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209 Norwood Street W Georgetown, TX 78628

3 Beds 3 Baths 2,722 sqft Built 1985

$359,900

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $132.22
  • 3 Days on Market
  • MLS # : 5992246
  • Updated Date : 11/14/2020 at 17:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,722 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

**NOTE- Short term renter staying in Guest House til 1pm on 11/15 do not disturb****PETS ON PROPERTY. Fabulous meticulously maintained 3 bedrooms, 2.5 baths home with lots of updates. Exquisite 936 sq ft guest house built-in 2018 with the main level bedroom plus loft bedroom, full bath, kitchen, and vaulted living areas. The main house includes an open floor plan, filled with natural light, soaring ceilings, and a floor to ceiling fireplace. Updated eat-in kitchen with large breakfast area, beautiful mosaic backsplash, smooth top electric range, dual ovens, large center island with space for additional seating, and ample cabinetry for storage. Dining area with access to the covered deck great for entertaining year-round. Spacious primary en-suite with dual vanities, walk-in shower, and closet. All bedrooms are upstairs. Spacious backyard with updated wrought iron fencing. $15,000 air conditioner HVAC system that is less than a year old. No HOA. Don't miss this great opportunity!

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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: River Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $126k374k

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

Neighborhood: River Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9372144

* 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
Dell Pickett Elementary School Primary Regular 337 28 5
James Tippit Middle School Middle Regular 840 54 3
East View High School High Regular 1,418 110 4

Dell Pickett Elementary School

  • Education Level: Primary
  • # of students: 337
  • # of teachers: 28
5
GreatSchools Rating

James Tippit Middle School

  • Education Level: Middle
  • # of students: 840
  • # of teachers: 54
3
GreatSchools Rating

East View High School

  • Education Level: High
  • # of students: 1,418
  • # of teachers: 110
4
GreatSchools Rating
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,328
Property Tax -$706
Property Insurance -$180
Property Management Fees -$170
CASH FLOW
-$263

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.

$359,900

PROJECTED PRICE

$2,120

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 4.7%
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-$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$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$1,978

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,640

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,120
1$2,1202$2,6903$2,700
$2,700
RENT COMPS ANALYSIS
  • 209 Norwood Street W Georgetown, TX 1
    • 3 beds 3 baths ∙ 2,722 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,722 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $0.78
    •  
  • 417 Granite Rock Lane Georgetown, TX 2
    • 4 beds 4 baths ∙ 2,824 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,824 Sqft ∙ Built 2017
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,690
    • $0.95
    •  
  • 4032 Mercer Road Georgetown, TX 3
    • 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 2018
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.99
    •  
PROPERTY LISTING DETAILS
Barb Cooper
1.512.698.6625
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 5992246
Last Updated: 11/14/2020
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