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1415 Lochspring Drive Rockwall, TX 75032

3 Beds 2 Baths 1,792 sqft Built 2003

$240,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $133.93
  • 4 Days on Market
  • MLS # : 14517046
  • Updated Date : 02/12/2021 at 22:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,792 sqft
  • Baths : 2 full
Listing Agent

Results Property Group, Llc

Listing Agent's Description

Adorable, well kept, 3 bed, 2 bath that has recent updates. Split bedroom floorplan with large living area. Dining is being used as second living. Plenty of room to entertain. Wood-look plank vinyl floors in living, dining and hallways. Spacious master bedroom with en-suite and walk in closet. Gorgeous granite in the galley style kitchen that boasts a walk in pantry. Plenty of space in the backyard with nice wood fence and pergola. Easy access to I-30 and close to shopping and dining! ****Multiple offers, best and final by 5pm on Saturday, 2.13.21****

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: Meadowcreek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Meadowcreek Estates

NeighborhoodNIR 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
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall-heath High School High Regular 2,200 119 8
Rockwall-heath High School High Unknown NA

Herman E. Utley Middle School

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

Rockwall-heath High School

  • Education Level: High
  • # of students: 2,200
  • # of teachers: 119
8
GreatSchools Rating

Rockwall-heath High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$834
Property Tax -$432
Property Insurance -$131
HOA -$20
Property Management Fees -$99
CASH FLOW
$155

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.

$240,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.2%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$24,114

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,667

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6253$1,6704$1,6955$1,695
$1,695
RENT COMPS ANALYSIS
  • 1415 Lochspring Drive Rockwall, TX 3
    • 3 beds 2 baths ∙ 1,792 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,792 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.93
    •  
  • 1430 Stewart Drive Rockwall, TX 1
    • 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.89
    •  
  • 1478 Stewart Drive Rockwall, TX 2
    • 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 2000
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.95
    •  
  • 1472 Stewart Drive Rockwall, TX 4
    • 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.94
    •  
  • 1395 Stewart Drive Rockwall, TX 5
    • 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,799 Sqft ∙ Built 2000
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.94
    •  
PROPERTY LISTING DETAILS
Amber Newell
Results Property Group, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14517046
Last Updated: 02/12/2021
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