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501 Preakness Place Georgetown, TX 78626

3 Beds 3 Baths 2,709 sqft Built 1995

$325,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $119.97
  • 13 Days on Market
  • MLS # : 1398409
  • Updated Date : 12/05/2020 at 22:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,709 sqft
  • Baths : 2 full , 1 half
Listing Agent

Era Colonial Real Estate

Listing Agent's Description

Don't miss this rare opportunity for a GREENBELT home in the Churchill Farms area! Location is key with historic downtown Georgetown just 5 minutes away, and easy access to SH130 for short commuting. Only one room has carpet (installed Nov 2020), the remainder is hard surface. Recent roof installed in 2020. A place for everyone with two dining, private study, large upstairs flex space, and master suite downstairs. Such a large lot and very private back yard.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Churchill Farms

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300kPrice in $126k315k

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

Neighborhood: Churchill Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8971816

* 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
James E. Mitchell Elementary School Primary Regular 739 47 2
James Tippit Middle School Middle Regular 840 54 3
East View High School High Regular 1,418 110 4

James E. Mitchell Elementary School

  • Education Level: Primary
  • # of students: 739
  • # of teachers: 47
2
GreatSchools Rating

James Tippit Middle School

  • Education Level: Middle
  • # of students: 840
  • # of teachers: 54
3
GreatSchools Rating

East View High School

  • Education Level: High
  • # of students: 1,418
  • # of teachers: 110
4
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,199
Property Tax -$637
Property Insurance -$179
HOA -$32
Property Management Fees -$99
CASH FLOW
-$306

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.

$325,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 8.3%
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$1.0M

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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,031

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,890

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,8404$1,8505$1,975
$1,975
RENT COMPS ANALYSIS
  • 501 Preakness Place Georgetown, TX 3
    • 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.68
    •  
  • 2324 Caprock Place Georgetown, TX 1
    • 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2003
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.67
    •  
  • 2323 Brookhollow Terrace Georgetown, TX 2
    • 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,659 Sqft ∙ Built 2004
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.66
    •  
  • 2349 Brookhollow Terrace Georgetown, TX 4
    • 4 beds 3 baths ∙ 2,666 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,666 Sqft ∙ Built 2004
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.69
    •  
  • 2414 Edgecliff Path Georgetown, TX 5
    • 4 beds 3 baths ∙ 2,554 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,554 Sqft ∙ Built 2005
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.77
    •  
PROPERTY LISTING DETAILS
Sherri Revier
1.512.769.6000
Era Colonial Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 1398409
Last Updated: 12/05/2020
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