What's the deal with Forney Texas?

[Victor Steffen]

Hi BP, can anyone tell me a bit more about Forney TX? Something isn't quite adding up for me:

-New builds selling for under 300k

-4 bed 1800 sqft SFHs are leasing for ~$2500 / month with with less than 30 DOM

The dissonance comes from the rent:price ratios and asset quality. New or recent construction SFHs in the metroplex are typically selling at a .5% rent:price ratio. These Forney houses are trading closer to a .8%.. In our market that's really good! 

I can't figure out what the economic forces are in the community driving the high rents and relatively low purchase prices. We can sometimes find houses built in the 60s-80s with these ratios but never new construction and definitely not in safe locations. The purchase prices, lease rates, asset quality and neighborhood safety are not aligning. 

Hoping someone with more intimate knowledge of the neighborhoods can help shed light?