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8117 Cannon Court Lago Vista, TX 78645

3 Beds 2 Baths 2,104 sqft Built 2016

$349,900

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2016
  • Price/Sqft : $166.30
  • 9 Days on Market
  • MLS # : 1544015
  • Updated Date : 10/27/2020 at 18:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,104 sqft
  • Baths : 2 full
Listing Agent

Watters International Realty

Listing Agent's Description

Panoramic views of the Hill Country! Lake is just a walk down the street. Home offers an open floor plan with an abundance of windows including 4 bay windows providing lots of natural light and beautiful views! Three bedrooms, 2 baths, Sunroom and an Office with French doors! Beautiful wood floors, kitchen island. Covered back patio. Amenities include lake access, walking trails, park, baseball and soccer fields, pool and private boat ramp.

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

Zip Code: 78645

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $127k410k

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

Zip Code: 78645

ZipNIR 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
Lago Vista Elementary School Primary Regular 526 34 5
Lago Vista Middle School Middle Regular 398 26 6
Lago Vista High School High Regular 442 29 7

Lago Vista Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 34
5
GreatSchools Rating

Lago Vista Middle School

  • Education Level: Middle
  • # of students: 398
  • # of teachers: 26
6
GreatSchools Rating

Lago Vista High School

  • Education Level: High
  • # of students: 442
  • # of teachers: 29
7
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,291
Property Tax -$818
Property Insurance -$145
HOA -$57
Property Management Fees -$181
CASH FLOW
-$232

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.

$349,900

PROJECTED PRICE

$2,260

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.79%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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$6.0k

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$1,994

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,265

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,2603$2,5004$2,500
$2,500
RENT COMPS ANALYSIS
  • 8117 Cannon Court Lago Vista, TX 2
    • 3 beds 2 baths ∙ 2,104 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,104 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $1.07
    •  
  • 21013 Deede Drive Lago Vista, TX 1
    • 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 2000
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.04
    •  
  • 20819 Adobe Trail Lago Vista, TX 3
    • 3 beds 3 baths ∙ 2,199 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,199 Sqft ∙ Built 1996
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.14
    •  
  • 21013 Ridgeview Loop Lago Vista, TX 4
    • 3 beds 2 baths ∙ 2,383 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,383 Sqft ∙ Built 1989
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.05
    •  
PROPERTY LISTING DETAILS
Christopher Watters
1.512.646.0038
Watters International Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Austin/Central Texas Realty Information Services ( ACTRIS)
MLS #: 1544015
Last Updated: 10/27/2020
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