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1315 Clear Meadow Court Rockwall, TX 75087

3 Beds 2 Baths 1,632 sqft Built 2005

$280,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $171.57
  • 7 Days on Market
  • MLS # : 14506355
  • Updated Date : 01/25/2021 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,632 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Rockwall one-story cul-de-sac home offers a two-car garage. This home is vacant and cleaned regularly.

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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: Shores North

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k359k

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

Neighborhood: Shores North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262421

* 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
J. W. Williams Middle School Middle Regular 814 41 8
Rockwall High School High Regular 2,323 134 8

J. W. Williams Middle School

  • Education Level: Middle
  • # of students: 814
  • # of teachers: 41
8
GreatSchools Rating

Rockwall High School

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

$252,000$308,000$280,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$973
Property Tax -$504
Property Insurance -$122
HOA -$54
Property Management Fees -$99
CASH FLOW
-$51

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.

$280,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.3%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,697

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8004$1,8505$1,900
$1,900
RENT COMPS ANALYSIS
  • 1315 Clear Meadow Court Rockwall, TX 1
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.04
    •  
  • 1375 Clear Meadow Court Rockwall, TX 2
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2005
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.99
    •  
  • 2671 Nova Park Court Rockwall, TX 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 2002
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.11
    •  
  • 1325 Clear Meadow Court Rockwall, TX 4
    • 3 beds 2 baths ∙ 1,819 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,819 Sqft ∙ Built 2005
    property image
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.02
    •  
  • 2670 Fern Valley Lane Rockwall, TX 5
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 2005
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.04
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506355
Last Updated: 01/25/2021
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