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743 Micah Drive Rockwall, TX 75032

4 Beds 3 Baths 2,992 sqft Built 1998

$415,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $138.70
  • 5 Days on Market
  • MLS # : 14463373
  • Updated Date : 10/31/2020 at 08:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,992 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Rockwall

Listing Agent's Description

Jump on this remodeled single story in Foxchase. 4 bedrooms, 3 baths with a 2 and a half car garage. The interior has been completely remodeled with wood floors and granite on all surfaces. The kitchen is the hub of the home with tons of counter top space, fresh painted cabinets, matching Kitchen Aide appliances with induction 5 burner range and double ovens. Large family room with cozy fireplace. Master bedroom down separate from other bedrooms and all are great size. Nice backyard area with new covered patio and grilling area plus newer board on board cedar fence. This home is move in ready just in time for the holidays. Won't last long!

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: Foxchase

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Foxchase

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Dorothy Smith Pullen Elementary School Primary Regular 610 39 7
Cain Middle School Middle Regular 941 50 7
Rockwall-heath High School High Regular 2,200 119 8

Dorothy Smith Pullen Elementary School

  • Education Level: Primary
  • # of students: 610
  • # of teachers: 39
7
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
 

$373,500$456,500$415,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,531
Property Tax -$747
Property Insurance -$200
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 15% of earned rent to cover both maintenance and periods of vacancy.

$415,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 2.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
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-$5.0k$0.0$5.0k$10k$15k

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$115,725

INVESTMENT

$115,725

Down Payment
$103,750
Rehab Estimate
$5,750
Closing Costs
$6,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,531

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$7,107

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,483

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,130
1$2,1302$2,3503$2,3504$2,5005$2,900
$2,900
RENT COMPS ANALYSIS
  • 743 Micah Drive Rockwall, TX 3
    • 4 beds 2 baths ∙ 2,992 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,992 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.79
    •  
  • 1823 Bristol Lane Rockwall, TX 1
    • 3 beds 3 baths ∙ 2,860 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,860 Sqft ∙ Built 1997
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $0.74
    •  
  • 2889 Newport Drive Rockwall, TX 2
    • 4 beds 3 baths ∙ 2,898 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,898 Sqft ∙ Built 1998
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.81
    •  
  • 3015 Oak Drive Rockwall, TX 4
    • 4 beds 3 baths ∙ 3,070 Sqft ∙ Built 1995 4 beds 3 baths ∙ 3,070 Sqft ∙ Built 1995
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.81
    •  
  • 201 Rainbow Circle Rockwall, TX 5
    • 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 1980 4 beds 4 baths ∙ 3,031 Sqft ∙ Built 1980
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.96
    •  
PROPERTY LISTING DETAILS
Jason Pardue
Keller Williams Rockwall
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463373
Last Updated: 10/31/2020
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