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776 Miramar Drive Rockwall, TX 75087

5 Beds 4 Baths 3,398 sqft Built 2012

INVESTimate

$410,000

List Price

$2,810

$2,560 - $3,060

Rent Est.

$426,318  ( +3.98%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $120.66
  • 8 Days on Market
  • MLS # : 14416252
  • Updated Date : 08/24/2020 at 10:48
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,398 sqft
  • Baths : 4 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

In need of an additional office or study space? This house has it ALL! SPACIOUS 5 bed, 4 bath & 3 living areas! Beautifully flowing open concept kitchen with large bar, living room with fireplace and breakfast area with bay windows. Upstairs features large, open game room; and a media room with terraced floor for stadium style seating. Downstairs Master suite features seating area with natural light; jetted tub, walk-in closet Beautifully landscaped corner lot with trees. Backyard, extended covered patio. Fence & Arbor are like-new condition. Meticulously maintained, single owner Megatel Home with all the upgrades; wood floors, granite counter tops, vaulted ceilings, and much more!

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
Celia Hays Elementary School Primary Regular 505 35 8
Celia Hays Elementary School Middle Regular 505 35 8
Rockwall High School High Regular 2,323 134 8

Celia Hays Elementary School

  • Education Level: Primary
  • # of students: 505
  • # of teachers: 35
8
GreatSchools Rating

Celia Hays Elementary School

  • Education Level: Middle
  • # of students: 505
  • # of teachers: 35
8
GreatSchools Rating

Rockwall High School

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

$369,000$451,000$410,000

PURCHASE PRICE

$2,529$3,091$2,810

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,810
EXPENSES Loan Payment -$1,513
Property Tax -$738
Property Insurance -$224
HOA -$54
Property Management Fees -$99
CASH FLOW
$182

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.

$410,000

PROJECTED PRICE

$2,810

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.98%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$40,575

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,810

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,744

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,7853$2,8104$2,9005$2,950
$2,950
RENT COMPS ANALYSIS
  • 776 Miramar Drive Rockwall, TX 3
    • 5 beds 4 baths ∙ 3,398 Sqft ∙ Built 2012 5 beds 4 baths ∙ 3,398 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,810
    • $0.83
    •  
  • 1380 Napa Drive Rockwall, TX 1
    • 4 beds 3 baths ∙ 3,221 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,221 Sqft ∙ Built 2007
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.77
    •  
  • 305 Featherstone Drive Rockwall, TX 2
    • 4 beds 4 baths ∙ 3,297 Sqft ∙ Built 2018 4 beds 4 baths ∙ 3,297 Sqft ∙ Built 2018
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,785
    • $0.84
    •  
  • 775 Bordeaux Drive Rockwall, TX 4
    • 4 beds 4 baths ∙ 3,496 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,496 Sqft ∙ Built 2017
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.83
    •  
  • 780 Bordeaux Drive Rockwall, TX 5
    • 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
Kimberly Woodul
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416252
Last Updated: 08/24/2020
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