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1807 Iris Lane Cedar Park, TX 78613

4 Beds 3 Baths 2,400 sqft Built 1991

$337,700

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1991
  • Price/Sqft : $140.71
  • 11 Days on Market
  • MLS # : 5455515
  • Updated Date : 10/26/2020 at 16:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Fabulous well-maintained home in family-friendly Cypress Bend community! Easy access to everything the vibrant Cedar Park city has to offer. Walkable to top rated schools, community college, shopping centers and more! Just a few steps to family park featuring a children's playground, pool, community garden, basketball court, green space & walking trails. This spacious home was recently updated. New flooring, fresh paint, kitchen offers granite counter and SS appliances. The Dining room, breakfast area & kitchen overlooks the amazing backyard paradise!

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

Neighborhood: Ranch at Cypress Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $136k410k

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

Neighborhood: Ranch at Cypress Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9972157

* 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
Naumann Elementary School Primary Regular 499 37 8
Cedar Park Middle School Middle Regular 1,396 74 9
Cedar Park High School High Regular 1,871 112 8

Naumann Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 37
8
GreatSchools Rating

Cedar Park Middle School

  • Education Level: Middle
  • # of students: 1,396
  • # of teachers: 74
9
GreatSchools Rating

Cedar Park High School

  • Education Level: High
  • # of students: 1,871
  • # of teachers: 112
8
GreatSchools Rating
 

$303,930$371,470$337,700

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,246
Property Tax -$743
Property Insurance -$162
Property Management Fees -$164
CASH FLOW
-$265

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.

$337,700

PROJECTED PRICE

$2,050

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 6.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$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$95,241

INVESTMENT

$95,241

Down Payment
$84,425
Rehab Estimate
$5,750
Closing Costs
$5,066

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,246

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,425
Loan Amount $253,275
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,028

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9003$2,0504$2,1955$2,200
$2,200
RENT COMPS ANALYSIS
  • 1807 Iris Lane Cedar Park, TX 3
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.85
    •  
  • 1908 Summer Rain Drive Cedar Park, TX 1
    • 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,351 Sqft ∙ Built 1994
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.77
    •  
  • 1708 Chula Vista Drive Cedar Park, TX 2
    • 4 beds 2 baths ∙ 2,302 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,302 Sqft ∙ Built 2003
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 2409 Drifting Leaf Drive Cedar Park, TX 4
    • 3 beds 3 baths ∙ 2,429 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,429 Sqft ∙ Built 2002
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.90
    •  
  • 1611 Michael Robert Way Cedar Park, TX 5
    • 3 beds 2 baths ∙ 2,513 Sqft ∙ Built 1998 3 beds 2 baths ∙ 2,513 Sqft ∙ Built 1998
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
PROPERTY LISTING DETAILS
Mary Rodriguez
1.512.300.6019
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 5455515
Last Updated: 10/26/2020
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