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2120 Modoc Drive Harker Heights, TX 76548

4 Beds 3 Baths 2,869 sqft Built 2005

$259,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $90.28
  • 2 Days on Market
  • MLS # : 8030087
  • Updated Date : 01/23/2021 at 17:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,869 sqft
  • Baths : 2 full , 1 half
Listing Agent

All City Real Estate Ltd. Co

Listing Agent's Description

Spacious two-story, four bedroom, two and half baths, two car garage with downstairs Master Bedroom and other bedrooms upstairs is in market. House that has quick access to Schools, Parks and other major business of Harker Heights Areas. This house has extra parking spaces that extends to side yard of house. Covered Patio let you enjoy watching sunset.

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: Union Grove

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200kPrice in $104k202k

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

Neighborhood: Union Grove

NeighborhoodNIR Market*CityMarket2015Year2009 Q32019 Q210501100115012001250130013501400Rent in $10391434

* 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
Mountain View Elementary School Primary Regular 886 53 6
Union Grove Middle School Middle Regular 879 50 7
Harker Heights High School High Regular 2,354 146 5

Mountain View Elementary School

  • Education Level: Primary
  • # of students: 886
  • # of teachers: 53
6
GreatSchools Rating

Union Grove Middle School

  • Education Level: Middle
  • # of students: 879
  • # of teachers: 50
7
GreatSchools Rating

Harker Heights High School

  • Education Level: High
  • # of students: 2,354
  • # of teachers: 146
5
GreatSchools Rating
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$900
Property Tax -$529
Property Insurance -$178
Property Management Fees -$99
CASH FLOW
-$35

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$259,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 1.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.48%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$900

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$2,620

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,965

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$2,0003$2,000
$2,000
RENT COMPS ANALYSIS
  • 2120 Modoc Drive Harker Heights, TX 1
    • 4 beds 3 baths ∙ 2,869 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,869 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.58
    •  
  • 2043 Rain Dance Loop Harker Heights, TX 2
    • 4 beds 2 baths ∙ 3,039 Sqft ∙ Built 2002 4 beds 2 baths ∙ 3,039 Sqft ∙ Built 2002
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.66
    •  
  • 220 W Iowa Drive Harker Heights, TX 3
    • 5 beds 4 baths ∙ 2,833 Sqft ∙ Built 2003 5 beds 4 baths ∙ 2,833 Sqft ∙ Built 2003
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
PROPERTY LISTING DETAILS
Rajaram Gautam
1.832.420.2131
All City Real Estate Ltd. Co
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 8030087
Last Updated: 01/23/2021
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