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2504 Modoc Drive Harker Heights, TX 76548

4 Beds 3 Baths 2,509 sqft Built 2003

$239,990

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $95.65
  • 3 Days on Market
  • MLS # : 1633831
  • Updated Date : 03/19/2021 at 22:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,509 sqft
  • Baths : 2 full , 1 half
Listing Agent

Spyglass Realty

Listing Agent's Description

This open concept home boosts 4 large bedrooms in Skipcha Mountain Estates. Featuring formal living and dining area that subs perfectly for a workout room, office, or playroom. The spacious yard offers an extended, covered patio to enjoy outdoor entertaining!

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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: Skipcha South

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $104k242k

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

Neighborhood: Skipcha South

NeighborhoodNIR Market*CityMarket2015Year2009 Q32019 Q21100115012001250130013501400145015001550Rent in $10511570

* 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
 

$215,991$263,989$239,990

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$834
Property Tax -$490
Property Insurance -$159
Property Management Fees -$99
CASH FLOW
$69

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$239,990

PROJECTED PRICE

$1,650

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 0.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.62%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,347

INVESTMENT

$69,347

Down Payment
$59,998
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $59,998
Loan Amount $179,993
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$6,641

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,882

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,8553$2,000
$2,000
RENT COMPS ANALYSIS
  • 2504 Modoc Drive Harker Heights, TX 1
    • 4 beds 3 baths ∙ 2,509 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,509 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.66
    •  
  • 202 E Cherokee Dr Harker Heights, TX 2
    • 5 beds 2 baths ∙ 2,397 Sqft ∙ Built 1973 5 beds 2 baths ∙ 2,397 Sqft ∙ Built 1973
    property image
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,855
    • $0.77
    •  
  • 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
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
PROPERTY LISTING DETAILS
Kenneth Young
Spyglass Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 1633831
Last Updated: 03/19/2021
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