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3858 Norway Mews Rowlett, TX 75089

3 Beds 3 Baths 1,882 sqft Built 2020

INVESTimate

$300,730

List Price

$1,650

$1,485 - $1,815

Rent Est.

$322,623  ( +7.28%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $159.79
  • 8 Days on Market
  • MLS # : 14416663
  • Updated Date : 08/20/2020 at 04:00
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. 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
 

$270,657$330,803$300,730

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 -$1,110
Property Tax -$720
Property Insurance -$136
HOA -$52
Property Management Fees -$99
CASH FLOW
-$467

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.

$300,730

PROJECTED PRICE

$1,650

PROJECTED RENT

0.55%

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$81,693

INVESTMENT

$81,693

Down Payment
$75,183
Rehab Estimate
$2,000
Closing Costs
$4,511

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,110

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,183
Loan Amount $225,548
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$8

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
  • 3858 Norway Mews Rowlett, TX 1
    • 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,882 Sqft ∙ Built 2020
    property image
    • 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
    property image
    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
    property image
    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
    property image
    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
    property image
    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 #: 14416663
Last Updated: 08/20/2020
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