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153 Redbud Drive Forney, TX 75126

4 Beds 3 Baths 2,624 sqft Built 2002

$255,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $97.18
  • 3 Days on Market
  • MLS # : 14492948
  • Updated Date : 01/01/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,624 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

Great value in Mustang Creek! This 4 bedroom home is perfect for a large family with lots of room for everyone. On the first floor, you will find the office with double doors, a formal dining area and a large kitchen with an abundance of cabinet and countertop space. The family room is open with a cozy corner fireplace and lots of natural light. The second floor offers a kids retreat or game room and spacious secondary bedrooms with walk in closets. includes a large backyard and a bonus third car garage. The entire upstairs carpet was replaced in Dec 2020.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Mustang Creek

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

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

Neighborhood: Mustang Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262010

* 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
Criswell Elementary School Primary Regular 562 32 8
Criswell Elementary School Middle Regular 562 32 8
North Forney High School High Regular 1,274 83 7

Criswell Elementary School

  • Education Level: Primary
  • # of students: 562
  • # of teachers: 32
8
GreatSchools Rating

Criswell Elementary School

  • Education Level: Middle
  • # of students: 562
  • # of teachers: 32
8
GreatSchools Rating

North Forney High School

  • Education Level: High
  • # of students: 1,274
  • # of teachers: 83
7
GreatSchools Rating
 

$229,500$280,500$255,000

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 -$941
Property Tax -$584
Property Insurance -$179
HOA -$20
Property Management Fees -$99
CASH FLOW
$327

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.

$255,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.3%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$46,069

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
  • $0.82

    LIST RENT PER SQFT
  • $2,152

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$2,1003$2,1504$2,1505$2,600
$2,600
RENT COMPS ANALYSIS
  • 153 Redbud Drive Forney, TX 4
    • 4 beds 3 baths ∙ 2,624 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,624 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.82
    •  
  • 123 Freedom Trail Forney, TX 1
    • 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 2006
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.72
    •  
  • 108 Highcreek Drive Forney, TX 2
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2005
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.75
    •  
  • 108 Lonesome Dove Lane Forney, TX 3
    • 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,634 Sqft ∙ Built 2004
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.82
    •  
  • 512 Appaloosa Drive Forney, TX 5
    • 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,614 Sqft ∙ Built 2003
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.99
    •  
PROPERTY LISTING DETAILS
Amy Britt
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 #: 14492948
Last Updated: 01/01/2021
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