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238 Banana Street Buda, TX 78610

3 Beds 3 Baths 2,622 sqft Built 2018

$350,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $133.49
  • 3 Days on Market
  • MLS # : 6397632
  • Updated Date : 02/27/2021 at 15:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,622 sqft
  • Baths : 2 full , 1 half
Listing Agent

Tyler Properties

Listing Agent's Description

BETTER THAN NEW! Gorgeous, lightly lived in and loaded with high end upgrades. You'll love the BEAUTIFUL wood & tile flooring, Master bedroom downstairs, Kitchen open to living, game room upstairs, open airy floor plan, NEST doorbell-thermostats-smoke/CO2 sensors and deadbolts, ADT pulse home security system, exterior LED motion sensors, HUE lighting -w- dimmers throughout, CAT 5 direct internet, Westinghouse water filter/softener and the list goes on and on. The location and private neighborhood amenities can't be beat. MITICULOUSLY MAINTAINED & SUPER CLEAN. Current tenants have a lease in place till the end of October.

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

Zip Code: 78610

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $126k298k

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

Zip Code: 78610

ZipNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9371840

* 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
Tom Green Elementary School Primary Regular 607 44 3
Mccormick Middle School Middle Regular NA
Hays High School High Regular 2,409 121 6

Tom Green Elementary School

  • Education Level: Primary
  • # of students: 607
  • # of teachers: 44
3
GreatSchools Rating

Mccormick Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Hays High School

  • Education Level: High
  • # of students: 2,409
  • # of teachers: 121
6
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,216
Property Tax -$912
Property Insurance -$175
HOA -$33
Property Management Fees -$99
CASH FLOW
-$274

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.

$350,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 4.2%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$961

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,216

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1003$2,1604$2,2005$2,350
$2,350
RENT COMPS ANALYSIS
  • 238 Banana Street Buda, TX 3
    • 3 beds 3 baths ∙ 2,622 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,622 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.82
    •  
  • 163 Palm Drive Buda, TX 1
    • 4 beds 3 baths ∙ 2,461 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,461 Sqft ∙ Built 2018
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.81
    •  
  • 701 Bridgestone Way Buda, TX 2
    • 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2018
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.79
    •  
  • 147 Big Leaf Drive Buda, TX 4
    • 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,440 Sqft ∙ Built 2020
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 126 Tangerine Drive Buda, TX 5
    • 4 beds 3 baths ∙ 2,677 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,677 Sqft ∙ Built 2016
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.88
    •  
PROPERTY LISTING DETAILS
Richard Tyler
Tyler Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 6397632
Last Updated: 02/27/2021
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