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211 S Meadowlark Street Lakeway, TX 78734

5 Beds 5 Baths 3,223 sqft Built 1983 3 Units

$600,000

List Price

$3,900

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

3 Units MULTIFAMILY
February 10, 2021 RECENTLY ADDED
FACTS
  • 3-Flat Type Property
  • Built In 1983
  • Price/Sqft : $186.16
  • 5 Days on Market
  • MLS # : No MLS Number
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,223 sqft
  • Baths : 5 full
Listing Agent

Tobin

Listing Agent's Description

The owner wants to sell the property as a package deal with his other lot adjoined to the property, MLS #3590693 @ 207 S Meadowlark St priced at $150K. 2010 updates – New Hardiplank installed on the Triplex. New double pane windows replaced old windows. Bathrooms were updated too. Kohler fixtures, bathtubs, valves, new toilet flanges, and toilets installed. New $2000 wood front doors installed in 2010 for Unit A & C. The Septic system gets pumped yearly, and it has two tanks. 2016 – New Water Heater Unit B. 2017 – New Roof & new $2000 wood front door on unit B. 2019 – All AC units were replaced with 16 seer Amana units. 2020 – New Gutters installed around the property with mesh screens preventing debris from getting into them. The property has a French drain where a lot of the water drains too. Unit A, B, and C have their separate electric meter. Unit B & C share the water meter. Unit A has its own water meter. The property gets $3750 per month in rental income. All leases are currently month to month. Owner currently pays all of the water bill for the property. Unit C electric bill is paid by owner since it is included in the rent.

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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: Lakeway

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $136k540k

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

Neighborhood: Lakeway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $9972987

* 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
Lake Travis Elementary School Primary Regular 888 58 8
Hudson Bend Middle School Middle Regular 1,029 65 9
Lake Travis High School High Regular 2,561 141 8

Lake Travis Elementary School

  • Education Level: Primary
  • # of students: 888
  • # of teachers: 58
8
GreatSchools Rating

Hudson Bend Middle School

  • Education Level: Middle
  • # of students: 1,029
  • # of teachers: 65
9
GreatSchools Rating

Lake Travis High School

  • Education Level: High
  • # of students: 2,561
  • # of teachers: 141
8
GreatSchools Rating
 

$540,000$660,000$600,000

PURCHASE PRICE

$3,510$4,290$3,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,900
EXPENSES Loan Payment -$2,084
Property Tax -$986
Property Insurance -$88
Property Management Fees -$297
CASH FLOW
$445

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.

$600,000

PROJECTED PRICE

$3,900

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 4.9%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$176,250

INVESTMENT

$176,250

Down Payment
$150,000
Rehab Estimate
$17,250
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$72,173

INTEREST SAVED

CASH FLOW REINVESTMENT

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

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PROPERTY LISTING DETAILS
Mynd
Tobin
BESbswy