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6109 Iris Drive Rowlett, TX 75089

4 Beds 3 Baths 2,525 sqft Built 1992

$345,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $136.63
  • 4 Days on Market
  • MLS # : 14540194
  • Updated Date : 03/26/2021 at 08:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,525 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty Frisco

Listing Agent's Description

This Rowlett home has everything you could want in a home!!! Located close to Highway 66 and President George Bush Turnpike. A spacious 4 bedroom, 2.5 bath with a pool and fenced in grass area for your pets or kids! 2 car garage and a large shed for any pool or yard supplies. Great neighborhood to raise your family and BONUS there is no HOA! Schedule your showing today!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Flower Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $118k249k

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

Neighborhood: Flower Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10531890

* 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
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,198
Property Tax -$826
Property Insurance -$173
Property Management Fees -$99
CASH FLOW
-$227

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.

$345,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 10.3%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,190

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9003$1,9504$2,0705$2,200
$2,200
RENT COMPS ANALYSIS
  • 6109 Iris Drive Rowlett, TX 4
    • 4 beds 3 baths ∙ 2,525 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,525 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.82
    •  
  • 3222 Maple Lane Rowlett, TX 1
    • 3 beds 3 baths ∙ 2,406 Sqft ∙ Built 2011 3 beds 3 baths ∙ 2,406 Sqft ∙ Built 2011
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.79
    •  
  • 3420 Lily Lane Rowlett, TX 2
    • 4 beds 2 baths ∙ 2,212 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,212 Sqft ∙ Built 1987
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.86
    •  
  • 7402 Mazy Lane Rowlett, TX 3
    • 4 beds 3 baths ∙ 2,211 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,211 Sqft ∙ Built 1995
    LEASED 04/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.88
    •  
  • 7013 Tallowtree Drive Rowlett, TX 5
    • 4 beds 2 baths ∙ 2,336 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,336 Sqft ∙ Built 1997
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.94
    •  
PROPERTY LISTING DETAILS
Eric Passeau
Coldwell Banker Realty Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14540194
Last Updated: 03/26/2021
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