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

502 Diamond Creek Forney, TX 75126

3 Beds 3 Baths 2,239 sqft Built 2020

$299,900

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $133.94
  • 6 Days on Market
  • MLS # : 14498782
  • Updated Date : 01/12/2021 at 16:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,239 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

The Stanley floor plan features present a winning combination, like a first-floor primary suite, open living area, and center island kitchen. The formal dining room and upstairs loft expand the home’s versatility, with options for a home office or dual home office space. The second floor offers a pleasing option for a multigenerational space, with 2 bedrooms. With gray on one side of the color scale and white on the other, this palette is in perfect balance. White cabinets and countertops are harmonious next to gray walls and flooring. Diamond Creek puts you in the heart of this lifestyle, in a growing neighborhood of exceptional single-family homes. Estimated completion March 2021.

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,042
Property Tax -$687
Property Insurance -$157
HOA -$35
Property Management Fees -$99
CASH FLOW
-$60

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.

$299,900

PROJECTED PRICE

$1,960

PROJECTED RENT

0.65%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$81,474

INVESTMENT

$81,474

Down Payment
$74,975
Rehab Estimate
$2,000
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$8,222

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,015

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$1,9604$2,0005$2,095
$2,095
RENT COMPS ANALYSIS
  • 502 Diamond Creek Forney, TX 3
    • 3 beds 3 baths ∙ 2,239 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,239 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.88
    •  
  • 2203 Woodberry Drive Forney, TX 1
    • 4 beds 2 baths ∙ 2,065 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,065 Sqft ∙ Built 2006
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.87
    •  
  • 2235 Pecan Ridge Drive Forney, TX 2
    • 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 2006
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.85
    •  
  • 2302 Sparrow Drive Forney, TX 4
    • 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
    •  
  • 268 Van Buren Drive Forney, TX 5
    • 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 2017
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $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 #: 14498782
Last Updated: 01/12/2021
BESbswy