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12413 Turtle Rock Road #A & B Austin, TX 78729

4 Beds 4 Baths 3,538 sqft Built 1982 2 Units

$415,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

2 Units MULTIFAMILY
FACTS
  • Multi Family Home
  • Built In 1982
  • Price/Sqft : $117.30
  • 17 Days on Market
  • MLS # : 8330727
  • Updated Date : 10/31/2020 at 05:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,538 sqft
  • Baths : 4 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Rare investment opportunity in one of the hottest locations in Austin. Excellent schools and fantastic location, minutes from the Domain, tech corridor, and the new Apple campus. Updated 1 story duplex with each unit providing an open plan living area, two spacious bedrooms, and two full bathrooms. Each unit includes a 1 car garage and large separate private yards backing to greenbelt. Updates to both include recent paint and flooring. Wood fencing & gates. Siding replaced with Hardie board. All windows replaced with vinyl clad low E double pane windows. No carpet. No popcorn ceilings. Electrical, plumbing, and new $4300 AC unit in 2018. Unit B: Interior & garage painted, bathrooms updated, laminate flooring, new appliances, faucet & disposal. Unit A: No carpet, freshly painted walls, fireplace, and cabinets. All new hardware. Property is always rented with high demand. Hard to find such a well-maintained property generating cash flow and strong appreciation.

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MARKET HIGHLIGHTS

  • Austin metro contributes to 8.4% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • #1 in U.S. Cities attracting the most workers and a preferred destination for job movers (LinkedIn, August 2018; Glassdoor May 2018 )
  • Austin metro economy is worth over $153 billion in Gross Metro Product and projected to grow to $162 billion in 2019 (USMayors.org, 2018)
  • #2 in Top 10 cities for entrepreneurs and start-ups (Business.org, 2018)
  • #3 on Best Cities for Renters (Smart Asset, July 2018)
  • #1 in 125 Best Places to Live in the USA (U.S. News, 2019)
  • Austin metro employment growth is at 3.4% and predicted to grow at 2.9% in 2019 (USMayors.org, 2018)
  • Companies with headquarters and major regional presence in Austin: Dell, Whole Foods, Apple, AMD, IBM, Flextronics, Google, Facebook, National Instruments, and Freescale Semiconductor. Apple announced an investment of $1 billion in a new 133-acre campus in Austin accommodating an additional 5,000 employees.
  • Austin metro has 70% labor force participation rate, one of the highest in the nation and higher than the national rate 62.8% (USMayors.org, 2018)
  • Austin ranks #7 in total venture capital deals flow with $1.84 billion venture funding flowing in to the metro in 2019, an increase of 19.5% from the previous year (Crunchbase News, 2020)

PRICE & RENT TRENDS

Neighborhood: Northwest Austin

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $136k410k

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

Neighborhood: Northwest Austin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9972336

* 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
Live Oak Elementary School Primary Regular 540 48 5
Deerpark Middle School Middle Regular 935 75 7
Mcneil High School High Regular 2,546 169 7

Live Oak Elementary School

  • Education Level: Primary
  • # of students: 540
  • # of teachers: 48
5
GreatSchools Rating

Deerpark Middle School

  • Education Level: Middle
  • # of students: 935
  • # of teachers: 75
7
GreatSchools Rating

Mcneil High School

  • Education Level: High
  • # of students: 2,546
  • # of teachers: 169
7
GreatSchools Rating
 

$373,500$456,500$415,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$1,531
Property Tax -$866
Property Insurance -$226
HOA -$120
Property Management Fees -$256
CASH FLOW
$201

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.

$415,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$115,725

INVESTMENT

$115,725

Down Payment
$103,750
Rehab Estimate
$5,750
Closing Costs
$6,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,531

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$37,201

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Alexander Tapp
1.512.563.6240
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 8330727
Last Updated: 10/31/2020
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