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1903 Omaha Drive Lago Vista, TX 78645

3 Beds 2 Baths 2,038 sqft Built 2020

INVESTimate

$287,481

List Price

$2,110

$1,899 - $2,321

Rent Est.

$306,570  ( +6.64%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $141.06
  • 8 Days on Market
  • MLS # : 6934191
  • Updated Date : 08/19/2020 at 11:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,038 sqft
  • Baths : 2 full
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 6934191 - Built by Brohn Homes - January completion! ~ This beautiful 2038 sq ft home will be complete for move-in Jan 2020. This home features a private study, extended back patio, built-in stainless steel appliances, and 42” kitchen cabinet uppers. The master bathroom offers an extended walk-in shower with a raised dual vanity. **Photos not of actual home**

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

Zip Code: 78645

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $127k410k

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

Zip Code: 78645

ZipNIR 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
Lago Vista Elementary School Primary Regular 526 34 5
Lago Vista Middle School Middle Regular 398 26 6
Lago Vista High School High Regular 442 29 7

Lago Vista Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 34
5
GreatSchools Rating

Lago Vista Middle School

  • Education Level: Middle
  • # of students: 398
  • # of teachers: 26
6
GreatSchools Rating

Lago Vista High School

  • Education Level: High
  • # of students: 442
  • # of teachers: 29
7
GreatSchools Rating
 

$258,733$316,229$287,481

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,061
Property Tax -$672
Property Insurance -$142
HOA -$13
Property Management Fees -$169
CASH FLOW
$54

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$287,481

PROJECTED PRICE

$2,110

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 6.64%
Maintenance Year (1-5) 3.00%
Vacancy 6.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,182

INVESTMENT

$78,182

Down Payment
$71,870
Rehab Estimate
$2,000
Closing Costs
$4,312

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,061

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,870
Loan Amount $215,611
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$16,957

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,936

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7953$1,8004$2,1105$2,250
$2,250
RENT COMPS ANALYSIS
  • 1903 Omaha Drive Lago Vista, 4
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $1.04
    •  
  • 21706 Ticonderoga Ave Lago Vista, 1
    • 4 beds 2 baths ∙ 1,724 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,724 Sqft ∙ Built 1997
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.98
    •  
  • 21704 Bluejay Blvd Lago Vista, 2
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2017
    LEASED 05/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.88
    •  
  • 113 Scone Dr Spicewood, 3
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 1998
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
  • 2608 Franklin Cv Lago Vista, 5
    • 3 beds 2 baths ∙ 2,329 Sqft ∙ Built 1994 3 beds 2 baths ∙ 2,329 Sqft ∙ Built 1994
    LEASED 11/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
PROPERTY LISTING DETAILS
Ben Caballero
1.888.872.6006
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 6934191
Last Updated: 08/19/2020
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