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6708 Cornish Hen Lane Austin, TX 78747

3 Beds 3 Baths 2,068 sqft Built 2008

$289,900

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $140.18
  • 5 Days on Market
  • MLS # : 4104439
  • Updated Date : 01/01/2021 at 16:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,068 sqft
  • Baths : 2 full , 1 half
Listing Agent

Sky Realty

Listing Agent's Description

Move-in ready home in McKinney Park East that is conveniently located to IH-35, Southpark Meadows and McKinney Falls State Park. Kitchen is open to the family room and has great cabinet storage, breakfast bar and eat in dining area that overlooks the backyard. Next to the kitchen is a half bath and main level utility room. Upstairs bonus room is perfect for a game room, home office or second living area. Owner’s suite features double vanities and walk-in closet. Recent improvements include carpet (Dec 2020) and interior paint (Dec 2020). HOA amenities include community pool and playground and sports court.

SEE MORE

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: Springfield at Thaxton Road

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $125k378k

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

Neighborhood: Springfield at Thaxton Road

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8911966

* 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
Blazier Elementary School Primary Regular 967 63 7
Paredes Middle School Middle Regular 1,032 69 4
Akins High School High Regular 2,667 155 4

Blazier Elementary School

  • Education Level: Primary
  • # of students: 967
  • # of teachers: 63
7
GreatSchools Rating

Paredes Middle School

  • Education Level: Middle
  • # of students: 1,032
  • # of teachers: 69
4
GreatSchools Rating

Akins High School

  • Education Level: High
  • # of students: 2,667
  • # of teachers: 155
4
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,070
Property Tax -$570
Property Insurance -$143
HOA -$25
Property Management Fees -$99
CASH FLOW
-$157

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.

$289,900

PROJECTED PRICE

$1,750

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 9.5%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$4,717

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,763

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,6953$1,7504$1,7955$1,895
$1,895
RENT COMPS ANALYSIS
  • 6708 Cornish Hen Lane Austin, TX 3
    • 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.85
    •  
  • 6724 Walkup Lane Austin, TX 1
    • 4 beds 3 baths ∙ 2,068 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,068 Sqft ∙ Built 2005
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.81
    •  
  • 8813 Wiley Way Austin, TX 2
    • 3 beds 3 baths ∙ 2,101 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,101 Sqft ∙ Built 2008
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 6824 Derby Downs Drive Austin, TX 4
    • 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2007
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.87
    •  
  • 6821 Derby Downs Drive Austin, TX 5
    • 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 2007
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.92
    •  
PROPERTY LISTING DETAILS
Laurie Hill-roberts
1.512.636.8651
Sky Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 4104439
Last Updated: 01/01/2021
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