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143 Enchanted Cove Austin, TX 78737

4 Beds 3 Baths 2,739 sqft Built 2006

$499,900

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $182.51
  • 4 Days on Market
  • MLS # : 2665985
  • Updated Date : 02/27/2021 at 17:03
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,739 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

HOME IS WILL BE OPEN FRIDAY, SATURDAY AND SUNDAY FOR EASY SHOWING. Highly sought after home in the gated community of Highpointe. This gorgeous 4 bedroom, 2.5 bath home has been updated at every turn. The kitchen boasts new quartz countertops, modern tile and reclaimed wood bar and shelving with shiplap accents. Primary bedroom has continuous wood floors from main living area with large picture windows. Primary bath was renovated with new shower, tile and lighting fixtures with shiplap. Step into your new mud room with floating shelving, new tile, paint and lots of storage. Take a walk upstairs to new carpet, accents on steps, large gameroom, and fresh new shared bath with new tile surround and patterned tile flooring. Exterior and interior are freshly painted and caulked. There is a formal dining room and a flex room upstairs that makes the perfect office for work from home. The flex room is in addition to 4 full bedrooms. The spacious backyard has plenty of room for a pool or outdoor entertaining. Three car garage on a cul-de-sac lot round out this perfect place to call home. Community amenities include pools, workout rooms, meeting facility, tennis, lakes, trails and more. Highly rates Dripping Springs Schools.

SEE MORE

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

Zip Code: 78737

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $136k489k

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

Zip Code: 78737

ZipNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9972668

* 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
Dripping Springs Elementary School Primary Regular 921 57 8
Dripping Springs Middle School Middle Regular 1,238 64 8
Dripping Springs High School High Regular 1,586 92 8

Dripping Springs Elementary School

  • Education Level: Primary
  • # of students: 921
  • # of teachers: 57
8
GreatSchools Rating

Dripping Springs Middle School

  • Education Level: Middle
  • # of students: 1,238
  • # of teachers: 64
8
GreatSchools Rating

Dripping Springs High School

  • Education Level: High
  • # of students: 1,586
  • # of teachers: 92
8
GreatSchools Rating
 

$449,910$549,890$499,900

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$1,736
Property Tax -$1,172
Property Insurance -$181
HOA -$75
Property Management Fees -$99
CASH FLOW
-$313

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.

$499,900

PROJECTED PRICE

$2,950

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 5.6%
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-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,357

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,965

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9503$2,9504$2,9505$3,100
$3,100
RENT COMPS ANALYSIS
  • 143 Enchanted Cove Austin, TX 4
    • 4 beds 3 baths ∙ 2,739 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,739 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.08
    •  
  • 278 Mountain Laurel Way Austin, TX 1
    • 4 beds 3 baths ∙ 2,739 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,739 Sqft ∙ Built 2006
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.04
    •  
  • 203 Mountain Laurel Way Austin, TX 2
    • 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2007
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.06
    •  
  • 151 Courtland Circle #15 Austin, TX 3
    • 4 beds 2 baths ∙ 2,656 Sqft ∙ Built 2010 4 beds 2 baths ∙ 2,656 Sqft ∙ Built 2010
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.11
    •  
  • 203 Raindance Cove Austin, TX 5
    • 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,777 Sqft ∙ Built 2010
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.12
    •  
PROPERTY LISTING DETAILS
Steve Mallett
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 2665985
Last Updated: 02/27/2021
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