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887 Midnight Pass Rockwall, TX 75087

4 Beds 3 Baths 2,620 sqft Built 1998

$340,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $129.77
  • 6 Days on Market
  • MLS # : 14513848
  • Updated Date : 02/16/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,620 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

A highly sought after neighborhood in Rockwall offering all the amenities of nature including a stocked lake, walking trails, pool, new playground, and awesome splash pad for kids. Within walking distance to the YMCA. Incredible well maintained home 4 bd 2.5 bath home situated on a corner lot with beautiful trees. Your backyard oasis features a Pergola & small fountains with a pond. Enjoy those perfect summer evenings in the backyard under the trees. Kitchen with a center island opens up to the family room with a fireplace, the flow of the home is great for entertaining family and friends. Master bath has dual sinks and garden tub for soaking. Solar screens were added in 2017, new roof 2020 and new fence 2020.

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: Caruth Lake

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Caruth Lake

NeighborhoodNIR 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
Herman E. Utley Middle School Middle Regular 672 40 8
Rockwall High School High Regular 2,323 134 8

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
 

$306,000$374,000$340,000

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,181
Property Tax -$612
Property Insurance -$179
HOA -$44
Property Management Fees -$99
CASH FLOW
-$154

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.

$340,000

PROJECTED PRICE

$1,960

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
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

PROJECTED ANNUAL CASH FLOW

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

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$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$5,660

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,109

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9603$2,0004$2,2005$2,400
$2,400
RENT COMPS ANALYSIS
  • 887 Midnight Pass Rockwall, TX 2
    • 4 beds 3 baths ∙ 2,620 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,620 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.75
    •  
  • 703 Big Oak Court Rockwall, TX 1
    • 4 beds 3 baths ∙ 2,526 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,526 Sqft ∙ Built 1998
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.77
    •  
  • 1494 Red Wolf Drive Rockwall, TX 3
    • 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 2006
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.81
    •  
  • 1354 Calistoga Drive Rockwall, TX 4
    • 4 beds 3 baths ∙ 2,810 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,810 Sqft ∙ Built 2002
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.78
    •  
  • 1036 Shady Lane Drive Rockwall, TX 5
    • 5 beds 3 baths ∙ 2,801 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,801 Sqft ∙ Built 2016
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.86
    •  
PROPERTY LISTING DETAILS
Nancy Parkes
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14513848
Last Updated: 02/16/2021
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