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228 Starlight Drive Forney, TX 75126

3 Beds 2 Baths 1,551 sqft Built 2003

$217,500

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $140.23
  • 2 Days on Market
  • MLS # : 14514378
  • Updated Date : 02/06/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,551 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty Llc

Listing Agent's Description

You don't want to miss out on this move-in ready home in Forney! Freshly painted with all new carpet and vinyl flooring installed throughout, Jan 2021, this house is ready for your family to call home! New stove and microwave. This home has 3br 2bth with an eat-in kitchen with 42in cabinets, a separate utility room, and a living room that features a fireplace for keeping toasty in the winter. Enjoy the owner's suite with spacious bath featuring a garden tub, separate shower and a walk-in closet. Roof was replaced in 2018 and new attic insulation with radiant barrier will help keep your energy costs down in the blistering Texas summers. Great schools and excellent neighborhood!!

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: Mustang Creek

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

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

Neighborhood: Mustang Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262010

* 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
 

$195,750$239,250$217,500

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 -$755
Property Tax -$498
Property Insurance -$117
HOA -$21
Property Management Fees -$99
CASH FLOW
$9

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.

$217,500

PROJECTED PRICE

$1,500

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.3%
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

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$63,388

INVESTMENT

$63,388

Down Payment
$54,375
Rehab Estimate
$5,750
Closing Costs
$3,263

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$755

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,375
Loan Amount $163,125
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$9,575

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
  • $0.97

    LIST RENT PER SQFT
  • $1,539

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5753$1,6504$1,6855$1,730
$1,730
RENT COMPS ANALYSIS
  • 228 Starlight Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 118 Robin Lane Forney, TX 2
    • 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,613 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.98
    •  
  • 154 Wandering Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2003
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 509 Thunder Trail Forney, TX 4
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2004
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $1.00
    •  
  • 144 Landsdale Forney, TX 5
    • 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2018
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.00
    •  
PROPERTY LISTING DETAILS
Melanie Johnston
Fathom Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514378
Last Updated: 02/06/2021
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