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502 Honeysuckle Dr Cedar Park, TX 78613

3 Beds 2 Baths 1,331 sqft Built 1983

INVESTimate

$250,000

List Price

$1,500

$1,350 - $1,650

Rent Est.

$265,525  ( +6.21%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $187.83
  • 4 Days on Market
  • MLS # : 2944924
  • Updated Date : 08/24/2020 at 17:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,331 sqft
  • Baths : 2 full
Listing Agent

Spectower Realty Group

Listing Agent's Description

Located in the heart of Cedar Park and not far from Lakeline! NO HOA! LARGE CORNER WOODED LOT! Huge Master w/Double Vanity, Extended Tile/Carpet Flooring, Open Living Area, Floor to Ceiling Fireplace, Sprinkler/Security Sys, Extended Wood Decking, Large Dining. Stained concrete in the bedrooms leaves an option for your choice of flooring later on with ease after close!

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

Neighborhood: Buttercup Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $136k410k

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

Neighborhood: Buttercup Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9972157

* 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
Faubion Elementary School Primary Regular 534 40 6
Henry Middle School Middle Regular 1,242 70 8
Vista Ridge High School High Regular 2,114 128 8

Faubion Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 40
6
GreatSchools Rating

Henry Middle School

  • Education Level: Middle
  • # of students: 1,242
  • # of teachers: 70
8
GreatSchools Rating

Vista Ridge High School

  • Education Level: High
  • # of students: 2,114
  • # of teachers: 128
8
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$922
Property Tax -$572
Property Insurance -$102
Property Management Fees -$120
CASH FLOW
-$217

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.

$250,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 6.21%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$483

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,494

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,4953$1,5004$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 502 Honeysuckle Dr Cedar Park, 3
    • 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.13
    •  
  • 702 Twin Oak Trl Cedar Park, 1
    • 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1984
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.08
    •  
  • 615 Live Oak Dr Cedar Park, 2
    • 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1984
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.16
    •  
  • 416 Mountain Laurel Dr Cedar Park, 4
    • 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1984
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.11
    •  
  • 604 Brookside Pass Cedar Park, 5
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1985
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.14
    •  
PROPERTY LISTING DETAILS
Sam Sheikh
1.512.285.7146
Spectower Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 2944924
Last Updated: 08/24/2020
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