101 Gregory Dr · Heath, TX 75032

$340,000

3 bd · 2.0 ba · 1,902 sqft · SingleFamily public records · 113 Days on market

Built 1978 10,106 sqft lot $179/sqft · 17% below area Est $378k · 10% under

---

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 +12.0/15.0
• Cash flow +10.0/30.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• DSCR +2.9/10.0
• Rent growth +2.9/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful well maintained home in a huge corner lot close to the public Boat Launch, Terry Park and Lake Ray Hubbard. Some improvements have been made including a new Kitchen addition with open concept. Don't miss the opportunity to make this home yours.

Key facts

• New kitchen addition
• Open concept
• Public boat launch

Tags

• CORNER LOT
• PUBLIC BOAT LAUNCH
• LAKE RAY HUBBARD
• NEW KITCHEN ADDITION
• OPEN CONCEPT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $-205 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (23.2% below list).
• Recommended offer: $261k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 1.2% in Heath — 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 70/100 on livability (#353 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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: Amy Parks-Heath El (math 68% / reading 63%, grade B+, #234 of 4,322 statewide, top 6%, 729 students, 8% FRL); Maurine Cain Middle (math 50% / reading 51%, grade C, #333 of 1,662 statewide, top 21%, 1,122 students, 31% 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 22% FRL track the district average.
• Market conditions: Rents rising (+1.5%/yr); 978 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $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 113 days — a 9% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago 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.
• Current owner paid $54k; list at $340k implies a 530% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,189 (23.2% 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 113 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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: 0.77% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.58%
• DSCR: 0.89
• GRM: 10.8

CMA / ARV

• ARV (median comp): $378,037
• List price: $340,000
• Delta: -10.06%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Gregory Dr	0.00mi	3/2.0	1,750 (-8%)	0mo	$340,000	$194	86
103 Luther Ln	0.26mi	3/2.0	1,861 (-2%)	4mo	$349,900	$188	81
309 James Dr	0.61mi	3/2.0	1,828 (-4%)	13mo	$530,000	$290	54
116 James Dr	0.72mi	3/2.0	1,729 (-9%)	2mo	$499,000	$289	50

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 · 1.47% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.24×
• Total profit: $-72,119
• Equity at exit: $50,695

10-year hold

• IRR: -20.4%
• Equity multiple: -0.00×
• Total profit: $-95,410
• Equity at exit: $29,397

Cash invested: $95,200 (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 75032

• Home prices YoY: -22.9%
• Rents YoY: 1.5%
• Active inventory: 978
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,612 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$344 /mo · $4,124/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $-205

Break-even live

Break-even rent $2,871

Max offer price $303,797

Occupancy floor —

Sensitivity live

Price	-10% $-12	-5% $-109	+0% $-205	+5% $-301	+10% $-397
Rent	-10% $-411	-5% $-308	+0% $-205	+5% $-102	+10% $1
Rate	-1.0pp $-34	-0.5pp $-118	base $-205	+0.5pp $-293	+1.0pp $-383

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Rush Creek Dr Unit A-2 Heath, TX	3.0	3.0	1452	$2,750	$1.89	0d	1	0.89mi
16 Lee Cir Rockwall, TX	3.0	2.0	1969	$2,800	$1.42	14d	1	1.33mi

Listing history 18 events

1. 2026-05-07
   status Pending 254-char remark

   Show marketing remark (254 chars)

   Beautiful well maintained home in a huge corner lot close to the public Boat Launch, Terry Park and Lake Ray Hubbard. Some improvements have been made including a new Kitchen addition with open concept. Don't miss the opportunity to make this home yours.

2. 2026-01-13
   listed $340,000 Active 254-char remark

   Show marketing remark (254 chars)

   Beautiful well maintained home in a huge corner lot close to the public Boat Launch, Terry Park and Lake Ray Hubbard. Some improvements have been made including a new Kitchen addition with open concept. Don't miss the opportunity to make this home yours.

3. 2015-10-07
   soldstatus
4. 2015-07-20
   soldstatus
5. 2015-07-06
   soldstatus Sold 350-char remark

   Show marketing remark (350 chars)

   Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

6. 2015-07-06
   soldstatus

   Show marketing remark (350 chars)

   Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

7. 2015-07-01
   status Pending 350-char remark

   Show marketing remark (350 chars)

   Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

8. 2015-06-19
   price $116,900 350-char remark

   Show marketing remark (350 chars)

   Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

9. 2015-05-29
   price $119,500 350-char remark

   Show marketing remark (350 chars)

   Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

10. 2015-05-29
    status Active 350-char remark

    Show marketing remark (350 chars)

    Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

11. 2015-05-07
    status Pending 350-char remark

    Show marketing remark (350 chars)

    Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

12. 2015-04-20
    historical Active Option Contract 350-char remark

    Show marketing remark (350 chars)

    Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

13. 2015-04-17
    listed $126,500 Active 350-char remark

    Show marketing remark (350 chars)

    Fixer Upper. Nice Materials. New Carpet. Excellent location. Excellent School District. Excellent Rental property history. If used as Investment Rental Property: Repair costs most likely recovered in first year. Plumbing and foundation information available. Bank financed purchase should be repair plan oriented. Cash purchase recommended. $116,900.

14. 2007-10-11
    soldstatus
15. 2007-09-21
    soldstatus
16. 2007-09-05
    historical
17. 2007-04-12
    listed $59,900
18. 1987-09-23
    soldstatus $54,000

ⓘ 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: $4,124 · $344/mo
• Projected year-2 tax: $6,222 · $518/mo
• Expected delta: +$2,098/yr (+$175/mo · 50.9%)

ⓘ 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 3/10 Moderate
• 🌡 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: $31,343
• − Mortgage interest: −$19,045
• − Property taxes: −$4,124
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,507
• − Management: −$2,507
• − Depreciation: −$9,891
• Taxable loss: −$8,432
• Est. tax savings @ 24.0%: +$2,024
• After-tax cash flow: $-436/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 — Heath

• Score: 70/100
• State rank: #353
• US rank: #7694

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Heath, TX
• County: Rockwall County · 132,930 people
• City population: 37,895
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 39,865
• Household income: $135,742
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 636.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 9% Black 9% Asian 3%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% Arabic 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: ▼ -61.97%
• Current HPI: 209.0229
• Rent YoY: ▲ 1.47%
• 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

+529.6% since first listed

18 events — show timeline

• 2026-05-07 Pending — NTREIS
• 2026-01-13 Listed $340,000 NTREIS
• 2015-10-07 Sold (Public Records) — Public Records
• 2015-07-20 Sold (Public Records) — Public Records
• 2015-07-06 Sold (Public Records) — Public Records
• 2015-07-06 Sold (MLS) — NTREIS
• 2015-07-01 Pending — NTREIS
• 2015-06-19 Price Changed $116,900 NTREIS
• 2015-05-29 Price Changed $119,500 NTREIS
• 2015-05-29 Relisted — NTREIS
• 2015-05-07 Pending — NTREIS
• 2015-04-20 Contingent — NTREIS
• 2015-04-17 Listed $126,500 NTREIS
• 2007-10-11 Sold (Public Records) — Public Records
• 2007-09-21 Sold (MLS) — NTREIS
• 2007-09-05 Listing Removed — NTREIS
• 2007-04-12 Listed $59,900 NTREIS
• 1987-09-23 Sold (Public Records) $54,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $4,124 · +3.6% YoY. Source: county tax records.