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1104 Somerset Circle Forney, TX 75126

4 Beds 4 Baths 3,484 sqft Built 2015

INVESTimate

$379,997

List Price

$2,770

$2,520 - $3,020

Rent Est.

$394,399  ( +3.79%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $109.07
  • 6 Days on Market
  • MLS # : 14418436
  • Updated Date : 08/22/2020 at 07:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,484 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

IMMACULATE 4 BEDROOM, 3.5 BATH, WITH STUDY, MEDIA ROOM, AND GAMEROOM WITH 3 CAR GARAGE IN DEVONSHIRE!! METICULOUSLY MAINTAINED AND FRESHLY PAINTED! WALK IN TO THE SOARING CEILINGS AND SEE THE FRENCH DOORS TO STUDY, THAT COULD BE 5TH BEDROOM, AND FORMAL DINING OFF ENTRY! OPEN LAYOUT TO GOURMET KITCHEN WITH ABUNDANCE OF CUSTOM ANTIQUE WHITE CABINETRY TOPPED IN EXOTIC GRANITE, LARGE ISLAND WITH BFAST BAR, GAS RANGE AND EAT IN DINING AREA! HAND SCRAPED HDWD FLRS IN MAIN AREAS! HUGE FAMILY ROOM WITH FLOOR TO CEILING STONE FIREPLACE, AND WINE CELLAR! MASTER SUITE WITH BAY WINDOW, RECLAIM WOOD ACCENT WALL, AND DUAL VANITIES WITH SEP SHWR AND GARDEN TUB. 3 BEDROOMS AND 2 BATHS UP WITH MEDIA, GAMEROOM, AND STUDY NICHE!

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: 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
 

$341,997$417,997$379,997

PURCHASE PRICE

$2,493$3,047$2,770

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,770
EXPENSES Loan Payment -$1,402
Property Tax -$903
Property Insurance -$229
HOA -$47
Property Management Fees -$99
CASH FLOW
$91

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.

$379,997

PROJECTED PRICE

$2,770

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.79%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,449

INVESTMENT

$106,449

Down Payment
$94,999
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,999
Loan Amount $284,998
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$26,485

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,770

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,857

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,770
1$2,7702$2,790
$2,790
RENT COMPS ANALYSIS
  • 1104 Somerset Circle Forney, TX 1
    • 4 beds 4 baths ∙ 3,484 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,484 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,770
    • $0.80
    •  
  • 1009 Knoxbridge Drive Forney, TX 2
    • 4 beds 4 baths ∙ 3,408 Sqft ∙ Built 2009 4 beds 4 baths ∙ 3,408 Sqft ∙ Built 2009
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $0.82
    •  
PROPERTY LISTING DETAILS
Aaron Morrow
Coldwell Banker Apex, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418436
Last Updated: 08/22/2020
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