302 Azalea Dr · Fate, TX 75087

$249,900

3 bd · 2.0 ba · 1,719 sqft · SingleFamily public records · 10 Days on market

Built 2009 6,621 sqft lot $145/sqft · 14% below area Est $290k · 14% under $40/mo HOA · 2% of rent

---

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 +13.8/15.0
• Cash flow +7.9/30.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 3-bedroom, 2-bath brick home nestled in the desirable Spring Meadow community in Fate, TX! Perfect for first-time home buyers, this home offers comfort, convenience, and a fantastic location just minutes from I-30 for an easy commute to Rockwall, Dallas, and surrounding areas. Seller is offering a generous $9,000 contribution toward buyer closing costs or rate buy down, plus buyer can select their preferred new carpet color with carpet allowance and installation completed prior to closing. Inside, you’ll find a functional open layout with spacious living areas, abundant natural light, and a welcoming atmosphere ideal for everyday living and entertaining. The huge primary suit

Key facts

• Walking areas
• 6,621 sq ft lot
• 2 garage spots

Tags

• UPDATED TILE BACKSPLASH
• STAINLESS STEEL MICROWAVE
• STAINLESS STEEL STOVE
• COMMUNITY GREEN SPACES
• WALKING AREAS
• PEACEFUL SUBURBAN SETTING

Property features AI

Finance

• HOA & community: Mandatory association (Spring Meadows); Association fees $120 quarterly; Association covers grounds maintenance

Exterior

• Parking: Driveway; Garage; Covered parking for 2 vehicles; 2-car attached garage
• Utilities: City water; City sewer; Not in a municipal utility district
• Home design: Single family residence; Residential property; Single-story; Located in Spring Meadow Ph 2 subdivision
• Construction: Built in 2009; Brick construction; Composition roof; Slab foundation
• Exterior features: Back yard fencing; Yard maintained by association

Interior

• Kitchen: Dishwasher; Disposal; Electric range
• Bedrooms: 3 bedrooms; Primary bedroom on main level with walk-in closet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Decorative lighting; One living area; One dining area; One level (single-story)
• Laundry & utility: Washer and dryer excluded from sale (not included)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-267 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (18.3% below list).
• Recommended offer: $203k (18.9% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.2% in Fate — 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 72/100 on livability (#246 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Miss May Vernon El (math 60% / reading 50%, grade C, #602 of 4,322 statewide, top 14%, 735 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Zoned-school proficiency averages 55% at this address vs 42% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Royse City ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.2%/yr); 1012 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $202,658 (18.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.82% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.59%
• DSCR: 0.80
• GRM: 10.2

CMA / ARV

• ARV (median comp): $290,339
• List price: $249,900
• Delta: -5.28%
• 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
54 Lantana Dr	0.34mi	3/2.0	1,673 (-3%)	3mo	$265,000	$158	78
59 Lantana Dr	0.35mi	3/2.0	1,654 (-4%)	1mo	$270,000	$163	77
510 Azalea Dr	0.13mi	3/2.0	1,869 (+9%)	3mo	$239,900	$128	77
308 Butternut Dr	0.51mi	3/2.0	1,755 (+2%)	1mo	$250,000	$142	72
108 Tanglewood Dr	0.40mi	3/2.0	1,621 (-6%)	3mo	$239,900	$148	69
423 Butternut Dr	0.65mi	3/2.0	1,769 (+3%)	1mo	$255,000	$144	64
408 Magnolia Dr	0.73mi	3/2.0	1,755 (+2%)	1mo	$285,000	$162	62
510 Hackberry Dr	0.67mi	3/2.0	1,767 (+3%)	3mo	$250,000	$141	62
451 Walpole Ct	0.63mi	4/2.0 (+1)	1,848 (+8%)	0mo	$326,900	$177	53
372 Bayberry Dr	0.67mi	3/2.0	1,558 (-9%)	2mo	$277,500	$178	52
520 Peel St	0.49mi	4/2.0 (+1)	1,964 (+14%)	2mo	$325,000	$165	47
431 Sugarberry Ln	0.73mi	3/2.0	1,508 (-12%)	0mo	$250,000	$166	45

