Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3615 Highpoint Drive Rockwall, TX 75087

3 Beds 2 Baths 2,171 sqft Built 1992

$300,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $138.19
  • 2 Days on Market
  • MLS # : 14498921
  • Updated Date : 01/16/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,171 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Dpr

Listing Agent's Description

Beautiful 1-Story Mediterranean-Style Home in Beautiful Lakeside Village with Lovely Lake Views from Front Deck or Covered Patio! High Vaulted Ceiling and Beaming Hand-Scraped Hardwoods Welcome You into Spacious Living Room, Large Open Kitchen w- Island Opens to Formal Dining Area OR an Ideal Home Office, 2nd Living Area, Flex-Room! NO CARPET-Ceramic Tile and Hand-Scraped Hardwoods! Split Bedrooms! Low Maintenance Home w-Flagstone Backyard Patio w-Wood Pergola! Circular Drive with 2-Car Covered Porte-Cochere. Lakeside Village Community Features 9-Hole Golf Course, Swimming Pool and Tennis Courts!

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: Lakeside Village

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Lakeside Village

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
Virginia Reinhardt Elementary School Primary Regular 581 34 8
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Virginia Reinhardt Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 34
8
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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,042
Property Tax -$540
Property Insurance -$153
HOA -$136
Property Management Fees -$99
CASH FLOW
$50

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.

$300,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.6%
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-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$16,268

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,041

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9493$1,9954$2,0205$2,150
$2,150
RENT COMPS ANALYSIS
  • 3615 Highpoint Drive Rockwall, TX 4
    • 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 1992 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.93
    •  
  • 3323 Augusta Boulevard Rockwall, TX 1
    • 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,952 Sqft ∙ Built 1984
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
  • 750 Turtle Cove Boulevard Rockwall, TX 2
    • 4 beds 2 baths ∙ 2,023 Sqft ∙ Built 1999 4 beds 2 baths ∙ 2,023 Sqft ∙ Built 1999
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,949
    • $0.96
    •  
  • 629 Harbor Cove Drive Rockwall, TX 3
    • 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 1999
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.95
    •  
  • 1968 Gullwing Drive Rockwall, TX 5
    • 4 beds 2 baths ∙ 2,310 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,310 Sqft ∙ Built 2000
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.93
    •  
PROPERTY LISTING DETAILS
Laurie Steenis
Keller Williams Realty Dpr
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14498921
Last Updated: 01/16/2021
BESbswy