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21508 Patton Avenue Lago Vista, TX 78645

3 Beds 2 Baths 1,803 sqft Built 2020

$360,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $199.67
  • 3 Days on Market
  • MLS # : 4849597
  • Updated Date : 03/13/2021 at 00:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,803 sqft
  • Baths : 2 full
Listing Agent

Realty Austin

Listing Agent's Description

BEST AND FINAL by Monday, March 15, at 3 p.m. please. Brand new construction with an eye for quality and tasteful finish out. Open floor plan with beautiful hardwood floors, lots of windows, natural light, neutral paint, transitional light fixtures/ceiling fans. A well laid-out kitchen with stainless steel appliances, Samsung refrigerator, nice-sized pantry and a stunning wood kitchen counter designed by the artistic Builder. 3 bedrooms, 2 bathrooms, 1803 square feet, two-car garage with electronic garage door openers. Through the sliding doors, access the backyard balcony that runs the length of the house with attractive wrought iron railing. $150 Lago Vista Property Owner Association fee.

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: Highland Lake Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $135k410k

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

Neighborhood: Highland Lake Estates

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
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
 

$324,000$396,000$360,000

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 -$1,250
Property Tax -$842
Property Insurance -$129
HOA -$13
Property Management Fees -$99
CASH FLOW
-$282

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.

$360,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 3.00%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,400

INVESTMENT

$97,400

Down Payment
$90,000
Rehab Estimate
$2,000
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$1,406

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
  • $1.14

    LIST RENT PER SQFT
  • $2,051

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$2,0003$2,0504$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 21508 Patton Avenue Lago Vista, TX 3
    • 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.14
    •  
  • 2909 American Dr Lago Vista, TX 1
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2017
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
  • 21221 Oak Dale Dr Lago Vista, TX 2
    • 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 2018
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.10
    •  
  • 2405 Farragret Cove Lago Vista, TX 4
    • 3 beds 2 baths ∙ 1,779 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,779 Sqft ∙ Built 1995
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.24
    •  
  • 2800 American Drive Lago Vista, TX 5
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 2004
    LEASED 03/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.18
    •  
PROPERTY LISTING DETAILS
Beverly Williams
Realty Austin
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 4849597
Last Updated: 03/13/2021
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