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: -23.7%
• Equity multiple: 0.19×
• Total profit: $-56,929
• Equity at exit: $37,261

10-year hold

• IRR: -17.9%
• Equity multiple: 0.01×
• Total profit: $-69,047
• Equity at exit: $21,607

Cash invested: $69,972 (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 75087

• Rents YoY: 3.2%
• Active inventory: 1012
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,041 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$425 /mo · $5,100/yr
• Insurance: −$104
• HOA: −$40
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $-267

Break-even live

Break-even rent $2,379

Max offer price $202,658

Occupancy floor —

Sensitivity live

Price	-10% $-126	-5% $-197	+0% $-267	+5% $-338	+10% $-409
Rent	-10% $-429	-5% $-348	+0% $-267	+5% $-187	+10% $-106
Rate	-1.0pp $-142	-0.5pp $-204	base $-267	+0.5pp $-332	+1.0pp $-398

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
529 Blue Sage Dr Fate, TX	3.0	2.0	1869	$1,729	$0.93	4d	1	0.08mi
707 Windflower Dr Fate, TX	3.0	2.0	1654	$2,120	$1.28	25d	1	0.09mi
308 Laurel Ln Fate, TX	3.0	2.0	1514	$1,875	$1.24	45d	1	0.11mi
529 Indian Paintbrush Fate, TX	3.0	2.0	1680	$1,750	$1.04	19d	1	0.14mi
314 Coneflower Dr Fate, TX	3.0	2.0	1849	$1,810	$0.98	18d	1	0.14mi
523 Indian Paintbrush Fate, TX	3.0	2.0	1849	$1,845	$1.00	16d	1	0.14mi
313 Coneflower Dr Fate, TX	3.0	2.0	1654	$1,950	$1.18	25d	1	0.17mi
510 Indian Paintbrush Fate, TX	3.0	2.0	1849	$1,950	$1.05	14d	1	0.22mi
443 Richlands Way Unit 202 Rockwall, TX	2.0	2.0	1250	$1,495	$1.20	11d	1	0.27mi
405 Richlands Way Fate, TX	2.0	2.0	1250	$1,700	$1.36	45d	1	0.28mi
120 Abelia Dr Fate, TX	4.0	2.0	2184	$2,150	$0.98	18d	1	0.39mi
50 Larkspur Dr Fate, TX	3.0	2.0	1859	$1,859	$1.00	4d	1	0.40mi
207 Citrus Dr Fate, TX	3.0	2.0	1621	$1,945	$1.20	25d	1	0.46mi
106 Abelia Dr Fate, TX	3.0	2.0	1743	$2,000	$1.15	45d	1	0.46mi
140 Waxberry Dr Fate, TX	3.0	2.0	1732	$1,995	$1.15	45d	1	0.46mi
624 Fitzroy Ln Royse City, TX	4.0	2.0	1964	$1,980	$1.01	6d	1	0.46mi
624 Fitzroy Ln Royse City, TX	4.0	2.0	1996	$1,980	$0.99	16d	1	0.46mi
211 Citrus Dr Fate, TX	3.0	2.0	1576	$1,950	$1.24	45d	1	0.46mi
227 Citrus Dr Fate, TX	3.0	2.0	1634	$1,940	$1.19	45d	1	0.48mi
215 Mulberry Dr Fate, TX	3.0	2.0	1963	$2,296	$1.17	45d	1	0.52mi
215 Mulberry Dr Fate, TX	3.0	2.0	1963	$1,865	$0.95	6d	1	0.52mi
227 Jenkinson Dr Royse City, TX	4.0	2.0	1996	$2,300	$1.15	18d	1	0.53mi
219 Jenkinson Dr Royse City, TX	3.0	2.0	1602	$1,789	$1.12	45d	1	0.55mi
686 Cannon Dr Fate, TX	3.0	2.0	1891	$2,350	$1.24	25d	1	0.62mi
954 Corbitt Ln Fate, TX	4.0	3.0	2171	$1,290	$0.59	0d	1	0.63mi
423 Hackberry Dr Fate, TX	3.0	2.0	2206	$2,236	$1.01	0d	1	0.64mi
949 Corbitt Ln Fate, TX	4.0	2.0	2092	$1,989	$0.95	45d	1	0.66mi
961 Corbitt Ln Fate, TX	4.0	2.0	1923	$2,041	$1.06	0d	1	0.67mi
341 Wentworth Dr Royse City, TX	4.0	2.0	1838	$2,340	$1.27	25d	1	0.72mi
766 Ruffian Way Fate, TX	3.0	2.0	2105	$2,350	$1.12	25d	1	0.72mi
312 Hawthorn Dr Fate, TX	3.0	2.0	1520	$1,995	$1.31	19d	1	0.72mi
537 Robinson Way Fate, TX	4.0	2.0	1832	$2,150	$1.17	6d	1	0.75mi
2118 Brisbon St Fate, TX	4.0	2.0	1860	$2,100	$1.13	19d	1	0.75mi
709 Fireberry Dr Fate, TX	3.0	2.0	1958	$2,185	$1.12	3d	1	0.79mi
454 Stuart Ln Fate, TX	3.0	2.0	1508	$2,095	$1.39	0d	1	0.79mi
549 Hickory Ln Fate, TX	3.0	2.0	2210	$2,300	$1.04	45d	1	0.81mi
1029 N Churchill Dr Royse City, TX	4.0	2.0	1846	$2,250	$1.22	0d	1	0.83mi
1120 Decker Dr Fate, TX	4.0	2.0	2092	$2,400	$1.15	45d	1	0.88mi
2484 French St Fate, TX	4.0	2.0	1721	$1,860	$1.08	45d	1	0.91mi
2432 French St Fate, TX	4.0	2.0	1850	$2,100	$1.14	14d	1	0.92mi

