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3033 Chico Drive Forney, TX 75126

3 Beds 2 Baths 1,236 sqft Built 2021

$237,900

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $192.48
  • 4 Days on Market
  • MLS # : 14512777
  • Updated Date : 02/05/2021 at 14:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,236 sqft
  • Baths : 2 full
Listing Agent

Lgi Homes

Listing Agent's Description

The Rio Grande plan by LGI Homes is a charming 3-bedroom, 2-bath single story home featuring thousands of dollars in upgrades including granite countertops, stunning wood cabinets, brushed nickel hardware, and an attached two-car garage complete with a garage door opener. This beautiful home comes fully-loaded with a private master suite featuring a walk-in closet, as well as a fully fenced backyard, covered front patio and front yard landscaping. This exceptional home is located in the picturesque community of Windmill Farms which includes a multitude of incredible amenities.

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
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

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
 

$214,110$261,690$237,900

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$826
Property Tax -$545
Property Insurance -$99
HOA -$41
Property Management Fees -$99
CASH FLOW
-$310

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.

$237,900

PROJECTED PRICE

$1,300

PROJECTED RENT

0.55%

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$5.0k-$4.0k-$3.0k-$2.0k-$1.0k$0.0$1.0k

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$65,044

INVESTMENT

$65,044

Down Payment
$59,475
Rehab Estimate
$2,000
Closing Costs
$3,569

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$826

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,475
Loan Amount $178,425
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$30

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,298

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4493$1,5504$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 3033 Chico Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.05
    •  
  • 2014 Fair Crest Trail Forney, TX 2
    • 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 2004
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $1.07
    •  
  • 2027 Brook Meadow Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,476 Sqft ∙ Built 2006
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.05
    •  
  • 2019 Chisolm Trail Forney, TX 4
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2006
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.02
    •  
  • 2019 Fairview Drive Forney, TX 5
    • 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 2004
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.06
    •  
PROPERTY LISTING DETAILS
Mona Hill
Lgi Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512777
Last Updated: 02/05/2021
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