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502 Fife Drive Spicewood, TX 78669

3 Beds 3 Baths 1,814 sqft Built 2015

$405,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $223.26
  • 3 Days on Market
  • MLS # : 8787627
  • Updated Date : 01/02/2021 at 15:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,814 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Don't miss out on this fabulous hill country home loaded with character and charm located in the sought after lakeside community of Briarcliff. This gorgeous custom home is truly remarkable inside and out. Features include an inviting covered front porch, a welcoming living room with a cozy wood burning fireplace, custom shiplap, granite counter tops, custom windows providing plenty of natural light throughout, a gourmet kitchen with an island open to the living room (great for entertaining), a beautiful primary en suite on the main level with a double vanity/jetted soaking tub/walk-in shower, an awesome storage workshop in the spacious garage, plus STUNNING PANORAMIC HILL COUNTRY VIEWS off the second story balcony. This fabulous home is situated on huge lot with great curb appeal. You will love relaxing on the covered front porch or upstairs balcony watching the sun rise as you enjoy your morning coffee. Your private back patio nestled within a surrounding backyard oasis with gorgeous live oaks is the perfect place to unwind at the end of the day. Enjoy all the amenities Briarcliff has to offer including Lake Travis access & privileges, a private marina, a boat ramp, a nine hole golf course, walking/jogging/biking/hiking trails, a nearby neighborhood playground, a park, a pavilion, sport courts, and so much more. Admire the wildlife and beautiful deer roaming throughout the community. This waterfront community provides privacy and serenity, yet is only 15 miles to Bee Caves and 30 miles to Austin. Low taxes. Low HOA. Exemplary Lake Travis School District. Wow ~ this is the ONE!! Text/call Listing Agents ~ 2 HOURS NOTICE TO SHOW PLEASE.

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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: Briarcliff

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $136k511k

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

Neighborhood: Briarcliff

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9972171

* 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
West Cypress Hills Elementary School Primary Unknown 525 32 NA
Lake Travis Middle School Middle Regular 1,066 64 10
Lake Travis High School High Regular 2,561 141 8

West Cypress Hills Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 32
NA
GreatSchools Rating

Lake Travis Middle School

  • Education Level: Middle
  • # of students: 1,066
  • # of teachers: 64
10
GreatSchools Rating

Lake Travis High School

  • Education Level: High
  • # of students: 2,561
  • # of teachers: 141
8
GreatSchools Rating
 

$364,500$445,500$405,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,494
Property Tax -$665
Property Insurance -$129
HOA -$25
Property Management Fees -$99
CASH FLOW
-$393

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.

$405,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 9.6%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$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$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,075

INVESTMENT

$113,075

Down Payment
$101,250
Rehab Estimate
$5,750
Closing Costs
$6,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,494

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $101,250
Loan Amount $303,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,512

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $2,023

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9003$1,9004$1,9255$2,020
$2,020
RENT COMPS ANALYSIS
  • 502 Fife Drive Spicewood, TX 5
    • 3 beds 3 baths ∙ 1,814 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,814 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.11
    •  
  • 22234 Briarcliff Dr Briarcliff, TX 1
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1985
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.12
    •  
  • 209 Cargill Drive Briarcliff, TX 2
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 2003
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.08
    •  
  • 708 Cowal Dr Briarcliff, TX 3
    • 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1986
    property image
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.17
    •  
  • 412 Cargill Drive Spicewood, TX 4
    • 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 2007
    property image
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.09
    •  
PROPERTY LISTING DETAILS
Stacy Hallmark
1.512.750.9737
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 #: 8787627
Last Updated: 01/02/2021
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