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706 Sherman Street Rockwall, TX 75087

4 Beds 3 Baths 1,840 sqft Built 2020

$297,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
January 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $161.41
  • 1 Days on Market
  • MLS # : 14504839
  • Updated Date : 01/23/2021 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,840 sqft
  • Baths : 3 full
Listing Agent

Jp & Associates Uptown

Listing Agent's Description

Here is your opportunity to own brand new construction near downtown Rockwall!! This home features a mother in law suite that is great for extended family or an airbnb investment! Main house has three bedrooms and two full baths, MIL features one bedroom, one bath and kitchen. Total sq footage is 1,840 per builder. Lots of options for this home, come make it yours today!

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

Zip Code: 75087

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75087

ZipNIR 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
Howard Dobbs Elementary School Primary Regular 624 43 7
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

Howard Dobbs Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 43
7
GreatSchools Rating

Herman E. Utley Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 40
8
GreatSchools Rating

Rockwall High School

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

$267,300$326,700$297,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,032
Property Tax -$535
Property Insurance -$134
Property Management Fees -$99
CASH FLOW
$1

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.

$297,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,705

INVESTMENT

$80,705

Down Payment
$74,250
Rehab Estimate
$2,000
Closing Costs
$4,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,032

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,250
Loan Amount $222,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$13,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,904

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$1,8454$2,0755$2,200
$2,200
RENT COMPS ANALYSIS
  • 706 Sherman Street Rockwall, TX 2
    • 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 2020 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.98
    •  
  • 877 Redwood Trail Rockwall, TX 1
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 2000
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.05
    •  
  • 208 Jacob Crossing Rockwall, TX 3
    • 3 beds 2 baths ∙ 1,895 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,895 Sqft ∙ Built 2000
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.97
    •  
  • 576 Kara Drive Fate, TX 4
    • 4 beds 2 baths ∙ 2,010 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,010 Sqft ∙ Built 2017
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $1.03
    •  
  • 708 Davy Crockett Street Rockwall, TX 5
    • 4 beds 2 baths ∙ 2,019 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,019 Sqft ∙ Built 2015
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
PROPERTY LISTING DETAILS
Maggie Roman
Jp & Associates Uptown
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14504839
Last Updated: 01/23/2021
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