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3838 Norway Mews Rowlett, TX 75089

4 Beds 3 Baths 2,472 sqft Built 2020

INVESTimate

$310,133

List Price

$2,090

$1,881 - $2,299

Rent Est.

$332,711  ( +7.28%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $125.46
  • 8 Days on Market
  • MLS # : 14416751
  • Updated Date : 08/20/2020 at 04:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,472 sqft
  • Baths : 3 full
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready October 2020! Head upstairs of the Harrow to find a generously sized primary suite complete with ensuite bath and walk-in closet. Creamy ember cabinets with speckled granite, taupe backsplash & tile, beige carpet, and cinnamon walnut vinyl in our Timeless 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
 

$279,120$341,146$310,133

PURCHASE PRICE

$1,881$2,299$2,090

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

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 $2,090
EXPENSES Loan Payment -$1,144
Property Tax -$743
Property Insurance -$170
HOA -$52
Property Management Fees -$99
CASH FLOW
-$118

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.

$310,133

PROJECTED PRICE

$2,090

PROJECTED RENT

0.67%

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$84,185

INVESTMENT

$84,185

Down Payment
$77,533
Rehab Estimate
$2,000
Closing Costs
$4,652

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,533
Loan Amount $232,600
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$6,891

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,064

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8953$1,8954$2,0905$2,149
$2,149
RENT COMPS ANALYSIS
  • 3838 Norway Mews Rowlett, TX 4
    • 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,472 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.85
    •  
  • 3410 Knight Drive Rowlett, TX 1
    • 4 beds 2 baths ∙ 2,196 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,196 Sqft ∙ Built 2008
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.84
    •  
  • 6009 San Marino Drive Rowlett, TX 2
    • 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 2005
    property image
    LEASED 03/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.82
    •  
  • 7813 Glenview Way Rowlett, TX 3
    • 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2008
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.83
    •  
  • 4318 Constitution Drive Rowlett, TX 5
    • 4 beds 2 baths ∙ 2,539 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,539 Sqft ∙ Built 2001
    property image
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,149
    • $0.85
    •  
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 #: 14416751
Last Updated: 08/20/2020
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