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415 Founders Ridge Dripping Springs, TX 78620

3 Beds 2 Baths 2,134 sqft Built 2018

$420,000

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $196.81
  • 5 Days on Market
  • MLS # : 1214213
  • Updated Date : 10/30/2020 at 13:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,134 sqft
  • Baths : 2 full
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Showings to begin during open houses Saturday & Sunday. You will love this great Taylor Morrison home with an open single-story floor plan in beautiful Founders Ridge. Unique floor plan has two living areas, including a large family room open to kitchen and another great living space between the secondary bedrooms perfect for a media room or playroom, plus a private and spacious work from home office at front of home. Well appointed kitchen with breakfast bar island, gas fireplace in the living room and a 3-car garage. This home has nicely upgraded finishes throughout and is in fantastic condition. Nice sized fenced backyard with a dog run on side of home. Super location, close to schools and shopping. MASKS REQUIRED FOR ALL SHOWINGS. MASKS REQUIRED FOR ALL SHOWINGS

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: 78620

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $136k461k

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

Zip Code: 78620

ZipNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9972218

* 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
Dripping Springs Elementary School Primary Regular 921 57 8
Dripping Springs Middle School Middle Regular 1,238 64 8
Dripping Springs High School High Regular 1,586 92 8

Dripping Springs Elementary School

  • Education Level: Primary
  • # of students: 921
  • # of teachers: 57
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
 

$378,000$462,000$420,000

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,550
Property Tax -$722
Property Insurance -$147
HOA -$42
Property Management Fees -$196
CASH FLOW
-$206

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.

$420,000

PROJECTED PRICE

$2,450

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 6.2%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$7,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,497

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,4503$2,5004$2,6005$2,800
$2,800
RENT COMPS ANALYSIS
  • 415 Founders Ridge Dripping Springs, TX 2
    • 3 beds 2 baths ∙ 2,134 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,134 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.15
    •  
  • 430 Old Fitzhugh Rd Dripping Springs, TX 1
    • 3 beds 3 baths ∙ 1,830 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,830 Sqft ∙ Built 2011
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.15
    •  
  • 127 Arbor Bay Drive Dripping Springs, TX 3
    • 3 beds 2 baths ∙ 1,968 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,968 Sqft ∙ Built 2019
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.27
    •  
  • 274 Sawtooth Mountain Way Dripping Springs, TX 4
    • 4 beds 4 baths ∙ 2,394 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,394 Sqft ∙ Built 2020
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.09
    •  
  • 216 Iron Rail Road Dripping Springs, TX 5
    • 4 beds 4 baths ∙ 2,394 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,394 Sqft ∙ Built 2018
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.17
    •  
PROPERTY LISTING DETAILS
Cheryl Albanese
1.512.923.7122
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 #: 1214213
Last Updated: 10/30/2020
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