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16400 Prairie Meadow Lane Forney, TX 75126

4 Beds 2 Baths 2,217 sqft Built 2005

$324,997

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $146.59
  • 3 Days on Market
  • MLS # : 14470428
  • Updated Date : 11/12/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,217 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Apex, Realtors

Listing Agent's Description

IMMACULATE 4 BEDROOM, 2 BATHROOM PROPERTY SITTING ON OVER AN ACRE OF LAND IN FORNEY!! STONE AND BRICK ELEVATION! WALK IN AND SEE THE BEAUTIFUL UPDATES INCLUDING CARPET, PAINT AND FIXTURES! FORMAL DINING WITH AMPLE LIGHT OFF ENTRY! OPEN LIVING AREA WITH WOOD BURNING FIREPLACE! GOURMET KITCHEN WITH RICH OAK CABINETRY, BREAKFAST BAR, BLT IN MICROWAVE, WALK IN PANTRY AND BREAKFAST AREA LOOKING OUT TO COVERED PATIO! ENORMOUS MASTER SUITE WITH DUAL SINKS, GARDEN TUB, SEPARATE SHOWER, AND WALK IN CLOSET!! 3 SECONDARY BEDROOMS SPLIT WITH 2ND LIVING AREA! SPACIOUS UTILITY ROOM WITH CABINETS FOR STORAGE! ENDLESS OPPORTUNITIES ON OVER 1 ACRE WITH PLENTY OF SPACE FOR SHOP! EXTENDED DRIVEWAY! 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: Highland Prairie

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Highland Prairie

NeighborhoodNIR 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
Henderson Elementary School Primary Regular 536 29 7
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Henderson Elementary School

  • Education Level: Primary
  • # of students: 536
  • # of teachers: 29
7
GreatSchools Rating

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
 

$292,497$357,497$324,997

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,199
Property Tax -$745
Property Insurance -$155
Property Management Fees -$99
CASH FLOW
-$238

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.

$324,997

PROJECTED PRICE

$1,960

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.2%
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-$8.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,874

INVESTMENT

$91,874

Down Payment
$81,249
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,249
Loan Amount $243,748
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,737

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,062

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8453$1,8954$1,9605$1,995
$1,995
RENT COMPS ANALYSIS
  • 16400 Prairie Meadow Lane Forney, TX 4
    • 4 beds 2 baths ∙ 2,217 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,217 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.88
    •  
  • 1004 Richmond Lane Forney, TX 1
    • 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 2002
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.89
    •  
  • 3016 Rocking Hills Trail Forney, TX 2
    • 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 2013
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.95
    •  
  • 3023 Marble Falls Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2012
    LEASED 05/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.96
    •  
  • 3101 Granite Rock Trail Forney, TX 5
    • 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 2014
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.92
    •  
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 #: 14470428
Last Updated: 11/12/2020
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