7404 Arctic Ct, Austin TX
$95,000
Property description
This property is a 3 bedroom 2 bathroom manufactured home with a 2 car detached garage. It also 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. 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. 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!
Repair Analysis
Our back of the envelope analysis included:
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Flooring |
1000 |
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Painting |
500 |
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Misc |
400 |
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Total |
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$1,900 |
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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 $125K. The rental rate that was used was on $950 per month. For a Three 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. This analysis was done for another property that is very close to this one and very similar in size and layout.
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 $105K. If the new seller owner financed the property for $10,000 down and payments of $1075 per month and a 10% 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.
If you have any questions about the property please email me from the Contact Us Page.
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Information Deemed Reliable but not guaranteed and should be verified by personal inspection or with the appropriate professionals. Please read the Information about Brokerage Services. The seller is a licensed agent with The Seay Group, LLC.
More Pictures of Arctic
view of kitchen from dining room ( has a refridgerator not shown in picture)
view of living room from entry
picture of main tub
view of dining room from kitchen
view of sink in main bathroom
view of walk in closet in master bedroom
view of master tub
view of shower and toilet in master bedroom
view of vanity in master bath
view of the landry room from the kitchen
below are some misc pictures and the first is a view of our Junior Executives conducting a property analysis.
