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1510 Wheatley Way Forney, TX 75126

4 Beds 2 Baths 2,301 sqft Built 2018

$320,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $139.07
  • 5 Days on Market
  • MLS # : 14465540
  • Updated Date : 11/05/2020 at 12:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,301 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

WOW! WOW! WOW! This FORNEY home is just like NEW and PRICED TO SELL! Come check out this pristine 4 bedroom 2 bathroom open concept beauty with tons of upgrades. Large kitchen with breakfast bar, granite countertops and stainless steel appliances. Master on the 1st floor, high ceilings, dual sinks, walk in shower and large closet. Large backyard with covered patio great for entertaining and room for a pool. Easy access to the main road and minutes from freeways, shopping and restaurants. This home is a MUST SEE!

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
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,181
Property Tax -$829
Property Insurance -$156
HOA -$40
Property Management Fees -$99
CASH FLOW
-$154

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.

$320,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.67%

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-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,211

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,210

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1503$2,1504$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 1510 Wheatley Way Forney, TX 3
    • 4 beds 2 baths ∙ 2,227 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,227 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.97
    •  
  • 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
    •  
  • 1301 Torrington Lane Forney, TX 2
    • 5 beds 3 baths ∙ 2,206 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,206 Sqft ∙ Built 2017
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.97
    •  
  • 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
Benaisha Poole-watson
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465540
Last Updated: 11/05/2020
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