4514 Sky Harbor Dr · Rockwall, TX 75087

$749,000

6 bd · 5.0 ba · 3,962 sqft · SingleFamily public records · 283 Days on market

Built 2022 8,799 sqft lot $189/sqft · 14% below area Est $876k · 14% under $58/mo HOA · 1% of rent ↓ 13% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +14.0/15.0
• Cash flow +7.4/30.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

Key facts

• Quartz countertops
• Large backyard
• Covered patio

Tags

• INDOOR-OUTDOOR LIVING
• QUARTZ COUNTERTOPS
• CALIFORNIA ISLAND
• CONVERTED THIRD-CAR GARAGE
• COVERED PATIO
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath single-family listed at $749k.

Deal economics

• At list price, monthly cash flow is $-973 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $577k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $569k (24.0% below list).
• Recommended offer: $569k (24.0% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 2.9% in Rockwall — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#86 in TX, #3,043 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F.
• Rockwall ISD (suburban): math 54% / reading 54% proficiency, ranked #83 of 826 in TX (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Celia Hays El (math 62% / reading 59%, grade B-, #385 of 4,322 statewide, top 9%, 517 students, 11% FRL); J W Williams Middle (math 51% / reading 55%, grade C+, #281 of 1,662 statewide, top 18%, 828 students, 21% FRL); Rockwall-Heath H S (math 50% / reading 61%, grade C, #364 of 1,632 statewide, top 23%, 2,912 students, 28% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: Rents rising (+3.2%/yr); 1011 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,810 units permitted in Rockwall County in 2024 (0 in 5+ unit buildings).
• At $5,694/mo this rent would consume 53% of the median local household income ($129k/yr) (locally 646% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Rockwall County population projected at +56% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 283 days — a 12% lower offer ($659k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $569,419 (24.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 283 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• GRM: 11.0

CMA / ARV

• ARV (median comp): $875,766
• List price: $749,000
• Delta: -14.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4521 Sky Harbor Dr	0.03mi	6/5.0	3,882 (-2%)	3mo	$848,870	$219	93
4508 Lorion Dr	0.11mi	5/5.0 (-1)	3,781 (-5%)	11mo	$873,742	$231	73
4506 Sky Harbor Dr	0.01mi	5/4.0 (-1)	4,222 (+7%)	10mo	$914,000	$216	71
4528 Sky Harbor Dr	0.03mi	5/5.0 (-1)	3,605 (-9%)	12mo	$959,900	$266	69
1007 Sable Dr	0.09mi	5/4.0 (-1)	3,908 (-1%)	19mo	$749,900	$192	69
1020 Cascading Creek Dr	0.07mi	5/4.0 (-1)	4,386 (+11%)	2mo	$852,587	$194	68
606 Limmerhill Dr	0.32mi	5/4.0 (-1)	4,117 (+4%)	2mo	$985,000	$239	68
998 Catterick Dr	0.29mi	5/5.5 (-1)	4,174 (+5%)	12mo	$749,900	$180	60
624 Windy Ridge Ln	0.33mi	5/4.5 (-1)	4,146 (+5%)	17mo	$780,000	$188	56
775 Lazy Brooke Dr	0.20mi	5/4.0 (-1)	4,192 (+6%)	20mo	$833,333	$199	56
914 Pleasant View Dr	0.50mi	5/4.0 (-1)	4,144 (+5%)	8mo	$774,900	$187	53
714 Calm Crest Dr	0.40mi	5/4.0 (-1)	4,065 (+3%)	18mo	$1,099,000	$270	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -25.5%
• Equity multiple: 0.13×
• Total profit: $-181,760
• Equity at exit: $111,678

10-year hold

• IRR: -20.9%
• Equity multiple: -0.10×
• Total profit: $-231,548
• Equity at exit: $64,760

Cash invested: $209,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75087

• Rents YoY: 3.2%
• Active inventory: 1011
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $5,694 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$1,174 /mo · $14,083/yr
• Insurance: −$312
• HOA: −$58
• Vacancy / Maint / Mgmt: −$1,196
• Net cashflow: $-973

Break-even live

Break-even rent $6,926

Max offer price $577,097

Occupancy floor —

Sensitivity live

Price	-10% $-549	-5% $-761	+0% $-973	+5% $-1,185	+10% $-1,397
Rent	-10% $-1,423	-5% $-1,198	+0% $-973	+5% $-748	+10% $-523
Rate	-1.0pp $-596	-0.5pp $-783	base $-973	+0.5pp $-1,167	+1.0pp $-1,365

