6713 Point North Dr, Austin TX 78724 – SOLD

6713 Point North Dr., Austin TX 78724

Picture of the front of property


Sale Price $75,000

 More Pictures of the property

Property description

 This property is a 4 bedroom 2 bathroom manufactured home that has a fenced back yard.   It is in a subdivision of other manufactured homes and comes with the lot.   It is not a lot rental but the price includes the dirt.   It is 1792 square feet according to the Travis Country Appraisal District and has a carport.   The fence was constructed 2005 and it has had a new HVAC compressor installed.   It comes with the refrigerator, stove, dishwasher, garbage disposal.    This property is most ideal for a new investor or a family looking for their first home.

 There is a new middle school being built around the corner and it should be open in 2008.   The elementary school is not far away either.   The lot is one of the larger lots in the neighborhood.    Take a look at some of the other properties on the market.   The list prices for those propertiesare both in the $90K range or about 15K more then this property is listed at ($75,000).    There are several new subdivisions being built in the area and this should cause the value to go up as those new properties come online and pull the value of this property up.    

The area has been growing tremendously over the past few years.   Please click the following link for a demographics study.



Property History

 The property was purchased as a foreclosure by the current owner and has been a rental.   It has been kept in decent shape and is now ready to received the attention that it needs to make it a wonderful home.   Now the owners have bigger and better projects to work on and want to find the right person who can love this property the way that they used too.   In the past it has gotten people who have occupied it but never loved it the way it needs to be loved.

 If you are the right person and want to make a cash offer the owners are willing to consider taking a discount on the property in order for you to be able to make it work.   Just submit your cash offer and it can be considered!   We are investors and will are offering owner financing on the property.

 If you need owner financing we are looking for someone who can put down at least about 10% and who can afford payments of at least $750 per month with a 10% interest loan.   That sounds easy enough and it is!


Repair Analysis

 Our back of the envelope analysis included:




















These figures are only estimates and you should hire a professional to fully investigate.

  Many of the figures are very rough and include paying professionals to do some if not all of the work.   It may be possible to get the numbers lower but you would need to investigate that possibility on your own.


Rental Analysis

If the property were purchased and repaired and turned into a rental my analysis indicates that the property would generate a 21% average annual cash on cash return and a 30% total return if held for 5 years and sold for $75K.   The rental rate that was used was on $950 per month.   For a four bedroom two bath house that is cheap, but the property is a manufactured home and that has to be taken into consideration when factoring the rental amount.   If the sales price could be achieved before the 5 year term the return would rocket skyward!

To see the analysis please click for link for the Property Analysis. 


Flip Analysis

If the property was flipped quickly without doing any repairs just remarketing the property the price could probably be bumped up by $10K for a total of $85K.   If the new seller owner financed the property for $6,500 down and payments of $850 per month and a 15% interest rate then the return on investment would be $1,200/$1,000 = 120% per year!  

But for analysis purposes lets assume that the initial investment is $3K and then the underlying payment on the first note is $750.   The cash flow generated would be $100 per month or $1,200 per year.   The return on investment would equal $1,200/$3,000 = 40% return per year!

If the property was given a cleaning and trash removal then the flip price could easily be pushed upward as the property would appeal to a wider range of potential buyers.  

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