1175 Waterscape Blvd · Royse City, TX 75189

$349,900

4 bd · 2.0 ba · 2,299 sqft · SingleFamily public records · 35 Days on market

Built 2018 10,542 sqft lot $152/sqft · at area comps Est $357k · at est. $59/mo HOA · 2% of rent ↓ 3% since listing

---

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).

• Cash flow +11.1/30.0
• ARV discount +8.4/15.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy the space, layout, and community lifestyle buyers are searching for in Royse City! At 2,299 sq ft, this 4-bedroom, 2-bath home welcomes with an open floorplan filled with natural light, creating a warm and comfortable atmosphere from the moment you step inside. The living room offers a cozy fireplace and flows seamlessly into the kitchen, which features stainless steel appliances, plenty of counterspace and cabinetry, a breakfast bar for busy mornings on the go, and the seller will replace the mini fridge with a dishwasher if requested by the buyer. The dining area creates the perfect setting for everyday meals and gatherings. Privately tucked away, the primary suite offers a relaxing

Key facts

• Spacious backyard
• Open floorplan
• Covered back patio

Tags

• OPEN FLOORPLAN
• COZY FIREPLACE
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• COVERED BACK PATIO
• SPACIOUS BACKYARD

Property features AI

Finance

• Other: Possession is negotiable; Standard listing conditions
• Financial info: Listing accepts Cash, Conventional, FHA, and VA financing; No second mortgage reported
• HOA & community: Mandatory HOA with semi-annual fee; HOA fee covers full use of facilities and management fees; HOA managed by FirstService Residential; Community amenities include clubhouse, community pool, lake, park, playground, and sidewalks

Exterior

• Parking: Attached 2-car garage; Covered parking for 2; Driveway
• Security: Smoke detector(s); Carbon monoxide detector(s)
• Utilities: City water; City sewer; Concrete streets; Curbs and sidewalks
• Home design: Single family residence; One story; Not attached to another property; Built in 2018; Brick and rock/stone exterior; Shingle roof; Slab foundation; Subdivision setting; Facing direction not specified
• Construction: Built in 2018; Brick and rock/stone construction; Shingle roof; Slab foundation
• Exterior features: Covered rear porch; Covered porch(es); Gutters; Wood fenced backyard; Large grassy backyard; Landscaped, level interior lot; Located on Ray Hubbard waterfront

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Plumbed for gas in kitchen; Water line to refrigerator; Walk-in pantry; Built-in cabinets
• Bedrooms: 4 bedrooms (all on the main level); Primary bedroom on main level with ensuite bath, garden tub, separate shower, built-in cabinets, and walk-in closet
• Flooring: Carpet; Luxury vinyl plank; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Fireplace(s) heating option; Central air; Ceiling fan(s)
• Interior features: Open floorplan; Kitchen island; Eat-in kitchen; Granite counters; Built-in wine cooler; Decorative lighting; High speed internet available; Walk-in closet(s); 10 total rooms; One living area; One dining area
• Laundry & utility: Utility room with full-size washer/dryer area; Washer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-144 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $324k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $303k (13.3% below list).
• Recommended offer: $303k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.2% in Royse City — 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 75/100 on livability (#158 in TX, #4,292 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• Royse City ISD (rural): math 42% / reading 42% proficiency, ranked #266 of 826 in TX (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.1%/yr); 1288 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,810 units permitted in Rockwall County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 35 days — a 3% lower offer ($339k) 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $303,340 (13.3% 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 35 days. Have you received any prior offers? Is the seller open to a 13% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.76%
• DSCR: 0.92
• GRM: 9.6

CMA / ARV

• ARV (median comp): $356,841
• List price: $349,900
• Delta: -1.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3034 Concourse Dr	0.15mi	4/2.0	2,312 (+1%)	2mo	$359,900	$156	90
1127 Waterscape Blvd	0.13mi	4/2.0	2,094 (-9%)	1mo	$299,000	$143	78
5648 Huffines Blvd	0.46mi	4/2.0	2,211 (-4%)	3mo	$399,000	$180	70
1118 Falls Rush	0.50mi	4/3.0	2,376 (+3%)	3mo	$344,990	$145	64
1009 Bearing St	0.59mi	4/3.0	2,211 (-4%)	1mo	$369,990	$167	61
4003 Rio Run	0.35mi	4/2.5	2,530 (+10%)	5mo	$300,000	$119	61
3046 Duck Heights Ave	0.45mi	4/3.0	2,459 (+7%)	4mo	$459,800	$187	61
3039 Duck Heights Ave	0.43mi	4/3.0	2,098 (-9%)	2mo	$437,900	$209	59
9017 Palafox St	0.61mi	4/3.0	2,211 (-4%)	4mo	$372,990	$169	57
1114 Falls Rush Way	0.49mi	4/2.5	2,540 (+10%)	3mo	$359,990	$142	55
3246 Summerland Dr	0.70mi	4/3.0	2,062 (-10%)	2mo	$334,990	$162	45
3230 Summerland Dr	0.70mi	4/3.0	2,061 (-10%)	3mo	$344,990	$167	44

