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1285 Meridian Drive Forney, TX 75126

3 Beds 3 Baths 2,520 sqft Built 2017

$350,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $138.89
  • 3 Days on Market
  • MLS # : 14508760
  • Updated Date : 01/29/2021 at 04:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

One Eight Real Estate Group

Listing Agent's Description

NO MUD TAX! Meticulously maintained 3BR, 2.5 Baths with 2520 sf is move in ready! A striking 7' lighted Texas Star greets you as you walk up. With 12' ceilings and 8' doors, Home boasts an open concept, an inviting entry with stunning engineered hardwood floors. Large LA is perfect for entertaining with lots of natural light, open to the kitchen and breakfast area. Island has been updated with subway tile and LED lighting. Master has a LARGE walk in closet, sitting area and overlooks backyard. Master Bath offers separate shower and inviting tub. All carpet has been replaced with quality gray ceramic tile. Relax on your covered patio with dual custom ceiling fans. This home is better than new, come take a look!

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
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Warren Middle School

  • Education Level: Middle
  • # of students: 713
  • # of teachers: 39
9
GreatSchools Rating

Forney High School

  • Education Level: High
  • # of students: 1,402
  • # of teachers: 88
8
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,216
Property Tax -$802
Property Insurance -$173
HOA -$60
Property Management Fees -$99
CASH FLOW
-$180

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.

$350,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.62%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,845

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,192

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,990
1$1,9902$1,9953$2,1704$2,2995$2,450
$2,450
RENT COMPS ANALYSIS
  • 1285 Meridian Drive Forney, TX 3
    • 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,520 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.86
    •  
  • 3119 Granite Rock Trail Forney, TX 1
    • 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 2015
    property image
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.81
    •  
  • 1257 Meridian Drive Forney, TX 2
    • 4 beds 2 baths ∙ 2,480 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,480 Sqft ∙ Built 2017
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
  • 3111 Granite Rock Trail Forney, TX 4
    • 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2015
    property image
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,299
    • $0.95
    •  
  • 1212 Kensington Drive Forney, TX 5
    • 3 beds 3 baths ∙ 2,665 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,665 Sqft ∙ Built 2020
    property image
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.92
    •  
PROPERTY LISTING DETAILS
Alicia Villarreal
One Eight Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508760
Last Updated: 01/29/2021
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