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113 Zion Lane Forney, TX 75126

3 Beds 2 Baths 1,797 sqft Built 2015

$283,500

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $157.76
  • 5 Days on Market
  • MLS # : 14466260
  • Updated Date : 11/11/2020 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,797 sqft
  • Baths : 2 full
Listing Agent

Hip Realty Group

Listing Agent's Description

Beautiful home in Forney! Inside are stunning archways leading to the living room and kitchen. Living room is bright with large windows. Wood floors and a stone fireplace complete the space. Kitchen is open with a large island, granite countertops, recessed lighting, and lots of space for entertaining. Master suite has tall ceilings, large tub, and tiled shower. Get comfortable outside with the custom built arbor covered patio, and custom landscaping. Home is part of Forney ISD.

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

Zip Code: 75126

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75126

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
 

$255,150$311,850$283,500

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,046
Property Tax -$650
Property Insurance -$131
HOA -$29
Property Management Fees -$99
CASH FLOW
-$175

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$283,500

PROJECTED PRICE

$1,780

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$80,878

INVESTMENT

$80,878

Down Payment
$70,875
Rehab Estimate
$5,750
Closing Costs
$4,253

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,046

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,875
Loan Amount $212,625
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,463

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,779

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,7303$1,7804$1,8955$1,895
$1,895
RENT COMPS ANALYSIS
  • 113 Zion Lane Forney, TX 3
    • 3 beds 2 baths ∙ 1,797 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,797 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.99
    •  
  • 118 Robin Lane Forney, TX 1
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.98
    •  
  • 144 Landsdale Forney, TX 2
    • 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2018
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.00
    •  
  • 153 Landsdale Circle Forney, TX 4
    • 3 beds 2 baths ∙ 1,871 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,871 Sqft ∙ Built 2019
    property image
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.01
    •  
  • 121 Trailwood Court Forney, TX 5
    • 3 beds 2 baths ∙ 1,960 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,960 Sqft ∙ Built 2013
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.97
    •  
PROPERTY LISTING DETAILS
Tammie Slay
Hip Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14466260
Last Updated: 11/11/2020
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