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418 Diamond Creek Drive Forney, TX 75126

3 Beds 2 Baths 1,972 sqft Built 2020

$295,900

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $150.05
  • 7 Days on Market
  • MLS # : 14475993
  • Updated Date : 11/23/2020 at 08:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,972 sqft
  • Baths : 2 full
Listing Agent

Homesusa.com

Listing Agent's Description

This BEAUTIFUL, new construction HEISMAN floor plan by Trophy Signature Homes features a gorgeous corner lot with magnificent elevation. The massive kitchen island will be the place your guests flock. You will enjoy working in the large kitchen with tons of counter space while your friends and family enjoy the standard fireplace, working in the built in home management center or enjoying a meal. The home management center features side by side built in desks with storage as well as built in mud cubbies, the perfect place to drop your briefcase or back pack.

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

Neighborhood: Diamond Creek

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $122k250k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Diamond Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000Rent in $11262010

* 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
Crosby Elementary School Primary Regular 446 28 6
Brown Middle School Middle Regular 718 41 7
North Forney High School High Regular 1,274 83 7

Crosby Elementary School

  • Education Level: Primary
  • # of students: 446
  • # of teachers: 28
6
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
 

$266,310$325,490$295,900

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,092
Property Tax -$678
Property Insurance -$141
HOA -$35
Property Management Fees -$99
CASH FLOW
-$245

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$295,900

PROJECTED PRICE

$1,800

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 3.00%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,414

INVESTMENT

$80,414

Down Payment
$73,975
Rehab Estimate
$2,000
Closing Costs
$4,439

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,092

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,975
Loan Amount $221,925
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$1,677

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,834

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8003$1,8504$1,9005$2,000
$2,000
RENT COMPS ANALYSIS
  • 418 Diamond Creek Drive Forney, TX 2
    • 3 beds 2 baths ∙ 1,972 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,972 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
  • 2227 Overton Drive Forney, TX 1
    • 3 beds 2 baths ∙ 1,903 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,903 Sqft ∙ Built 2006
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.89
    •  
  • 2113 Thistle Lane Forney, TX 3
    • 4 beds 2 baths ∙ 1,904 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,904 Sqft ∙ Built 2007
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.97
    •  
  • 104 Rambling Way Forney, TX 4
    • 4 beds 2 baths ∙ 2,058 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,058 Sqft ∙ Built 2007
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.92
    •  
  • 2302 Sparrow Drive Forney, TX 5
    • 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2019
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14475993
Last Updated: 11/23/2020
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