Austin Deal of the Week: Assumable Loan Opportunity

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


Bedrooms & bathrooms
  • Bedrooms: 3
  • Bathrooms: 3
  • Full bathrooms: 2
  • 1/2 bathrooms: 1
  • Main level bedrooms: 3
  • Flooring: Wood
  • Heating features: Natural Gas
  • Cooling features: Central Air
  • 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


  • Total spaces: 2
  • Parking features: Attached, Garage
  • Garage spaces: 2
  • Covered spaces: 2
  • Accessibility features: None
  • 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 size: 0.27 Acres
  • Lot features: Cul-De-Sac, Sprinkler – Automatic, Trees-Moderate
Other property information
  • Additional structures included: None
  • Parcel number: 01721504050000


Type & style
  • Home type: SingleFamily
  • Property subType: Single Family Residence
Material information
  • Foundation: Slab
  • Roof: Composition, Shingle
  • New construction: No
  • Year built: 1999

Utilities & green energy

  • Sewer information: Public Sewer
  • Water information: Public
  • Utilities for property: Internet-Cable, Natural Gas Available, Underground Utilities

Community & neighborhood

  • Community features: None
  • Region: Austin
  • Subdivision: Balcones Greene Sec 01

HOA & financial

  • Has HOA: Yes
  • HOA fee: $30 monthly
  • Services included: Common Area Maintenance
  • Association name: Balcones Greene HOA

Nearby schools

GreatSchools rating
Schools provided by the listing agent
  • ElementarySpicewood
  • MiddleCanyon Vista
  • HighWestwood
  • DistrictRound 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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