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2205 Milo Way Forney, TX 75126

4 Beds 3 Baths 2,472 sqft Built 2021

$368,599

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $149.11
  • 4 Days on Market
  • MLS # : 14512870
  • Updated Date : 02/04/2021 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,472 sqft
  • Baths : 3 full
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14512870 - Built by Highland Homes - April completion! ~ Beautiful brick 2 story home with soaring ceilings and open concept floor plan with loft and game room. Kitchen features tile backsplash, gas standard burner, walk in pantry and expansive granite island. Enjoy entertaining on the extended covered patio. Master Suite features a bay window, large walk in closet, garden tub with separate shower and dual vanities sink.

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

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
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
 

$331,739$405,459$368,599

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,280
Property Tax -$845
Property Insurance -$170
HOA -$50
Property Management Fees -$99
CASH FLOW
-$254

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$368,599

PROJECTED PRICE

$2,190

PROJECTED RENT

0.59%

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) 3.00%
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

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$99,679

INVESTMENT

$99,679

Down Payment
$92,150
Rehab Estimate
$2,000
Closing Costs
$5,529

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,280

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,150
Loan Amount $276,449
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,192

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,175

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,1453$2,1504$2,1505$2,190
$2,190
RENT COMPS ANALYSIS
  • 2205 Milo Way Forney, TX 5
    • 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.89
    •  
  • 2011 Childress Drive Forney, TX 1
    • 5 beds 4 baths ∙ 2,342 Sqft ∙ Built 2014 5 beds 4 baths ∙ 2,342 Sqft ∙ Built 2014
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.83
    •  
  • 1638 Luckenbach Drive Forney, TX 2
    • 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 2020
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $0.93
    •  
  • 5097 Cathy Drive Forney, TX 3
    • 4 beds 3 baths ∙ 2,409 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,409 Sqft ∙ Built 2017
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.89
    •  
  • 2014 Sage Brush Drive Forney, TX 4
    • 3 beds 2 baths ∙ 2,480 Sqft ∙ Built 2012 3 beds 2 baths ∙ 2,480 Sqft ∙ Built 2012
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.87
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512870
Last Updated: 02/04/2021
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