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319 Wrought Iron Drive Harker Heights, TX 76548

5 Beds 3 Baths 2,327 sqft Built 2007

$275,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $118.18
  • 6 Days on Market
  • MLS # : 2609954
  • Updated Date : 10/31/2020 at 18:01
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,327 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Talk about curb appeal! Beautiful 5 bedrooms or 4 plus office on an oversized 1/3 acre lot, in walking distance to popular Harker Heights schools! As you enter, the study is to the left, could be converted to a 5th bedroom. Formal dining to the right, perfect for family dinners! Large open kitchen with granite counters & breakfast bar, upgraded Kitchen Aid Stainless Steel appliances! Step up ceiling and corner fireplace in the living area. Powder room for your guests. Mother in law floorplan with primary bedroom on one side and 3 others on the other side of the home. The primary bedroom is large and the adjacent bath features double vanities, garden tub, separate shower and an oversized walk in closet. Remaining bedrooms are also great in size and all have big closets. Look at this backyard! Big covered patio and manicured landscaping, the fence is less than a year old. Wide fence gate off the driveway allows to pull in a boat or similar for storage, side entry 2 car garage. Must see!

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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: 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
Skipcha Elementary School Primary Regular 978 59 8
Union Grove Middle School Middle Regular 879 50 7
Harker Heights High School High Regular 2,354 146 5

Skipcha Elementary School

  • Education Level: Primary
  • # of students: 978
  • # of teachers: 59
8
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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,015
Property Tax -$561
Property Insurance -$149
Property Management Fees -$141
CASH FLOW
-$106

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.

$275,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.64%

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$600k

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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,052

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,792

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,855
$1,855
RENT COMPS ANALYSIS
  • 319 Wrought Iron Drive Harker Heights, TX 1
    • 5 beds 3 baths ∙ 2,327 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,327 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.76
    •  
  • 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
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,855
    • $0.77
    •  
PROPERTY LISTING DETAILS
Jeanette Harris
1.254.319.1316
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 2609954
Last Updated: 10/31/2020
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