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222 Colgate Forney, TX 75126

3 Beds 2 Baths 1,483 sqft Built 2002

$230,999

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $155.76
  • 3 Days on Market
  • MLS # : 14468126
  • Updated Date : 01/16/2021 at 08:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,483 sqft
  • Baths : 2 full
Listing Agent

Mike Mazyck Realty

Listing Agent's Description

Multiple Offers! Highest and Best Due by 5pm 1-17-2021. Lovely three bedroom home on a large corner lot. The spacious living area has a vaulted ceiling, wood burning fireplace, and opens to the dining area. Island kitchen with granite counters and stainless appliances. The master suite features master bath with dual vanity, garden tub, and a separate shower. Great backyard with a covered patio, wood privacy fence, and storage building. Be Sure to check out the 3D model and floor plan! Seller will require possession until the end of February.

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: Keller Home Place

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k250k

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

Neighborhood: Keller Home Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9452010

* 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
Claybon Elementary School Primary Regular 520 31 8
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Claybon Elementary School

  • Education Level: Primary
  • # of students: 520
  • # of teachers: 31
8
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
 

$207,899$254,099$230,999

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$802
Property Tax -$529
Property Insurance -$113
Property Management Fees -$99
CASH FLOW
-$44

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.

$230,999

PROJECTED PRICE

$1,500

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,965

INVESTMENT

$66,965

Down Payment
$57,750
Rehab Estimate
$5,750
Closing Costs
$3,465

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$802

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,750
Loan Amount $173,249
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$6,479

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,494

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,5003$1,5754$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 222 Colgate Forney, TX 2
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.01
    •  
  • 216 Windsor Forney, TX 1
    • 3 beds 2 baths ∙ 1,504 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,504 Sqft ∙ Built 2001
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.96
    •  
  • 212 Colgate Forney, TX 3
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2005
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.02
    •  
  • 217 S Chestnut Street Forney, TX 4
    • 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,567 Sqft ∙ Built 2002
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.02
    •  
  • 210 Stanford Forney, TX 5
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2005
    property image
    LEASED 01/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.03
    •  
PROPERTY LISTING DETAILS
Jan Kelley
Mike Mazyck Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14468126
Last Updated: 01/16/2021
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