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1807 Elmira Road Austin, TX 78721

3 Beds 2 Baths 1,092 sqft Built 2002

$298,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $272.89
  • 3 Days on Market
  • MLS # : 7043253
  • Updated Date : 11/27/2020 at 17:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,092 sqft
  • Baths : 2 full
Listing Agent

Realty Austin

Listing Agent's Description

Calling all investors and developers! Don't miss this amazing opportunity in Northeast Austin! Nestled on a large elevated .24-acre corner lot, enjoy having unobstructed views of Morris Williams Golf Course & being a short drive to the Muller District & Downtown. With a spacious, open floorplan this blank canvas has tons of room for equitable gain & is perfect for fix and flip, buy and hold, or even a teardown and development. The home is complete with three spacious bedrooms & a renovated full bathroom. The seller is including building materials such as flooring and appliances.

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: MLK

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $121k378k

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

Neighborhood: MLK

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600170018001900Rent in $7861966

* 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
Sims Elementary School Primary Regular 228 19 4
Martin Middle School Middle Regular 555 49 2
Reagan Early College High School High Regular 1,229 83 3

Sims Elementary School

  • Education Level: Primary
  • # of students: 228
  • # of teachers: 19
4
GreatSchools Rating

Martin Middle School

  • Education Level: Middle
  • # of students: 555
  • # of teachers: 49
2
GreatSchools Rating

Reagan Early College High School

  • Education Level: High
  • # of students: 1,229
  • # of teachers: 83
3
GreatSchools Rating
 

$268,200$327,800$298,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,099
Property Tax -$659
Property Insurance -$89
Property Management Fees -$144
CASH FLOW
-$191

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.

$298,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 8.7%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,720

INVESTMENT

$84,720

Down Payment
$74,500
Rehab Estimate
$5,750
Closing Costs
$4,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,099

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,500
Loan Amount $223,500
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,304

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $1,824

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,8003$1,850
$1,850
RENT COMPS ANALYSIS
  • 1807 Elmira Road Austin, TX 2
    • 3 beds 2 baths ∙ 1,092 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,092 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.65
    •  
  • 4709 Leslie Ave Austin, TX 1
    • 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,064 Sqft ∙ Built 1953
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.60
    •  
  • 5104 Delores Avenue #a Austin, TX 3
    • 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,064 Sqft ∙ Built 2004
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.74
    •  
PROPERTY LISTING DETAILS
Gerald Pestrikoff
1.512.643.8020
Realty Austin
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 7043253
Last Updated: 11/27/2020
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