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2302 Springfield Lane Rowlett, TX 75088

4 Beds 2 Baths 1,593 sqft Built 1989

$255,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $160.08
  • 4 Days on Market
  • MLS # : 14482662
  • Updated Date : 12/17/2020 at 12:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Rowlett one-story corner home offers a patio and a two-car garage. This home is vacant and cleaned regularly. This home has been virtually staged to illustrate its potential! Thanks for viewing!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

PRICE & RENT TRENDS

Neighborhood: Ridgecrest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k249k

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

Neighborhood: Ridgecrest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9451890

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$941
Property Tax -$611
Property Insurance -$119
Property Management Fees -$99
CASH FLOW
-$150

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.

$255,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,164

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,577

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6203$1,6504$1,6505$1,800
$1,800
RENT COMPS ANALYSIS
  • 2302 Springfield Lane Rowlett, TX 2
    • 4 beds 2 baths ∙ 1,593 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,593 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.02
    •  
  • 2314 Cortland Circle Rowlett, TX 1
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1987
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 3617 Remington Drive Rowlett, TX 3
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 1985
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 3610 Flagstone Avenue Rowlett, TX 4
    • 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1989
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.04
    •  
  • 2413 Cortland Circle Rowlett, TX 5
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1987
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.03
    •  
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 #: 14482662
Last Updated: 12/17/2020
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