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573 Spruce Trail Forney, TX 75126

4 Beds 3 Baths 2,474 sqft Built 2017

$349,900

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $141.43
  • 2 Days on Market
  • MLS # : 14478006
  • Updated Date : 11/28/2020 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,474 sqft
  • Baths : 2 full , 1 half
Listing Agent

Vibrant Real Estate

Listing Agent's Description

The only thing missing in this home is you. This beautiful home is only two years old and comes with all the upgrades, immaculately cared for. perfect for any family. You must see this gorgeous home before its gone. Large bedrooms throughout with room for king size beds in every room, a huge gameroom, open floor plan, large covered front porch complete with a swing, backyard complete with sand box and swingset and room to add a pool. two and half car garage with room for the truck, car and storage. This home checks all your boxes and has room for expanding the closets and adding room upstairs.

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: 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
Claybon Elementary School Primary Regular 520 31 8
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Claybon Elementary School

  • Education Level: Primary
  • # of students: 520
  • # of teachers: 31
8
GreatSchools Rating

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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,291
Property Tax -$802
Property Insurance -$170
HOA -$29
Property Management Fees -$99
CASH FLOW
-$301

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.

$349,900

PROJECTED PRICE

$2,090

PROJECTED RENT

0.60%

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$1.0M

PROJECTED ANNUAL CASH FLOW

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

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$1,657

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,084

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,0903$2,0904$2,2505$2,250
$2,250
RENT COMPS ANALYSIS
  • 573 Spruce Trail Forney, TX 3
    • 4 beds 3 baths ∙ 2,474 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,474 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $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 2
    • 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
Tracie Gheen
Vibrant Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14478006
Last Updated: 11/28/2020
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