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144 Melissa Court Georgetown, TX 78628

3 Beds 2 Baths 1,677 sqft Built 1999

$260,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $155.04
  • 2 Days on Market
  • MLS # : 5360744
  • Updated Date : 11/21/2020 at 15:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,677 sqft
  • Baths : 2 full
Listing Agent

Re/max Core Realty

Listing Agent's Description

55+ Community. Lovely updated 3 bed/2 bath home in west Georgetown. Minutes from I-35, this home boasts modern tile throughout kitchen, dining, bedrooms and bathrooms. No Carpet! Two living spaces and two dining spaces. Open, remodeled kitchen with large center island and granite countertops. Large, shaded yard perfect for pets or backyard gatherings, ready for a landscaper's vision.

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: River Bend

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $126k326k

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

Neighborhood: River Bend

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9371816

* 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
Village Elementary School Primary Regular 370 29 7
Douglas Benold Middle School Middle Regular 825 53 5
Georgetown High School High Regular 1,822 121 5

Village Elementary School

  • Education Level: Primary
  • # of students: 370
  • # of teachers: 29
7
GreatSchools Rating

Douglas Benold Middle School

  • Education Level: Middle
  • # of students: 825
  • # of teachers: 53
5
GreatSchools Rating

Georgetown High School

  • Education Level: High
  • # of students: 1,822
  • # of teachers: 121
5
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$959
Property Tax -$510
Property Insurance -$121
HOA -$17
Property Management Fees -$123
CASH FLOW
-$190

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.

$260,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 5.2%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$1,324

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,530

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5003$1,5404$1,575
$1,575
RENT COMPS ANALYSIS
  • 144 Melissa Court Georgetown, TX 3
    • 3 beds 2 baths ∙ 1,677 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,677 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.92
    •  
  • 3301 Broken Spoke Trl Georgetown, TX 1
    • 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1981
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
  • 408 Power Rd Georgetown, TX 2
    • 3 beds 2 baths ∙ 1,691 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,691 Sqft ∙ Built 1978
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 905 Parker Circle Georgetown, TX 4
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1980
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.94
    •  
PROPERTY LISTING DETAILS
Starsky Owen
1.512.748.6097
Re/max Core Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 5360744
Last Updated: 11/21/2020
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