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3313 Lookout Lane Austin, TX 78746

3 Beds 3 Baths 2,263 sqft Built 1984

$749,000

List Price

$3,590

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $330.98
  • 2 Days on Market
  • MLS # : 1138229
  • Updated Date : 01/09/2021 at 19:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,263 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Wonderful home in Eanes ISD located in Davenport Ranch in the Bridge Point Elementary District. Three bedrooms, two and half bathrooms, approximately 2263 square feet on .275 acres. Light and bright with high ceilings, multiple decks overlooking the spacious, shaded, private backyard. The home is situated on a cul-de-sac and is near shopping, restaurants, major employers, and Lake Austin. Owner's bedroom and bath has high ceilings, a private balcony, walk in closets, double vanities, soaking tub, and separate shower. All bedrooms are upstairs. Many upgrades include all three bathroom countertops and fixtures, interior and exterior paint, and the downstairs a/c system. This is a great value in a wonderful neighborhood with exemplary schools and many nearby amenities.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Davenport Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $136k1071k

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

Neighborhood: Davenport Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100015002000250030003500400045005000Rent in $9975000

* 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
Bridge Point Elementary School Primary Regular 744 52 10
Hill Country Middle School Middle Regular 1,001 65 10
Westlake High School High Regular 2,541 178 9

Bridge Point Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 52
10
GreatSchools Rating

Hill Country Middle School

  • Education Level: Middle
  • # of students: 1,001
  • # of teachers: 65
10
GreatSchools Rating

Westlake High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 178
9
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$3,231$3,949$3,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,590
EXPENSES Loan Payment -$2,602
Property Tax -$1,473
Property Insurance -$154
HOA -$55
Property Management Fees -$99
CASH FLOW
-$793

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.

$749,000

PROJECTED PRICE

$3,590

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 3.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,602

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$620

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,590

    LIST RENT
  • $1.59

    LIST RENT PER SQFT
  • $3,253

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,3953$3,5904$3,7005$4,000
$4,000
RENT COMPS ANALYSIS
  • 3313 Lookout Lane Austin, TX 3
    • 3 beds 3 baths ∙ 2,263 Sqft ∙ Built 1984 3 beds 3 baths ∙ 2,263 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $3,590
    • $1.59
    •  
  • 3529 Fawn Creek Path Austin, TX 1
    • 4 beds 4 baths ∙ 2,376 Sqft ∙ Built 1983 4 beds 4 baths ∙ 2,376 Sqft ∙ Built 1983
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.30
    •  
  • 3513 Fawn Trail Austin, TX 2
    • 4 beds 4 baths ∙ 2,376 Sqft ∙ Built 1984 4 beds 4 baths ∙ 2,376 Sqft ∙ Built 1984
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $1.43
    •  
  • 2800 Waymaker Way #43 Austin, TX 4
    • 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,497 Sqft ∙ Built 2001
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.48
    •  
  • 5904 Cane Pace Austin, TX 5
    • 3 beds 3 baths ∙ 2,598 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,598 Sqft ∙ Built 1995
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.54
    •  
PROPERTY LISTING DETAILS
Robert Lane
1.512.785.7698
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 1138229
Last Updated: 01/09/2021
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