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
917 Pleasant View Dr Rockwall, TX	6.0	4.5	4192	$3,595	$0.86	45d	1	0.54mi
3526 Ridgecross Dr Rockwall, TX	5.0	4.5	3485	$7,200	$2.07	45d	1	0.73mi
545 Goose Lake Dr Rockwall, TX	5.0	5.5	4002	$4,500	$1.12	45d	1	1.41mi
7132 Hunt Ln Rockwall, TX	5.0	2.5	2910	$8,750	$3.01	45d	1	1.46mi
7132 Hunt Ln Unit 1019551P Rockwall, TX	5.0	2.5	2906	$15,524	$5.34	23d	1	1.46mi

HOA detail

• Monthly dues: $58 · $696/yr
• Likely covers: gym

Listing history 22 events

1. 2026-06-21
   days on market $749,000 Active 283 DOM
2. 2026-06-18
   days on market $749,000 Active 280 DOM
3. 2026-06-17
   days on market $749,000 Active 279 DOM
4. 2026-06-16
   days on market $749,000 Active 278 DOM
5. 2026-06-15
   days on market $749,000 Active 277 DOM
6. 2026-06-13
   days on market $749,000 Active 275 DOM
7. 2026-06-13
   days on market $749,000 Active 274 DOM
8. 2026-06-09
   days on market $749,000 Active 271 DOM
9. 2026-06-08
   days on market $749,000 Active 270 DOM
10. 2026-06-07
    days on market $749,000 Active 269 DOM
11. 2026-06-04
    days on market $749,000 Active 266 DOM
12. 2026-06-03
    days on market $749,000 Active 265 DOM
13. 2026-06-02
    days on market $749,000 Active 264 DOM
14. 2026-06-01
    days on market $749,000 Active 263 DOM
15. 2026-05-31
    days on market $749,000 Active 262 DOM
16. 2026-05-12
    price $749,000 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

17. 2026-03-11
    price $765,000 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

18. 2026-01-30
    price $785,000 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

19. 2025-11-21
    price $799,000 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

20. 2025-11-05
    price $825,000 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

21. 2025-09-11
    listed $860,000 Active 672-char remark

    Show marketing remark (672 chars)

    Priced to sell!!! Motivated seller! Home build sold as is! Stunning 6 bedroom, 5 bath home with nearly 4,000 sq. ft. in highly rated Rockwall ISD. Open floor plan with soaring ceilings and abundant natural light. The living area features a fireplace and a wall of massive sliding doors that open to the backyard, creating seamless indoor-outdoor living. The kitchen offers quartz countertops, a large California island, and sleek black cabinetry. Floor plan includes two living areas, game room, media room, and a converted third-car garage perfect for an office or gym. Spacious primary suite with spa-style bath. Covered patio and large backyard ideal for entertaining.

22. 2022-02-11
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $14,083 · $1,174/mo
• Projected year-2 tax: $14,083 · $1,174/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,330
• − Mortgage interest: −$41,956
• − Property taxes: −$14,083
• − Insurance: −$3,745
• − Repairs & maintenance: −$5,466
• − Management: −$5,466
• − HOA: −$696
• − Depreciation: −$21,789
• Taxable loss: −$24,871
• Est. tax savings @ 24.0%: +$5,969
• After-tax cash flow: $-5,708/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rockwall ISD
• NCES district ID: 4837650
• Math proficiency: 54% ▼ -13.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $88,800
• Composite: 49.82/100
• National rank: #1952
• State rank: #83 of 826 in TX

Livability — Rockwall

• Score: 77/100
• State rank: #86
• US rank: #3043

Category grades

Amenities F Commute F Cost of living B Crime A- Employment A+ Housing A+ Health & safety C+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockwall, TX
• County: Rockwall County · 132,930 people
• City population: 84,191
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 44,326
• Household income: $129,484
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 646.0

Population outlook (Rockwall County) Hauer SSP2

• Today (2025): 118,396 people
• By 2030: 132,209 · +11.7%
• By 2040: 159,538 · +34.7%
• By 2050: 185,299 · +56.5%
• By 2075: 243,489 · +105.7%
• By 2100: 277,814 · +134.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 17% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Italian 2% Iranian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Rockwall

• 2024 margin: Solid R (+40.9) · D 29.1% · R 70.0%
• 2008→2024 swing: +5.3pp toward D · 2008: -46.2pp · 2024: -40.9pp
• All cycles: 2024: R+40.9 2020: R+37.7 2016: R+47.5 2012: R+53.3 2008: R+46.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.34%
• Current HPI: 208.2221
• Rent YoY: ▲ 3.23%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-12.9% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $749,000 NTREIS
• 2026-03-11 Price Changed $765,000 NTREIS
• 2026-01-30 Price Changed $785,000 NTREIS
• 2025-11-21 Price Changed $799,000 NTREIS
• 2025-11-05 Price Changed $825,000 NTREIS
• 2025-09-11 Listed $860,000 NTREIS
• 2022-02-11 Sold (Public Records) — Public Records

Property tax history

+78.7%/yr

Latest (2025): $14,083 · -4.9% YoY. Source: county tax records.