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605 W South #1 Street Leander, TX 78641

6 Beds 4 Baths 3,086 sqft Built 2020 2 Units

$532,995

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
2 Units MULTIFAMILY
December 03, 2020 RECENTLY ADDED
FACTS
  • Multi Family Home
  • Built In 2020
  • Price/Sqft : $172.71
  • 6 Days on Market
  • MLS # : 8629444
  • Updated Date : 12/02/2020 at 14:46
CONSTRUCTION
  • Beds : 6
  • Floor Size : 3,086 sqft
  • Baths : 4 full
Listing Agent

James Meredith Realty

Listing Agent's Description

South Street Villas is a unique opportunity for real estate investment in Leander, one of the fastest-growing cities in central Texas. Comprised of 43 duplex-style luxury garden homes, the low-maintenance lifestyle, friendly atmosphere and exemplary school district combine to make these garden homes in Austin Texas an attractive investment.

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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

Zip Code: 78641

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300kPrice in $126k300k

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

Zip Code: 78641

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9371765

* 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
Camacho Elementary School Primary Regular NA
Leander Middle School Middle Regular 862 63 6
Glenn High School High Unknown NA

Camacho Elementary School

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

Leander Middle School

  • Education Level: Middle
  • # of students: 862
  • # of teachers: 63
6
GreatSchools Rating

Glenn High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$479,696$586,295$532,995

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$1,967
Property Tax -$1,140
Property Insurance -$201
HOA -$141
Property Management Fees -$198
CASH FLOW
$154

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$532,995

PROJECTED PRICE

$3,800

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 3.00%
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$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$143,244

INVESTMENT

$143,244

Down Payment
$133,249
Rehab Estimate
$2,000
Closing Costs
$7,995

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,967

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $133,249
Loan Amount $399,746
See What Happens When You Reinvest Cash Flow

5.75

YEARS SAVED

$42,232

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
James Meredith
1.512.658.9700
James Meredith Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 8629444
Last Updated: 12/02/2020
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