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580 Norwood Drive Rockwall, TX 75032

6 Beds 3 Baths 4,105 sqft Built 2001

$369,500

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $90.01
  • 5 Days on Market
  • MLS # : 14495086
  • Updated Date : 01/06/2021 at 14:03
CONSTRUCTION
  • Beds : 6
  • Floor Size : 4,105 sqft
  • Baths : 2 full , 1 half
Listing Agent

Rad Realty Group

Listing Agent's Description

BEAUTIFULLY UPDATED HUGE 6 OVERSIZED BEDROOM HOME ON ALMOST A QUARTER ACRE. Everything is new so you don't have to worry, starting with roof, 2 new HVAC systems, premium laminate hardwood on all the first level, carpets, fresh paint, led lights and much more... Kitchen with new quartz and breakfast bar. Master down with updated bath. The second floor has a huge game room along with 5 bedrooms or office space. 2 separate garage doors with new openers. Enjoy comfortable gathering place in two large livings. Extend your living area outdoor and relax with large patio surrounded by a fenced yard. Prized schools and easy access to the highway, shopping and entertainment make this one a homerun.

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: Lynden Park Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300kPrice in $122k320k

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

Neighborhood: Lynden Park Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262144

* 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
Amanda Rochell Elementary School Primary Regular 571 40 5
Cain Middle School Middle Regular 941 50 7
Rockwall-heath High School High Regular 2,200 119 8

Amanda Rochell Elementary School

  • Education Level: Primary
  • # of students: 571
  • # of teachers: 40
5
GreatSchools Rating

Cain Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 50
7
GreatSchools Rating

Rockwall-heath High School

  • Education Level: High
  • # of students: 2,200
  • # of teachers: 119
8
GreatSchools Rating
 

$332,550$406,450$369,500

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$1,283
Property Tax -$665
Property Insurance -$264
Property Management Fees -$99
CASH FLOW
$278

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$369,500

PROJECTED PRICE

$2,590

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$103,668

INVESTMENT

$103,668

Down Payment
$92,375
Rehab Estimate
$5,750
Closing Costs
$5,543

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,283

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,375
Loan Amount $277,125
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$41,021

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,217

    COMP ESTIMATED VALUE
  • $0.54

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,590
$2,590
RENT COMPS ANALYSIS
  • 580 Norwood Drive Rockwall, TX 2
    • 6 beds 3 baths ∙ 4,105 Sqft ∙ Built 2001 6 beds 3 baths ∙ 4,105 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $0.63
    •  
  • 130 Southampton Drive Rockwall, TX 1
    • 5 beds 3 baths ∙ 3,912 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,912 Sqft ∙ Built 1999
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.54
    •  
PROPERTY LISTING DETAILS
Yossi Barazani
Rad Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14495086
Last Updated: 01/06/2021
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