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1008 Ivy Lane Rockwall, TX 75087

5 Beds 3 Baths 3,125 sqft Built 2008

INVESTimate

$640,000

List Price

$2,600

$2,350 - $2,850

Rent Est.

$679,872  ( +6.23%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $204.80
  • 7 Days on Market
  • MLS # : 14417695
  • Updated Date : 08/21/2020 at 15:34
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,125 sqft
  • Baths : 3 full
Listing Agent

Creekview Realty

Listing Agent's Description

This elegant home features both modern & craftsman character in an ideal location near downtown. Park Place is an idyllic neighborhood of craftsman homes with a community pool, clubhouse & walking paths. Front & backyard mowing is included in your HOA dues! The bright open concept home features a updated kitchen with granite & walk-in pantry. The luxurious master suite has a giant walk-in closet & 2020 bathroom remodel. A 2nd bdrm & full bath is also downstairs. Upstairs has three bdrms, a large media room & 3rd full bthrm. The upstairs space is picture perfect for children to sleep & play in style. The care that has gone into maintaining & updating this home is evident. It will not 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: Park Place West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $110k337k

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

Neighborhood: Park Place West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262478

* 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
Howard Dobbs Elementary School Primary Regular 624 43 7
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Howard Dobbs Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 43
7
GreatSchools Rating

Herman E. Utley Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 40
8
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$576,000$704,000$640,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$2,361
Property Tax -$1,152
Property Insurance -$208
HOA -$150
Property Management Fees -$99
CASH FLOW
-$1,370

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.

$640,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.23%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$175,350

INVESTMENT

$175,350

Down Payment
$160,000
Rehab Estimate
$5,750
Closing Costs
$9,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $160,000
Loan Amount $480,000
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$68

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,664

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,5004$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 1008 Ivy Lane Rockwall, TX 5
    • 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2008 5 beds 3 baths ∙ 3,125 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.83
    •  
  • 1250 Hampton Bay Drive Rockwall, TX 1
    • 4 beds 3 baths ∙ 2,900 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,900 Sqft ∙ Built 2006
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.83
    •  
  • 1036 Shady Lane Drive Rockwall, TX 2
    • 5 beds 3 baths ∙ 2,801 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,801 Sqft ∙ Built 2016
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.86
    •  
  • 1035 High Cotton Lane Rockwall, TX 3
    • 5 beds 3 baths ∙ 2,882 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,882 Sqft ∙ Built 2001
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.87
    •  
  • 1714 Preakness Drive Rockwall, TX 4
    • 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,060 Sqft ∙ Built 2017
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.85
    •  
PROPERTY LISTING DETAILS
John Prell
Creekview Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417695
Last Updated: 08/21/2020
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