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2038 Enchanted Rock Drive Forney, TX 75126

3 Beds 2 Baths 2,132 sqft Built 2009

$249,900

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $117.21
  • 3 Days on Market
  • MLS # : 14473272
  • Updated Date : 11/20/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,132 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

This home sits on nearly a quarter-acre lot, one of the largest lots in Travis Ranch. Imagine sitting under the massive covered patio, with its two ceiling fans, and watching the kids run and play in your new backyard. As you enter the front door, you will find the formal dining, which would also make a great office, on the right. Separated from the master are two bedrooms and a full bath on the left, along with the utility room and garage entrance. Enjoy the openness of the kitchen, breakfast, and family areas. The kitchen is a chef's delight with the abundance of cabinets and counter space and double oven. Forney offers all the amenities you need and is located approximately 30 minutes from downtown Dallas.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Travis Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

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

Neighborhood: Travis Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262024

* 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
Lewis Elementary School Primary Regular 472 27 7
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

Lewis Elementary School

  • Education Level: Primary
  • # of students: 472
  • # of teachers: 27
7
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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$922
Property Tax -$637
Property Insurance -$150
HOA -$30
Property Management Fees -$99
CASH FLOW
$52

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.

$249,900

PROJECTED PRICE

$1,890

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.3%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$16,152

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,897

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,7953$1,7954$1,8505$1,890
$1,890
RENT COMPS ANALYSIS
  • 2038 Enchanted Rock Drive Forney, TX 5
    • 3 beds 2 baths ∙ 2,132 Sqft ∙ Built 2009 3 beds 2 baths ∙ 2,132 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.89
    •  
  • 2012 Fort Stockton Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2010
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.92
    •  
  • 2141 Rains County Road Forney, TX 2
    • 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,262 Sqft ∙ Built 2012
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.79
    •  
  • 1615 Luckenbach Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2020
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
  • 2102 Jack County Drive Forney, TX 4
    • 3 beds 2 baths ∙ 1,990 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,990 Sqft ∙ Built 2010
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jerry Welch
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473272
Last Updated: 11/20/2020
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