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2234 Torch Lake Drive Forney, TX 75126

4 Beds 2 Baths 1,560 sqft Built 2016

$226,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $144.87
  • 5 Days on Market
  • MLS # : 14489723
  • Updated Date : 01/08/2021 at 17:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,560 sqft
  • Baths : 2 full
Listing Agent

Z, Realtors, Inc.

Listing Agent's Description

Multiple Offers Received! Highest & Best Deadline Sunday 1-10-21 @ 2:00PM. Beautiful 4 bedroom single story home on a corner lot. Home is light & bright with open floor plan maximizing use of square feet. The spacious eat in kitchen equipped with HUGE island has full open sight to family room & large backyard. Master bedroom is privately located in the rear of the home while the secondary bedrooms are located on the other side of the home in the front. Master bath has a huge walk in closet & an abundance of storage. Travis Ranch. Amenities include pool, parks, playground, splash pad, inline skate park and enclosed sport court. Nearby dining, shopping & highway. Paint and carpet completed Jan 2021!

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: 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
 

$203,400$248,600$226,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$785
Property Tax -$576
Property Insurance -$117
HOA -$30
Property Management Fees -$99
CASH FLOW
$13

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.

$226,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.72%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,640

INVESTMENT

$65,640

Down Payment
$56,500
Rehab Estimate
$5,750
Closing Costs
$3,390

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$785

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,500
Loan Amount $169,500
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$9,528

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,576

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,6253$1,6404$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 2234 Torch Lake Drive Forney, TX 1
    • 4 beds 2 baths ∙ 1,560 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,560 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.04
    •  
  • 2103 Red River Road Forney, TX 2
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 2013
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.01
    •  
  • 1004 Shackelford Lane Forney, TX 3
    • 3 beds 2 baths ∙ 1,578 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,578 Sqft ∙ Built 2005
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $1.04
    •  
  • 2071 Enchanted Rock Drive Forney, TX 4
    • 4 beds 2 baths ∙ 1,636 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,636 Sqft ∙ Built 2016
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 1015 Rumley Road Forney, TX 5
    • 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,727 Sqft ∙ Built 2005
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
PROPERTY LISTING DETAILS
Denise Taylor
Z, Realtors, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14489723
Last Updated: 01/08/2021
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