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2513 Pettus Drive Forney, TX 75126

3 Beds 3 Baths 2,017 sqft Built 2020

$254,990

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $126.42
  • 7 Days on Market
  • MLS # : 14469317
  • Updated Date : 11/17/2020 at 10:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,017 sqft
  • Baths : 2 full , 1 half
Listing Agent

Gehan Homes Brokerage, Llc

Listing Agent's Description

Brand NEW Two-Story with 3 Bedrooms, 2.5 Bathrooms, 2 Car Garage and so much more! This home has a covered back patio, spacious pantry, open concept from kitchen to family. An elegant entry welcomes you with style, with high ceilings. The spacious kitchen features Wood like luxury vinyl tile and a large island. The cozy breakfast nook offers a unique view to the family room. Enjoy the relaxing master suite and a luxurious master bath. This plan offers plenty of room to grow.

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
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
 

$229,491$280,489$254,990

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$941
Property Tax -$584
Property Insurance -$144
HOA -$50
Property Management Fees -$99
CASH FLOW
$112

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$254,990

PROJECTED PRICE

$1,930

PROJECTED RENT

0.76%

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) 3.00%
Vacancy 6.93%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,572

INVESTMENT

$69,572

Down Payment
$63,748
Rehab Estimate
$2,000
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,748
Loan Amount $191,243
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$23,720

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,977

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8503$1,8954$1,9305$2,200
$2,200
RENT COMPS ANALYSIS
  • 2513 Pettus Drive Forney, TX 4
    • 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.96
    •  
  • 2058 Enchanted Rock Drive Forney, TX 1
    • 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 2016
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 2302 Tombstone Road Forney, TX 2
    • 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2017
    property image
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.97
    •  
  • 2217 Vance Drive Forney, TX 3
    • 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2018 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2018
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.99
    •  
  • 2110 Red River Road Forney, TX 5
    • 4 beds 3 baths ∙ 2,187 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,187 Sqft ∙ Built 2014
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
PROPERTY LISTING DETAILS
April Maki
Gehan Homes Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469317
Last Updated: 11/17/2020
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