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709 Redbud Drive Forney, TX 75126

3 Beds 2 Baths 1,539 sqft Built 1983

$194,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $126.06
  • 4 Days on Market
  • MLS # : 14457174
  • Updated Date : 10/31/2020 at 15:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,539 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Rockwall

Listing Agent's Description

Sweet charm, 3 bedroom 2 bath home in the heart of Forney! Cozy living area with exposed brick wood burning fireplace, open eat in kitchen, spacious master suite with unique ensuite! Large outdoor covered patio and backyard. Mature trees in quiet neighborhood in excellent school district. New windows and sliding glass door in 2016. Street was completely re-done 2019, 2020. As well as driveway and sidewalks. Community playground just around the corner. This listing won't last long!!

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: South Lake Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k250k

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

Neighborhood: South Lake Estates

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
Criswell Elementary School Primary Regular 562 32 8
Criswell Elementary School Middle Regular 562 32 8
North Forney High School High Regular 1,274 83 7

Criswell Elementary School

  • Education Level: Primary
  • # of students: 562
  • # of teachers: 32
8
GreatSchools Rating

Criswell Elementary School

  • Education Level: Middle
  • # of students: 562
  • # of teachers: 32
8
GreatSchools Rating

North Forney High School

  • Education Level: High
  • # of students: 1,274
  • # of teachers: 83
7
GreatSchools Rating
 

$174,600$213,400$194,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$716
Property Tax -$445
Property Insurance -$116
Property Management Fees -$99
CASH FLOW
$145

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$194,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,160

INVESTMENT

$57,160

Down Payment
$48,500
Rehab Estimate
$5,750
Closing Costs
$2,910

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,500
Loan Amount $145,500
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$24,013

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,516

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5203$1,6504$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 709 Redbud Drive Forney, TX 2
    • 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.99
    •  
  • 923 Downing Street Forney, TX 1
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1972
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.94
    •  
  • 154 Wandering Drive Forney, TX 3
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 2003
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 102 Galloping Trail Forney, TX 4
    • 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 2003
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.02
    •  
  • 913 Pinson Road Forney, TX 5
    • 3 beds 2 baths ∙ 1,709 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,709 Sqft ∙ Built 1965
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Danny Perez
Keller Williams Rockwall
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14457174
Last Updated: 10/31/2020
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