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2304 Torch Lake Drive Forney, TX 75126

4 Beds 2 Baths 1,535 sqft Built 2019

$239,900

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $156.29
  • 2 Days on Market
  • MLS # : 14541665
  • Updated Date : 03/27/2021 at 10:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,535 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty Llc

Listing Agent's Description

Absolutely charming home with so much to offer. This beautiful home boasts an open living, dining, and kitchen space with a granite breakfast bar-island. Perfect to entertain family and friends. Split bedrooms, 4 bedrooms and 2 bath, 2 car garage, sprinkler system, ceramic tile through common areas and bathrooms. Community offers pool, playgrounds, walking trails and an elementary school within walking distance, as well as minutes from Forney or Rockwall shopping, dining, entertainment, and so much more.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

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
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$833
Property Tax -$550
Property Insurance -$116
HOA -$30
Property Management Fees -$99
CASH FLOW
$122

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.

$239,900

PROJECTED PRICE

$1,750

PROJECTED RENT

0.73%

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$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$833

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$19,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,558

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,6503$1,6954$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 2304 Torch Lake Drive Forney, TX 5
    • 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 2019 4 beds 2 baths ∙ 1,535 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.14
    •  
  • 1004 Shackelford Lane Forney, TX 1
    • 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 2
    • 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 3
    • 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
    •  
  • 2028 Uvalde Drive Forney, TX 4
    • 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 2009
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.03
    •  
PROPERTY LISTING DETAILS
Ivette De La Hoz
Fathom Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14541665
Last Updated: 03/27/2021
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