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622 Knollwood Drive Rockwall, TX 75087

4 Beds 3 Baths 2,711 sqft Built 1991

$347,500

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $128.18
  • 4 Days on Market
  • MLS # : 14465207
  • Updated Date : 11/07/2020 at 09:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,711 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Dream come true; Northshore Subdivision, lake views. Grand foyer w-wrap around staircase, family room offers vaulted ceiling, hard wood flooring, fireplace, open concept w-kitchen, brkfst bar-granite, island, abundant cabinets, extending dining area to large patio, stamped concrete, beautiful garden areas, views of lake. One bedroom down w-full bath, study or den area, formal dining, wonderful architecture open doorways. Primary bedroom upstairs w-balcony w-view of lake, large primary bath, dual sinks, sep. shower, garden tub w-skylight, large w-in closet. Two secondary bedrooms w-Jack n Jill bath. Recent paint and carpet Outdoors offering relaxing garden area, board on board fence, oversized garage.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Northshore

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Northshore

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Grace Hartman Elementary School Primary Regular 609 35 9
Grace Hartman Elementary School Middle Regular 609 35 9
Rockwall High School High Regular 2,323 134 8

Grace Hartman Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 35
9
GreatSchools Rating

Grace Hartman Elementary School

  • Education Level: Middle
  • # of students: 609
  • # of teachers: 35
9
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$312,750$382,250$347,500

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,282
Property Tax -$626
Property Insurance -$184
Property Management Fees -$99
CASH FLOW
-$51

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$347,500

PROJECTED PRICE

$2,140

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$97,838

INVESTMENT

$97,838

Down Payment
$86,875
Rehab Estimate
$5,750
Closing Costs
$5,213

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,282

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,875
Loan Amount $260,625
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$15,761

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,230

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,140
1$2,1402$2,1503$2,2104$2,2505$2,350
$2,350
RENT COMPS ANALYSIS
  • 622 Knollwood Drive Rockwall, TX 1
    • 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,711 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.79
    •  
  • 1287 Antioch Drive Rockwall, TX 2
    • 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2003
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.84
    •  
  • 1285 Shores Boulevard Rockwall, TX 3
    • 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,888 Sqft ∙ Built 1997
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $0.77
    •  
  • 2060 Garden Crest Drive Rockwall, TX 4
    • 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2001
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.81
    •  
  • 1591 N Hills Drive Rockwall, TX 5
    • 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,687 Sqft ∙ Built 1988
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.87
    •  
PROPERTY LISTING DETAILS
Sharon Worthy
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465207
Last Updated: 11/07/2020
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