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.8%
• Equity multiple: 0.24×
• Total profit: $-74,630
• Equity at exit: $52,171

10-year hold

• IRR: -28.3%
• Equity multiple: -0.13×
• Total profit: $-110,649
• Equity at exit: $30,253

Cash invested: $97,972 (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 75189

• Home prices YoY: -25.0%
• Rents YoY: -1.1%
• Active inventory: 1288
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,033 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$501 /mo · $6,006/yr
• Insurance: −$146
• HOA: −$59
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $-144

Break-even live

Break-even rent $3,215

Max offer price $324,487

Occupancy floor 100%

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4139 Down Rush Dr Royse City, TX	3.0	2.5	3040	$2,799	$0.92	3d	1	0.16mi
4051 Delta Dr Royse City, TX	5.0	4.0	2835	$3,200	$1.13	44d	1	0.25mi
4147 Lagoon Pl Royse City, TX	4.0	3.5	3088	$3,600	$1.17	1d	1	0.30mi
107 Dustin Dr Fate, TX	3.0	2.0	1659	$2,600	$1.57	22d	1	1.17mi
1334 Great Sand Dune St Royse City, TX	4.0	2.5	2303	$2,550	$1.11	13d	1	1.36mi
7307 Village Falls Ln Royse City, TX	4.0	2.0	1731	$2,135	$1.23	20d	1	1.38mi
1140 Enchanted Rock Ln Royse City, TX	4.0	3.0	2900	$2,450	$0.84	11d	1	1.38mi
6127 Tawakoni Ln Royse City, TX	4.0	2.0	1739	$2,200	$1.27	44d	1	1.43mi

HOA detail

• Monthly dues: $59 · $708/yr

Listing history 15 events

1. 2026-06-18
   days on market $349,900 Active 35 DOM
2. 2026-06-17
   days on market $349,900 Active 34 DOM
3. 2026-06-16
   days on market $349,900 Active 33 DOM
4. 2026-06-15
   days on market $349,900 Active 32 DOM
5. 2026-06-13
   days on market $349,900 Active 30 DOM
6. 2026-06-09
   days on market $349,900 Active 26 DOM
7. 2026-06-08
   days on market $349,900 Active 25 DOM
8. 2026-06-07
   days on market $349,900 Active 24 DOM
9. 2026-06-04
   days on market $349,900 Active 21 DOM
10. 2026-06-03
    days on market $349,900 Active 20 DOM
11. 2026-06-02
    days on market $349,900 Active 19 DOM
12. 2026-06-01
    days on market $349,900 Active 18 DOM
13. 2026-05-31
    days on market $349,900 Active 17 DOM
14. 2026-05-13
    listed $359,900 Active 1241-char remark
15. 2018-08-28
    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: $6,006 · $501/mo
• Projected year-2 tax: $6,403 · $534/mo
• Expected delta: +$397/yr (+$33/mo · 6.6%)

ⓘ 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 ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,401
• − Mortgage interest: −$19,600
• − Property taxes: −$6,006
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,912
• − Management: −$2,912
• − HOA: −$708
• − Depreciation: −$10,179
• Taxable loss: −$7,666
• Est. tax savings @ 24.0%: +$1,840
• After-tax cash flow: $114/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: Royse City ISD
• NCES district ID: 4838220
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $73,810
• Composite: 38.44/100
• National rank: #4197
• State rank: #266 of 826 in TX

Livability — Royse City

• Score: 75/100
• State rank: #158
• US rank: #4292

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rockwall County · 132,930 people
• City population: 48,739
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 48,739
• Household income: $117,125
• Rent vs Own: 11.5% rent · 88.5% own
• Severe rent burden: 569.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Hispanic / Latino 25% Two or more races 12% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 10% · Canada, Philippines, Jamaica
• Languages at home: 80% English-only · Spanish 15% Other Indo-European 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: ▼ -71.10%
• Current HPI: 212.8422
• Rent YoY: ▼ -1.13%
• 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

-2.8% since first listed

3 events — show timeline

• 2026-05-28 Price Changed $349,900 NTREIS
• 2026-05-13 Listed $359,900 NTREIS
• 2018-08-28 Sold (Public Records) — Public Records

Property tax history

+14.1%/yr

Latest (2025): $6,006 · -4.5% YoY. Source: county tax records.