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515 Elm Grove Trail Forney, TX 75126

4 Beds 2 Baths 2,470 sqft Built 2007

$279,900

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $113.32
  • 5 Days on Market
  • MLS # : 14520718
  • Updated Date : 02/24/2021 at 18:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,470 sqft
  • Baths : 2 full
Listing Agent

Riter Group

Listing Agent's Description

What a find. Rare single story 4 bedroom home at the end of a cul de sac in sought after Trails of Chestnut Meadows and Forney ISD. This neighborhood didn't lose power or water during the Great Winter Freeze of 2021. Beautifully updated home with stainless steel appliances, wood look flooring, 2 living areas, 2 dining areas, and an enclosed porch to enjoy nice evenings. A great floorplan with Primary bed bath on one side of the house and other bedrooms and bathroom on the other side of the house for complete privacy. Open concept with a walk in pantry, gas stove, and beautiful barn door for laundry room saving space with style. Multiple offers, highest and best by 5pm Saturday, February 27, 2021.

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: Trails of Chestnut Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Trails of Chestnut Meadow

NeighborhoodNIR 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
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Warren Middle School

  • Education Level: Middle
  • # of students: 713
  • # of teachers: 39
9
GreatSchools Rating

Forney High School

  • Education Level: High
  • # of students: 1,402
  • # of teachers: 88
8
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$972
Property Tax -$641
Property Insurance -$170
HOA -$37
Property Management Fees -$99
CASH FLOW
$161

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$279,900

PROJECTED PRICE

$2,080

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$24,184

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,081

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,0803$2,0904$2,2505$2,250
$2,250
RENT COMPS ANALYSIS
  • 515 Elm Grove Trail Forney, TX 2
    • 4 beds 2 baths ∙ 2,470 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,470 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.84
    •  
  • 507 Olive Trail Forney, TX 1
    • 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 2013
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.79
    •  
  • 422 Red Oak Court Forney, TX 3
    • 4 beds 3 baths ∙ 2,655 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,655 Sqft ∙ Built 2005
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.79
    •  
  • 502 Elm Grove Trail Forney, TX 4
    • 4 beds 2 baths ∙ 2,517 Sqft ∙ Built 2009 4 beds 2 baths ∙ 2,517 Sqft ∙ Built 2009
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.89
    •  
  • 110 Cherrytree Trail Forney, TX 5
    • 4 beds 2 baths ∙ 2,510 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,510 Sqft ∙ Built 2004
    LEASED 09/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.90
    •  
PROPERTY LISTING DETAILS
Samuel Mcdonald
Riter Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520718
Last Updated: 02/24/2021
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