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7617 Coral Way Rowlett, TX 75088

4 Beds 2 Baths 1,993 sqft Built 1996

INVESTimate

$245,000

List Price

$1,860

$1,674 - $2,046

Rent Est.

$277,928  ( +13.44%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $122.93
  • 2 Days on Market
  • MLS # : 14418618
  • Updated Date : 08/25/2020 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,993 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Urban Dallas

Listing Agent's Description

4 Bedroom, 2 Bath Single Story home in Rowlett for Under $250K! This fabulous home is move in ready with gorgeous driftwood grey wood-look tile throughout! Calming colors welcome you into the spacious Living area which prominently features a large hearth. The common areas have great flow and the backyard plays host to a breezy pergola covered patio, perfect for a fall outdoor escape. Recently replaced roof and HVAC make this place perfect for a first time buyer or someone who is looking for a low-maintenance lifestyle. Schedule your showing today!...

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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: The Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

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

Neighborhood: The Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11242171

* 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
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$904
Property Tax -$603
Property Insurance -$142
Property Management Fees -$99
CASH FLOW
$112

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.

$245,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 13.44%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$22,487

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,968

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8603$1,8954$1,9055$1,945
$1,945
RENT COMPS ANALYSIS
  • 7617 Coral Way Rowlett, TX 2
    • 4 beds 2 baths ∙ 1,993 Sqft ∙ Built 1996 4 beds 2 baths ∙ 1,993 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.93
    •  
  • 2110 Garner Court Rowlett, TX 1
    • 4 beds 2 baths ∙ 1,823 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,823 Sqft ∙ Built 1988
    LEASED 12/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 7921 Rice Drive Rowlett, TX 3
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1986
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.03
    •  
  • 3318 Straits Court Rowlett, TX 4
    • 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 1988
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,905
    • $0.89
    •  
  • 4205 Martha Lane Rowlett, TX 5
    • 3 beds 2 baths ∙ 1,823 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,823 Sqft ∙ Built 1987
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $1.07
    •  
PROPERTY LISTING DETAILS
Emerald Scott
Keller Williams Urban Dallas
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418618
Last Updated: 08/25/2020
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