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1015 Somerset Circle Forney, TX 75126

3 Beds 2 Baths 2,167 sqft Built 2009

$315,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $145.36
  • 5 Days on Market
  • MLS # : 14472808
  • Updated Date : 11/18/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,167 sqft
  • Baths : 2 full
Listing Agent

Mike Mazyck Realty

Listing Agent's Description

Beautiful home in Devonshire with three bedrooms plus an office. The spacious living area opens to the island kitchen with a breakfast bar, granite counters, and stainless appliances along with a breakfast area and a formal dining room. Large master suite features a master bath with separate granite vanities, garden tub, and a separate shower. Nice backyard with a patio and wood privacy fence. Wonderful neighborhood featuring community pool, parks, jogging path, and much more!

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: Devonshire

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k341k

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

Neighborhood: Devonshire

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262677

* 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
Crosby Elementary School Primary Regular 446 28 6
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

Crosby Elementary School

  • Education Level: Primary
  • # of students: 446
  • # of teachers: 28
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
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,162
Property Tax -$722
Property Insurance -$152
HOA -$47
Property Management Fees -$99
CASH FLOW
-$52

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.

$315,000

PROJECTED PRICE

$2,130

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$12,067

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,167

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1303$2,1504$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 1015 Somerset Circle Forney, TX 2
    • 3 beds 2 baths ∙ 2,167 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,167 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $0.98
    •  
  • 1107 Bantham Way Forney, TX 1
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2017
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.98
    •  
  • 1020 Dunhill Forney, TX 3
    • 4 beds 2 baths ∙ 2,148 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,148 Sqft ∙ Built 2014
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.00
    •  
  • 1017 Somerset Circle Forney, TX 4
    • 3 beds 2 baths ∙ 2,185 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,185 Sqft ∙ Built 2010
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
  • 1551 Tavistock Road Forney, TX 5
    • 4 beds 2 baths ∙ 2,273 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,273 Sqft ∙ Built 2016
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.01
    •  
PROPERTY LISTING DETAILS
Mike Mazyck
Mike Mazyck Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14472808
Last Updated: 11/18/2020
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