HOA detail

• Monthly dues: $40 · $480/yr

Listing history 13 events

1. 2026-06-07
   statusdays on market $249,900 Pending 10 DOM
2. 2026-06-04
   days on market $249,900 Active Option Contract 8 DOM
3. 2026-06-03
   days on market $249,900 Active Option Contract 7 DOM
4. 2026-06-02
   days on market $249,900 Active Option Contract 6 DOM
5. 2026-06-01
   days on market $249,900 Active Option Contract 5 DOM
6. 2026-05-31
   days on market $249,900 Active Option Contract 4 DOM
7. 2026-04-02
   soldstatus
8. 2026-01-30
   price $275,000 377-char remark
9. 2025-12-23
   price $285,000 377-char remark
10. 2025-12-23
    price $275,000 377-char remark
11. 2025-12-23
    price $280,000 377-char remark
12. 2025-12-23
    price $275,000 377-char remark
13. 2025-12-22
    listed $175,000 Active 377-char remark

ⓘ 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: $5,100 · $425/mo
• Projected year-2 tax: $5,100 · $425/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 ≥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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,489
• − Mortgage interest: −$13,998
• − Property taxes: −$5,100
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − HOA: −$480
• − Depreciation: −$7,270
• Taxable loss: −$7,527
• Est. tax savings @ 24.0%: +$1,806
• After-tax cash flow: $-1,403/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 — Fate

• Score: 72/100
• State rank: #246
• US rank: #5864

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fate, TX
• County: Rockwall County · 132,930 people
• 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

+42.8% since first listed

11 events — show timeline

• 2026-06-06 Pending — NTREIS
• 2026-05-30 Contingent — NTREIS
• 2026-05-25 Listed $249,900 NTREIS
• 2026-05-22 Listing Removed — NTREIS
• 2026-04-02 Sold (Public Records) — Public Records
• 2026-01-30 Price Changed $275,000 NTREIS
• 2025-12-23 Price Changed $285,000 NTREIS
• 2025-12-23 Price Changed $275,000 NTREIS
• 2025-12-23 Price Changed $280,000 NTREIS
• 2025-12-23 Price Changed $275,000 NTREIS
• 2025-12-22 Listed $175,000 NTREIS

Property tax history

+4.0%/yr

Latest (2025): $5,100 · +5.9% YoY. Source: county tax records.