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510 Mitchell Drive Hutto, TX 78634

3 Beds 2 Baths 1,788 sqft Built 2006

$219,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $122.48
  • 5 Days on Market
  • MLS # : 8079095
  • Updated Date : 11/18/2020 at 23:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,788 sqft
  • Baths : 2 full
Listing Agent

Mungia Real Estate

Listing Agent's Description

Great home in a quiet neighborhood. 3 Bedroom, 2 bath home on 1 story. Schools, growth and proximity to Austin, Georgetown, and surrounding cities make this a perfect location. Come see it, as it won't last long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Zip Code: 78634

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $117k298k

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

Zip Code: 78634

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8471723

* 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
Ray Elementary School Primary Regular 770 47 7
Farley Middle School Middle Regular 682 44 6
Hutto High School High Regular 1,666 99 6

Ray Elementary School

  • Education Level: Primary
  • # of students: 770
  • # of teachers: 47
7
GreatSchools Rating

Farley Middle School

  • Education Level: Middle
  • # of students: 682
  • # of teachers: 44
6
GreatSchools Rating

Hutto High School

  • Education Level: High
  • # of students: 1,666
  • # of teachers: 99
6
GreatSchools Rating
 

$197,100$240,900$219,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$808
Property Tax -$513
Property Insurance -$128
HOA -$30
Property Management Fees -$120
CASH FLOW
-$99

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.

$219,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 6.4%
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$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$2,437

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
  • $0.84

    LIST RENT PER SQFT
  • $1,636

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4953$1,5004$1,5255$1,595
$1,595
RENT COMPS ANALYSIS
  • 510 Mitchell Drive Hutto, TX 3
    • 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
  • 109 Musselman Court Hutto, TX 1
    • 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 2007
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.89
    •  
  • 428 Luna Vista Hutto, TX 2
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 2016
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 217 Foxglove Dr Hutto, TX 4
    • 3 beds 2 baths ∙ 1,743 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,743 Sqft ∙ Built 2011
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.87
    •  
  • 100 Hersee Court Hutto, TX 5
    • 4 beds 2 baths ∙ 1,598 Sqft ∙ Built 2007 4 beds 2 baths ∙ 1,598 Sqft ∙ Built 2007
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.00
    •  
PROPERTY LISTING DETAILS
Ray Mungia
1.512.922.4267
Mungia Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 8079095
Last Updated: 11/18/2020
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