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2531 Pettus Drive Forney, TX 75126

3 Beds 2 Baths 1,448 sqft Built 2020

INVESTimate

$231,705

List Price

$1,460

$1,314 - $1,606

Rent Est.

$245,051  ( +5.76%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $160.02
  • 6 Days on Market
  • MLS # : 14418241
  • Updated Date : 08/22/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,448 sqft
  • Baths : 2 full
Listing Agent

Jeanette Anderson Real Estate

Listing Agent's Description

Cozy 1 story home with 3 beds and 2 baths, open kitchen, casual dining and family room with fireplace. PLEASE SEE SHOWING INSTRUCTIONS... PLAN 1518

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

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
 

$208,535$254,876$231,705

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$855
Property Tax -$531
Property Insurance -$111
HOA -$50
Property Management Fees -$99
CASH FLOW
-$186

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.

$231,705

PROJECTED PRICE

$1,460

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.76%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,402

INVESTMENT

$63,402

Down Payment
$57,926
Rehab Estimate
$2,000
Closing Costs
$3,476

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$855

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,926
Loan Amount $173,779
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$1,496

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,466

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,460
1$1,4602$1,5953$1,6254$1,6405$1,650
$1,650
RENT COMPS ANALYSIS
  • 2531 Pettus Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $1.01
    •  
  • 1031 Johnson City Avenue Forney, TX 2
    • 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 2007
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.99
    •  
  • 2103 Red River Road Forney, TX 3
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 2013
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.01
    •  
  • 1004 Shackelford Lane Forney, TX 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Derek Phelps
Jeanette Anderson Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418241
Last Updated: 08/22/2020
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