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Fredericksburg Real Estate, Fredericksburg Luxury, Fredericksburg BNB,SWPRE
Fredericksburg Texas Hill Country Home almost free! Buy, build out basement two units and rent as AirBnB. Or, build out basement two units and, rent upper and two lower units as BnB for great investment!
2,281 SF 3 bedroom, 2 bath renovated 1986 ranch. Treed, landscaped 0.65-acre lot with creek. High ceilings, wood floors, crown moldings, large windows, low-e indirect lighting, granite, stainless appliances. New master with door to deck, walk in shower, free standing tub, granite, double vanities. Unfinished 2,289 SF basement with full bath convert for BNB-rental income. 483 SF 3 car garage. 300 SF covered porch, 520 SF deck, 160 SF storage, 120 SF greenhouse. Excellent schools. $1M+ avg. neighborhood net worth.
Legal & Tax
Improvements:
Area Square Feet
Main Area 2,281
Attached Finished Garage 483
Open Porch 300
Basement 2,289
Wood Deck 520
Storage 160
Green House 120
Land: 0.6574 ...
Land: 0.6574 acres / 28,638 SF
Property ID 50131, Geographic ID S0460-0000-003910: CROSS MTN ACS #4 LOT 39R
Owners: Bob L. & Saundra Crenshaw
Exemptions: Homestead & Other
2015 Taxes Paid: $5,159.36
2015 Tax Rate: 1.800200
Schools
Fredericksburg Elementary School
Grades 1-5
977 Students
7 of 10 Great Schools Rating
1.09 MI from Home
Fredericksburg Middle School
Grades 6-8
627 Students
7 of 10 Great Schools Rating
0.92 MI from Home
Fredericksburg High School
Grades 9-12
953 Students
6 of 10 Great Schools Rating
2.25 MI from
SWPRE Philanthropy
Southwest Partners gifts 10% of company revenues (before realtor commissions) to SWPRE Preferred Nonprofits or 5% to any US based nonprofit. List of SWPRE Preferred Nonprofits.
Who are the Neighbors?
From ESRI Tapestry Segmentation Profile, 100% of the neighbors (Block Group) are "Comfortable Empty Nesters".
Most residents in this large, growing Baby Boomer segment:
Are older, with more than half of all householders aged 55 or older
Still live in the suburbs where they grew up
Are professionals working in government, health care, or manufacturing
Are earning a comfortable living
Benefit from years of prudent investing and saving
Are high net worth families
Are enjoying the transition from child rearing to retirement
Value their health and financial well being
HomeAirBnb model
Build out basement into two 2 bedroom units. Live in upper and rent out the two basement units and almost pay for home. Or, rent out all 3 as AirBnB.
Assumptions across models
33% occupancy
20% of annual rental revenues for expenses
10% of annual rental revenues for reserves
AirBnb cleaning revenues and expenses considered neutral and not recognized
Average AirBnb rates as of 5/12/2016
AirBnb 3 bedroom homes in Fredericksburg average $437 daily rate
AirBnb 2 bedroom units in Fredericksburg average $159 daily rate
Proforma for upper & lower two units as rentals
$90,940 annual rental revenues
$51,285 net operating income
$25,919 cash flow
11.7% CAP
21.29% Cash-on-Cash
Proforma for lower two units ONLY as rentals
Average AirBnb rates as of 5/12/2016
$38,303 annual rental revenues
$14,439 net operating income
-$10,929 cash flow (includes debt service and taxes on entire property)
3.3% CAP
-8.97% Cash-on-Cash
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