Before we get started, if you missed last week’s Austin Deal of the Week, and you’re looking for an income producing short-term or long-term you should check it out.
Alright, let’s get down to business and cut through the fluff. We’re looking at a property at 5115 Fort Clark in Austin.
The basics:
- 3 bed | 2 bath | 1,234 SqFt Townhouse
- Went from $379,000 to $374,000 to $350,000
- Generates around $2300 a month from in rental income
This property is located in the 78745 zip code which is one of the most desirable zip codes in the current market, known for its proximity to downtown and strong community vibe. Having spent 203 days on the market, it’s evident that negotiation is possible, offering potential buyers a chance to strike an even better deal.
Key Financial Benefits
One of the most enticing features is the assumable loan, allowing the buyer to take over the seller’s existing mortgage. With current interest rates hovering around 7.5%, this could provide a significant advantage, potentially lowering monthly mortgage payments. The property rents out for approximately $2,300 per month(according to the listing), demonstrating its rental potential. Combining the assumable loan and rental income makes this property a promising investment opportunity in a desirable location.
Understanding Assumable Loans
An assumable loan allows a new buyer to take over the seller’s existing mortgage under the same terms, instead of obtaining a new loan. This means the interest rate, repayment period, and remaining principal balance of the mortgage can be transferred from the seller to the buyer. Assumable loans are particularly advantageous when the existing loan’s interest rate is lower than current market rates, which can lead to significant savings in interest costs over the life of the loan.
Buyers must qualify with the lender under the same criteria as they would for a new loan, which typically includes credit checks and income verification. Additionally, if the property’s value exceeds the remaining loan balance, the buyer must pay the difference, which can require a substantial upfront cash payment.
Interior and Exterior Features
The property features recent upgrades like new flooring and fresh paint. While the kitchen and bathrooms are small and not updated, they are in decent condition and would only require minor upgrades for improvement. The townhome offers two stories of living space, including a private patio and a one-car garage.
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Market Comparison
Analyzing comparable townhomes is a bit challenging due to limited inventory and sales frequency. However, the closest comparables to this property sold for $499,000 and $270,000, respectively. The $270,000 property had just one bedroom and 1 bathroom, while the $499,000 property had three bedrooms and three bathrooms. Even at the current $350,000 listing price, 5115 Fort Clark Drive appears to be reasonably priced.
So, Here’s the Deal:
The assumable loan opportunity makes this property stand out in the market, providing the potential for significantly lower monthly payments than if a buyer were to secure a new loan at current interest rates. The opportunity for rental income further sweetens the deal, making this property attractive to both investors and potential homeowners alike.
Bottom Line:
Buyers looking for a strong investment in a prime location should consider making an aggressive. Starting negotiations closer to $300,000 may allow you to snag a great deal. With the potential for reduced monthly payments and rental income, this property could be a solid investment for years to come.
Additional photos
Recommended Realtor®
Amy Seely
Founder, Broker, CODA, Realtor®
Amy Seely, a top Austin real estate broker, excels in the local market with 50-75 personal sales and over 200 team sales annually. Honored by the Austin Business Journal and with the Platinum Top 50 award, her commitment to excellence, clear communication, and personalized client service has built a referral-based business. Trust Amy for unparalleled real estate expertise in Austin.
John Steele
Realtor® at The Seely Group
With a passion for helping people and a keen eye for detail, John excels in guiding families through the pivotal moments of buying or selling a home. Specializing in strategies that make your property stand out, including complimentary staging and pre-inspections, he ensures you get the best value in your real estate journey.
Crystal Kilpatrick
Realtor® at Crystal Kilpatrick Group, Keller Williams Luxury International
From the first time you meet Crystal, you will feel at ease with her professional and personable working style and feel confident in her ability to represent your best interests throughout the real estate transaction. Crystal is committed in both time and effort to take you from the beginning to the end of the process with attention to every detail. Working with her, you can expect dependability and honesty with the highest standard of integrity!
Listing description
This cozy condo has 1,234 sqft, 3 Bedrooms, 1.5 Baths, along with a semi-open floor plan on the first level! There is a private, fenced backyard and secure 1-car garage parking or storage. Flooring and paint recently updated in this unit. Both HVAC units replaced within the last 5 years. Enjoy living in the tight knit community of The Park At Battle Bend! Just 10 minutes to Downtown Austin or South Congress entertainment district, near public transit routes, with options to avoid IH 35! Great location!! Schedule a tour today! *Ask about Assumable Loan Opportunity*
Listed by:
Jo Nevares (512) 923-4569
Keller Williams Realty (512) 346-3550
Source: Unlock MLS,MLS#: 5668681
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 3
- Full bathrooms: 2
- 1/2 bathrooms: 1
- Main level bedrooms: 3
Flooring
- Flooring: Wood
Heating
- Heating features: Natural Gas
Cooling
- Cooling features: Central Air
Appliances
- Appliances included: Built-In Oven(s), Dishwasher, Disposal, Cooktop Gas, Microwave, Oven, Self Cleaning Oven, Water Heater-Gas
Interior features
- Window features: Skylight
- Interior features: Breakfast Bar, Kitchen Island, Pantry, Primary Bedroom on Main
Other interior features
- Total interior livable area: 2,250 sqft
- Total number of fireplaces: 1
- Fireplace features: Family Room, Gas Log
Property
Parking
- Total spaces: 2
- Parking features: Attached, Garage
- Garage spaces: 2
- Covered spaces: 2
Accessibility
- Accessibility features: None
Property
- Levels: One
- Stories: 1
- Private pool: Yes
- Pool features: In Ground, Waterfall
- Spa features: None
- Exterior features: Private Yard
- Patio & porch details: Awning(s), Deck
- Fencing: Fenced, Privacy
- View description: None
- Waterfront features: None
Lot
- Lot size: 0.27 Acres
- Lot features: Cul-De-Sac, Sprinkler – Automatic, Trees-Moderate
Other property information
- Additional structures included: None
- Parcel number: 01721504050000
Construction
Type & style
- Home type: SingleFamily
- Property subType: Single Family Residence
Material information
- Foundation: Slab
- Roof: Composition, Shingle
Condition
- New construction: No
- Year built: 1999
Utilities & green energy
Utility
- Sewer information: Public Sewer
- Water information: Public
- Utilities for property: Internet-Cable, Natural Gas Available, Underground Utilities
Community & neighborhood
Community
- Community features: None
Location
- Region: Austin
- Subdivision: Balcones Greene Sec 01
HOA & financial
HOA
- Has HOA: Yes
- HOA fee: $30 monthly
- Services included: Common Area Maintenance
- Association name: Balcones Greene HOA
Nearby schools
GreatSchools rating
- 8/10Spicewood Elementary SchoolGrades: K-5Distance: 0.2 mi
- 9/10Canyon Vista Middle SchoolGrades: 6-8Distance: 1.5 mi
- 7/10Westwood High SchoolGrades: 9-12Distance: 0.8 mi
Schools provided by the listing agent
- Elementary: Spicewood
- Middle: Canyon Vista
- High: Westwood
- District: Round Rock ISD
Source: Unlock MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
Data from Zillow, Unlock MLS, GreatSchools and other data sources
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