storage shed. Stained wood decking surrounding all of the back yard features.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Windmill Farms

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

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

Neighborhood: Windmill Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262010

* 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
Blackburn Elementary School Primary Regular 619 38 6
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

Blackburn Elementary School

  • Education Level: Primary
  • # of students: 619
  • # of teachers: 38
6
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
 

$265,500$324,500$295,000

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 -$1,088
Property Tax -$676
Property Insurance -$176
HOA -$67
Property Management Fees -$99
CASH FLOW
-$346

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.

$295,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.0%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$182

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
  • $0.68

    LIST RENT PER SQFT
  • $1,827

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7604$1,8755$2,025
$2,025
RENT COMPS ANALYSIS
  • 1013 Hanover Drive Forney, TX 3
    • 4 beds 2 baths ∙ 2,582 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,582 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.68
    •  
  • 1012 Hanover Drive Forney, TX 1
    • 4 beds 2 baths ∙ 2,540 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,540 Sqft ∙ Built 2002
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.67
    •  
  • 1102 Halifax Lane Forney, TX 2
    • 4 beds 2 baths ∙ 2,544 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,544 Sqft ∙ Built 2002
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.67
    •  
  • 2007 Preston Trail Forney, TX 4
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2006
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.75
    •  
  • 3014 Flowering Springs Drive Forney, TX 5
    • 5 beds 3 baths ∙ 2,724 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,724 Sqft ∙ Built 2016
    property image
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.74
    •  
PROPERTY LISTING DETAILS
Kirk Regian
Keller Williams Advantage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473565
Last Updated: 11/19/2020
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