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1346 Rainbow Parke Drive Round Rock, TX 78665

3 Beds 2 Baths 1,889 sqft Built 2006

$269,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $142.40
  • 3 Days on Market
  • MLS # : 2174424
  • Updated Date : 11/28/2020 at 16:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,889 sqft
  • Baths : 2 full
Listing Agent

Spyglass Realty

Listing Agent's Description

Offer deadline: Sunday, Nov 29 @ 1 PM. This 3 BED 2 BATH home in RRISD has NO CARPETING & comes with a dedicated study. Wood flooring throughout & tile in kitchen & wet areas. The kitchen opens to the living & dining areas, with high ceilings this is a great room. The master bath is huge & full of natural light. Already installed Tesla solar panels allow for lower, fixed utility bills - solar panel lease is easily transferable to buyer. Home is walking distance to Old Settlers Park.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Rainbow Parke

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $105k298k

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

Neighborhood: Rainbow Parke

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9281828

* 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
Herrington Elementary School Primary Unknown 847 57 NA
Hernandez Middle School Middle Regular 831 66 4
Stony Point High School High Regular 2,463 173 6

Herrington Elementary School

  • Education Level: Primary
  • # of students: 847
  • # of teachers: 57
NA
GreatSchools Rating

Hernandez Middle School

  • Education Level: Middle
  • # of students: 831
  • # of teachers: 66
4
GreatSchools Rating

Stony Point High School

  • Education Level: High
  • # of students: 2,463
  • # of teachers: 173
6
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$992
Property Tax -$530
Property Insurance -$133
HOA -$21
Property Management Fees -$143
CASH FLOW
-$30

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.

$269,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.72%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$9,910

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6953$1,7504$1,7505$1,790
$1,790
RENT COMPS ANALYSIS
  • 1346 Rainbow Parke Drive Round Rock, TX 5
    • 3 beds 2 baths ∙ 1,889 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,889 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.95
    •  
  • 1485 Rainbow Parke Drive Round Rock, TX 1
    • 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2006
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 1513 Rainbow Parke Drive Round Rock, TX 2
    • 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 2005
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.96
    •  
  • 1109 Alexandria Way Round Rock, TX 3
    • 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 2006
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 1213 Rainbow Cove Round Rock, TX 4
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2008
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
PROPERTY LISTING DETAILS
Tim Behe
1.512.850.8338
Spyglass Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 2174424
Last Updated: 11/28/2020
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