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230 Harris Dr Austin, TX 78737

4 Beds 4 Baths 2,898 sqft Built 2006

INVESTimate

$435,000

List Price

$2,800

$2,550 - $3,050

Rent Est.

$457,011  ( +5.06%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $150.10
  • 3 Days on Market
  • MLS # : 8680035
  • Updated Date : 08/25/2020 at 07:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,898 sqft
  • Baths : 3 full , 1 half
Listing Agent

Orchard Brokerage

Listing Agent's Description

Matterport 3D tour linked. Impressive two-story turnkey home with numerous upgrades backing up to a green belt. Stonemasonry. The foyer showcases a chandelier and custom staircase with a wrought iron banister and mosaic tile staircase risers. Formal dining features another chandelier and accent wall. The family room has a stone fireplace and great natural light. Upgraded kitchen with breakfast bar. Master on the main with full bath and walk-in. Bonus area upstairs. Patio and gazebo with countryside views.

SEE MORE

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: Belterra

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $136k465k

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

Neighborhood: Belterra

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9972625

* 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
Rooster Springs Elementary School Primary Regular 819 50 8
Dripping Springs Middle School Middle Regular 1,238 64 8
Dripping Springs High School High Regular 1,586 92 8

Rooster Springs Elementary School

  • Education Level: Primary
  • # of students: 819
  • # of teachers: 50
8
GreatSchools Rating

Dripping Springs Middle School

  • Education Level: Middle
  • # of students: 1,238
  • # of teachers: 64
8
GreatSchools Rating

Dripping Springs High School

  • Education Level: High
  • # of students: 1,586
  • # of teachers: 92
8
GreatSchools Rating
 

$391,500$478,500$435,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

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-$10k-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$1,605
Property Tax -$1,065
Property Insurance -$190
HOA -$46
Property Management Fees -$224
CASH FLOW
-$329

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.

$435,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 5.06%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,419

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,869

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6003$2,8004$2,9005$3,100
$3,100
RENT COMPS ANALYSIS
  • 230 Harris Dr Austin, 3
    • 5 beds 4 baths ∙ 2,898 Sqft ∙ Built 2006 5 beds 4 baths ∙ 2,898 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.97
    •  
  • 330 Harris Dr Austin, 1
    • 4 beds 3 baths ∙ 2,642 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,642 Sqft ∙ Built 2007
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.95
    •  
  • 141 Canterbury Dr Austin, 2
    • 4 beds 4 baths ∙ 2,774 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,774 Sqft ∙ Built 2004
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.94
    •  
  • 13441 Mesa Verde Dr Austin, 4
    • 4 beds 4 baths ∙ 2,829 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,829 Sqft ∙ Built 2011
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.03
    •  
  • 12908 Mesa Verde Dr Austin, 5
    • 4 beds 4 baths ∙ 2,982 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,982 Sqft ∙ Built 2018
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.04
    •  
PROPERTY LISTING DETAILS
Rachel Bennett
1.512.807.0878
Orchard Brokerage
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 8680035
Last Updated: 08/25/2020
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