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604 E Buffalo Street Forney, TX 75126

3 Beds 3 Baths 1,890 sqft Built 2017

INVESTimate

$249,500

List Price

$1,620

$1,458 - $1,782

Rent Est.

$263,871  ( +5.76%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $132.01
  • 7 Days on Market
  • MLS # : 14417409
  • Updated Date : 08/20/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,890 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exit Realty Pro

Listing Agent's Description

A fairly new custom built home with so much to see. This home is located in the middle of the continuously growing city of Forney. Very close to shopping and food, as well as close to all major highways. This home features upgrades and a very alluring floor plan. Too many upgrades to list. This is a must see and will not last long on the market. The exterior is as lovely as the interior with covered porch and a rear covered patio for entertaining. A beautiful like new home located in a nice quiet neighborhood.

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

Zip Code: 75126

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75126

ZipNIR 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
Rhea Elementary School Primary Regular 709 42 8
Warren Middle School Middle Regular 713 39 9
Forney High School High Regular 1,402 88 8

Rhea Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 42
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
 

$224,550$274,450$249,500

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$921
Property Tax -$605
Property Insurance -$136
Property Management Fees -$99
CASH FLOW
-$141

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.

$249,500

PROJECTED PRICE

$1,620

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.76%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,868

INVESTMENT

$71,868

Down Payment
$62,375
Rehab Estimate
$5,750
Closing Costs
$3,743

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$921

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,375
Loan Amount $187,125
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,516

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,654

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6203$1,6954$1,7255$1,750
$1,750
RENT COMPS ANALYSIS
  • 604 E Buffalo Street Forney, TX 2
    • 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.86
    •  
  • 129 Stanford Forney, TX 1
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 2006
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.84
    •  
  • 209 S Chestnut Street Forney, TX 3
    • 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 2005
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.87
    •  
  • 112 Wrangler Avenue Forney, TX 4
    • 4 beds 3 baths ∙ 2,039 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,039 Sqft ∙ Built 2017
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.85
    •  
  • 105 Marquette Street Forney, TX 5
    • 4 beds 2 baths ∙ 1,853 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,853 Sqft ∙ Built 1999
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
PROPERTY LISTING DETAILS
Desiray Drinning
Exit Realty Pro
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417409
Last Updated: 08/20/2020
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