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3834 Norway Mews Rowlett, TX 75089

3 Beds 3 Baths 1,882 sqft Built 2020

INVESTimate

$296,883

List Price

$1,650

$1,485 - $1,815

Rent Est.

$318,496  ( +7.28%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $157.75
  • 7 Days on Market
  • MLS # : 14417234
  • Updated Date : 08/20/2020 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,882 sqft
  • Baths : 2 full , 1 half
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready October 2020! The upstairs loft of the Kent makes a great home office or playroom. The primary suite offers a private space to unwind. Gray cabinets, salt 'n pepper granite, white geo backsplash, light gray tile and carpet, and oyster oak vinyl in our Posh package. Escape the bustle of the city just a half hour outside of Dallas in charming Northaven. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Neighborhood: Rowlett

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Rowlett

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100220023002400Rent in $11262404

* 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
 

$267,195$326,571$296,883

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,095
Property Tax -$711
Property Insurance -$136
HOA -$52
Property Management Fees -$99
CASH FLOW
-$443

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$296,883

PROJECTED PRICE

$1,650

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.28%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,674

INVESTMENT

$80,674

Down Payment
$74,221
Rehab Estimate
$2,000
Closing Costs
$4,453

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,095

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,221
Loan Amount $222,662
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$18

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,651

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6703$1,7504$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
  • 3834 Norway Mews Rowlett, TX 1
    • 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
  • 5706 San Marino Drive Rowlett, TX 2
    • 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,940 Sqft ∙ Built 2005
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.86
    •  
  • 1613 Audrey Drive Garland, TX 3
    • 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 2001
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.89
    •  
  • 3213 Rough Creek Drive Garland, TX 4
    • 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,013 Sqft ∙ Built 2016
    LEASED 07/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.92
    •  
  • 3410 Knight Drive Rowlett, TX 5
    • 4 beds 2 baths ∙ 2,196 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,196 Sqft ∙ Built 2008
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.84
    •  
PROPERTY LISTING DETAILS
Patrick Mcgrath
Meritage Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417234
Last Updated: 08/20/2020
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