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228 Eagle Ridge Forney, TX 75126

4 Beds 3 Baths 2,250 sqft Built 2016

$295,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $131.11
  • 2 Days on Market
  • MLS # : 14528017
  • Updated Date : 03/06/2021 at 12:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,250 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Conveniently located within walking distance to shopping and dining. This well maintained custom is sure to impress. Great drive up with stone accent exterior. Inside a spacious floorplan with today's desired open concept kitchen-living room view. Huge work island with bar top seating in kitchen with earth toned granite counters, gas cooktop and stainless steel appliances. Master bedroom downstairs with room for seating area or crib and ensuite bath with huge walk in closet. Guest bedrooms and lofted second living room upstairs; not directly above master bedroom. Covered back patio and large fenced backyard. Extended entry with split fourth bedroom or office. Great family home that is ready for new owner!

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
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7
Brown Middle School Middle Unknown NA

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

Brown Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,025
Property Tax -$676
Property Insurance -$157
HOA -$20
Property Management Fees -$99
CASH FLOW
$43

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.

$295,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.68%

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) 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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$15,085

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,048

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$2,0004$2,0205$2,095
$2,095
RENT COMPS ANALYSIS
  • 228 Eagle Ridge Forney, TX 4
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.90
    •  
  • 2203 Woodberry Drive Forney, TX 1
    • 4 beds 2 baths ∙ 2,065 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,065 Sqft ∙ Built 2006
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.87
    •  
  • 133 Painted Trail Forney, TX 2
    • 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 2007
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.89
    •  
  • 2302 Sparrow Drive Forney, TX 3
    • 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2019
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
  • 268 Van Buren Drive Forney, TX 5
    • 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2017
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.94
    •  
PROPERTY LISTING DETAILS
Shaun Walding
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14528017
Last Updated: 03/06/2021
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