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1023 Concan Drive Forney, TX 75126

3 Beds 2 Baths 1,830 sqft Built 2006

$235,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $128.42
  • 4 Days on Market
  • MLS # : 14505743
  • Updated Date : 01/29/2021 at 06:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,830 sqft
  • Baths : 2 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Look at this Texas Charmer! Walk into this beautiful, extremely well maintained home and see the pride of ownership. Upgrades include designer kitchen, high end fixtures including master shower having 4 body jets, and soft neutral paint. This home has an amazing layout with master and guest rooms separated and an open floor plan in the kitchen and living area making it perfect for entertainment. With an office in the front and covered back patio in the backyard there is not much this home does not offer. This neighborhood offers parks, community pool and much more.

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
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7
Brown Middle School Middle Unknown NA

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

Brown Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$816
Property Tax -$599
Property Insurance -$133
HOA -$30
Property Management Fees -$99
CASH FLOW
-$17

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

$1,660

PROJECTED RENT

0.71%

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

PROJECTED ANNUAL CASH FLOW

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

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 60% 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

3.58

YEARS SAVED

$7,853

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,748

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,660
1$1,6602$1,6753$1,6954$1,6955$1,795
$1,795
RENT COMPS ANALYSIS
  • 1023 Concan Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.91
    •  
  • 2007 Crosby Drive Forney, TX 2
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2007
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.94
    •  
  • 1002 Camp Verde Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2006
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.97
    •  
  • 1015 Rumley Road Forney, TX 4
    • 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
    •  
  • 1015 Nueces Court Forney, TX 5
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2005
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.93
    •  
PROPERTY LISTING DETAILS
Benjamin Lewis
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 #: 14505743
Last Updated: 01/29/2021
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