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671 Hanover Drive Rockwall, TX 75087

4 Beds 3 Baths 3,770 sqft Built 2014

$489,000

List Price

$3,220

$3K - $3.5K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $129.71
  • 4 Days on Market
  • MLS # : 14512557
  • Updated Date : 02/06/2021 at 19:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,770 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Rockwall

Listing Agent's Description

MULTIPLE OFFERS- Sellers have set a deadline for best and final offers to be submitted by 9am on Sunday Feb 7. Wonderful opportunity to own this well maintained Windsor home in Stone Creek. Beautiful hand scraped hardwood floors and soaring ceilings. This home features open concept living and dining areas with master and guest suites downstairs and 2 bedrooms, game room & media room up. The kitchen boasts white cabinetry, quartz countertops, double ovens, subway tile backsplash & updated lighting fixtures. You will love the custom touches throughout – remodeled laundry room, custom wardrobe system in master closet, built-ins in the game room and much more! Amenities include walking trails, pond, pool & park.

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: Stone Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $123k436k

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

Neighborhood: Stone Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262998

* 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
J. W. Williams Middle School Middle Regular 814 41 8
Rockwall High School High Regular 2,323 134 8

J. W. Williams Middle School

  • Education Level: Middle
  • # of students: 814
  • # of teachers: 41
8
GreatSchools Rating

Rockwall High School

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

$440,100$537,900$489,000

PURCHASE PRICE

$2,898$3,542$3,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,220
EXPENSES Loan Payment -$1,698
Property Tax -$880
Property Insurance -$245
HOA -$54
Property Management Fees -$99
CASH FLOW
$243

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.

$489,000

PROJECTED PRICE

$3,220

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
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$1.2M$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,335

INVESTMENT

$135,335

Down Payment
$122,250
Rehab Estimate
$5,750
Closing Costs
$7,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,698

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,250
Loan Amount $366,750
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$42,830

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,220

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,846

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,9003$2,9004$2,9505$3,220
$3,220
RENT COMPS ANALYSIS
  • 671 Hanover Drive Rockwall, TX 5
    • 4 beds 3 baths ∙ 3,770 Sqft ∙ Built 2014 4 beds 3 baths ∙ 3,770 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $3,220
    • $0.85
    •  
  • 1362 Petaluma Drive Rockwall, TX 1
    • 5 beds 4 baths ∙ 3,652 Sqft ∙ Built 2009 5 beds 4 baths ∙ 3,652 Sqft ∙ Built 2009
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.68
    •  
  • 1350 Scarboro Hills Lane Rockwall, TX 2
    • 5 beds 4 baths ∙ 4,000 Sqft ∙ Built 2006 5 beds 4 baths ∙ 4,000 Sqft ∙ Built 2006
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.73
    •  
  • 2221 Hyer Drive Rockwall, TX 3
    • 3 beds 4 baths ∙ 3,487 Sqft ∙ Built 2013 3 beds 4 baths ∙ 3,487 Sqft ∙ Built 2013
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.83
    •  
  • 780 Bordeaux Drive Rockwall, TX 4
    • 4 beds 5 baths ∙ 3,728 Sqft ∙ Built 2015 4 beds 5 baths ∙ 3,728 Sqft ∙ Built 2015
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.79
    •  
PROPERTY LISTING DETAILS
Kris Goggans
Keller Williams Rockwall
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512557
Last Updated: 02/06/2021
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