Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2517 Pettus Drive Forney, TX 75126

3 Beds 3 Baths 1,764 sqft Built 2020

$274,297

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $155.50
  • 3 Days on Market
  • MLS # : 14471750
  • Updated Date : 12/04/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,764 sqft
  • Baths : 2 full , 1 half
Listing Agent

Gehan Homes Brokerage, Llc

Listing Agent's Description

Soaring 17' ceilings in the Family Room are the highlight of this top selling two story home. All the right finishes include Stainless Steel Appliances, Granite Countertops in the Kitchen, Luxury Vinyl Tile in the living areas, and Extended Covered Patio.

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

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
 

$246,867$301,727$274,297

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,012
Property Tax -$629
Property Insurance -$129
HOA -$50
Property Management Fees -$99
CASH FLOW
-$209

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.

$274,297

PROJECTED PRICE

$1,710

PROJECTED RENT

0.62%

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-$4.0k-$2.0k$0.0$2.0k$4.0k

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$74,689

INVESTMENT

$74,689

Down Payment
$68,574
Rehab Estimate
$2,000
Closing Costs
$4,114

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,012

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,574
Loan Amount $205,723
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$1,986

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7103$1,7504$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
  • 2517 Pettus Drive Forney, TX 2
    • 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.97
    •  
  • 2071 Enchanted Rock Drive Forney, TX 1
    • 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
    •  
  • 2058 Enchanted Rock Drive Forney, TX 3
    • 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 2016
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 2436 San Marcos Drive Forney, TX 4
    • 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 2019
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.02
    •  
  • 2302 Tombstone Road Forney, TX 5
    • 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 2017
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.97
    •  
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 #: 14471750
Last Updated: 12/04/2020
BESbswy