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505 Tuscany Drive Forney, TX 75126

5 Beds 3 Baths 3,033 sqft Built 2021

$384,900

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $126.90
  • 6 Days on Market
  • MLS # : 14511256
  • Updated Date : 02/02/2021 at 17:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,033 sqft
  • Baths : 3 full
Listing Agent

Key Trek-cc

Listing Agent's Description

Wonderful K. Hovnanian two story home! Located in the charming town of Forney, this is a must see home! Sleek laminated plank flooring is featured in the entry, kitchen, dining & great room. A private home office with French doors is at the front of the home. Spacious kitchen offers a serving island with impressive quartz countertops and a corner pantry. Relaxing owner's suite has a lovely window seat and large walk-in closet. The owner's luxury bath showcases an oversized glass enclosed shower and a separate tub. Fun gameroom and media room up with three bedrooms! Convenient first floor bedroom for guests. Homeowners will enjoy the impressive new community pool coming in 2021. $36,500 in upgrades included!

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

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
 

$346,410$423,390$384,900

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,337
Property Tax -$882
Property Insurance -$202
HOA -$27
Property Management Fees -$99
CASH FLOW
-$157

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.

$384,900

PROJECTED PRICE

$2,390

PROJECTED RENT

0.62%

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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,999

INVESTMENT

$103,999

Down Payment
$96,225
Rehab Estimate
$2,000
Closing Costs
$5,774

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,225
Loan Amount $288,675
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$6,163

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,351

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1003$2,2004$2,2955$2,390
$2,390
RENT COMPS ANALYSIS
  • 505 Tuscany Drive Forney, TX 5
    • 5 beds 3 baths ∙ 3,033 Sqft ∙ Built 2021 5 beds 3 baths ∙ 3,033 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.79
    •  
  • 1517 Fairfield Drive Forney, TX 1
    • 5 beds 3 baths ∙ 2,734 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,734 Sqft ∙ Built 2004
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.73
    •  
  • 108 Highcreek Drive Forney, TX 2
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 2005
    property image
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.75
    •  
  • 2014 Rosebury Lane Forney, TX 3
    • 4 beds 3 baths ∙ 2,738 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,738 Sqft ∙ Built 2017
    property image
    LEASED 08/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.80
    •  
  • 505 Clemson Lane Forney, TX 4
    • 4 beds 4 baths ∙ 2,814 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,814 Sqft ∙ Built 2016
    property image
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.82
    •  
PROPERTY LISTING DETAILS
Teri Walter
Key Trek-cc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14511256
Last Updated: 02/02/2021
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