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2220 Mcclendon Drive Rockwall, TX 75032

4 Beds 3 Baths 3,269 sqft Built 1992

INVESTimate

$509,000

List Price

$2,660

$2,410 - $2,910

Rent Est.

$537,097  ( +5.52%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $155.71
  • 5 Days on Market
  • MLS # : 14418033
  • Updated Date : 08/24/2020 at 19:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,269 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Central

Listing Agent's Description

Welcome to an astoundingly efficient country oasis in the coveted Longbranch Community, equipped with state-of-the-art solar panels & vaulted ceilings beyond comprehension, allowing the home to stay incredibly pleasant year round. It sits on a hilly 1.5 acres with a 22'x28' shop with electrical & AC, 12' doors, & two storage sheds, surrounded by extensive irrigation. It boasts gorgeous hardwoods & plantation shutters, a glistening kitchen with double oven, sleek custom cabinetry, a stunning owners' wing with steam shower, elegant woodwork, glass pocket doors to study, a separate, newly remodeled office, 2 recently installed HVAC units, hot water heaters, & roof, & abundant storage that wraps around upstairs.

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

Zip Code: 75032

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k348k

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

Zip Code: 75032

ZipNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200Rent in $11262288

* 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
Ouida Springer Elementary School Primary Regular 660 43 6
Cain Middle School Middle Regular 941 50 7
Rockwall-heath High School High Regular 2,200 119 8

Ouida Springer Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 43
6
GreatSchools Rating

Cain Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 50
7
GreatSchools Rating

Rockwall-heath High School

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

$458,100$559,900$509,000

PURCHASE PRICE

$2,394$2,926$2,660

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,660
EXPENSES Loan Payment -$1,878
Property Tax -$916
Property Insurance -$216
HOA -$6
Property Management Fees -$99
CASH FLOW
-$456

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.

$509,000

PROJECTED PRICE

$2,660

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.52%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$140,635

INVESTMENT

$140,635

Down Payment
$127,250
Rehab Estimate
$5,750
Closing Costs
$7,635

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,878

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $127,250
Loan Amount $381,750
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,678

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,660

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,051

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9303$1,9954$1,9955$2,660
$2,660
RENT COMPS ANALYSIS
  • 2220 Mcclendon Drive Rockwall, TX 5
    • 4 beds 3 baths ∙ 3,269 Sqft ∙ Built 1992 4 beds 3 baths ∙ 3,269 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $0.81
    •  
  • 3468 Post Oak Drive Rockwall, TX 1
    • 4 beds 3 baths ∙ 2,984 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,984 Sqft ∙ Built 2005
    property image
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.64
    •  
  • 2911 Tangleglen Drive Rockwall, TX 2
    • 4 beds 3 baths ∙ 3,024 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,024 Sqft ∙ Built 2003
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.64
    •  
  • 3132 Coolwood Lane Rockwall, TX 3
    • 4 beds 3 baths ∙ 3,191 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,191 Sqft ∙ Built 2005
    property image
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.63
    •  
  • 1507 Walnut Ridge Drive Rockwall, TX 4
    • 5 beds 3 baths ∙ 3,349 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,349 Sqft ∙ Built 2002
    property image
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.60
    •  
PROPERTY LISTING DETAILS
Parker Hall
Keller Williams Central
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418033
Last Updated: 08/24/2020
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