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7508 Redrick Drive Austin, TX 78747

4 Beds 3 Baths 2,228 sqft Built 2001

$337,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $151.26
  • 5 Days on Market
  • MLS # : 3733369
  • Updated Date : 02/26/2021 at 02:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,228 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Please respect occupant and do not show after 7PM. Large 4 bedroom house, solar, great patio for hosting or lounging with the family, tile throughout, close to SouthPark Meadows and Downtown, walking distance to 1,000+ acres of public parks. Listing agent will be out of town until Sunday. Please text or email all questions. Offers will be reviewed Sunday at 6 PM. Solar loan assumable monthly payment $157.35, loan balance approx $13,700.

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: 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
Palm Elementary School Primary Regular 516 37 5
Paredes Middle School Middle Regular 1,032 69 4
Akins High School High Regular 2,667 155 4

Palm Elementary School

  • Education Level: Primary
  • # of students: 516
  • # of teachers: 37
5
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
 

$303,300$370,700$337,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,171
Property Tax -$663
Property Insurance -$152
HOA -$21
Property Management Fees -$99
CASH FLOW
-$345

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.

$337,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.52%

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-$8.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,055

INVESTMENT

$95,055

Down Payment
$84,250
Rehab Estimate
$5,750
Closing Costs
$5,055

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,250
Loan Amount $252,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,905

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,7953$1,8254$1,8255$1,840
$1,840
RENT COMPS ANALYSIS
  • 7508 Redrick Drive Austin, TX 1
    • 4 beds 3 baths ∙ 2,228 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,228 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.79
    •  
  • 6608 Marble Creek Loop Austin, TX 2
    • 4 beds 3 baths ∙ 2,228 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,228 Sqft ∙ Built 2002
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.81
    •  
  • 7208 Altidore Drive Austin, TX 3
    • 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2016
    LEASED 08/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.87
    •  
  • 6905 Nutria Run Austin, TX 4
    • 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2017
    LEASED 01/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.87
    •  
  • 7540 Springtime Trail Austin, TX 5
    • 3 beds 3 baths ∙ 2,111 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,111 Sqft ∙ Built 2001
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.87
    •  
PROPERTY LISTING DETAILS
Andrew Bryant
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 3733369
Last Updated: 02/26/2021
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