Home Buying in 78704>Question Details

Forrest, Home Buyer in Austin, TX

Hello. I am about to buy my first home and I want to make sure that I buy a great investment property. I

Asked by Forrest, Austin, TX Wed Jul 8, 2009

plan to keep the house for a very long time and rent it out when I eventually move out. I am looking in the 150k - 200k price range and would prefer south austin. I am not picky when it comes to layout or architectural style. Basically I just want something that is going to be a great investment and will not require any work to move into. I'm not looking for a major fixer upper. My question is what specific neighborhoods in south austin seem to be up and coming and would be the best investment for me? Again, I am thinking long term and do not intend to flip a property. I would like to stay West of I-35 and North of William Cannon. Any suggestions for good investment neighborhoods in this area?

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pr 3, 2010 - [x] delete

Dear Forrest, Maple Run has continued to be a popular south Austin neighborhood with entry level homes. It is possible to find a nice home in Maple Run under $200K. Give me a call if you want to go see some of the current homes for sale.
Sincerely,
Betina
0 votes Thank Flag Link Sun May 6, 2012
You could probably use our help we help you prepare your house for sale in Austin and the surrounding areas check us out at http://savingamericaenergy.com or http://lonestarpainters.com. We can make your house more saleable!
0 votes Thank Flag Link Thu Apr 26, 2012
Try Tanglewood Forrest wher you can get a home like this for $189,000: http://www.youtube.com/watch?v=LNR3mrMPjeE
0 votes Thank Flag Link Wed Apr 25, 2012
Dear Forrest,
I just wanted to check in and see if you were able to find a home you liked. The First Time Home Buyers Tax Credit is still out there. The key is to have your contract executed by April 30th and closed by May 30th, 2010.

Sincerely,
Betina
0 votes Thank Flag Link Sat Apr 3, 2010
Dear Forrest,
Maple Run has continued to be a popular south Austin neighborhood with entry level homes. It is possible to find a nice home in Maple Run under $200K. Give me a call if you want to go see some of the current homes for sale.
Sincerely,
Betina
0 votes Thank Flag Link Sun Aug 16, 2009
Hi Forrest,
I have the perfect home for you. It is 4800 Rutherglen , Austin 78749
The owners were planning to stay longer, but they now need an extra bedroom. The house had been upgraded to the max. Corner lot, no carpet, really nice $199,900.
ML # 6608086 http://www.CrystalKilpatrick.com
0 votes Thank Flag Link Tue Aug 11, 2009
Hi Forrest-

78704 is the most desirable zip code in South Austin in my opinion due to its character and proximity to downtown and Lady Bird Lake. In other words, you can live the urban lifestyle in a residential setting. As traffic gets worse living closer into to town will be key. These neighborhoods include Bouldin Creek, Travis Heights, Barton Hills and Barton Heights to name a few. You may have to adjust your preferred price range to $250K however, so you may want to consider 78745 which is immediately adjacent and south of 78704.

My primary focus is the urban core of Austin, so anything more than 5 miles from downtown is outside the scope of my expertise. Since I focus on this area exclusively, I frequently come across properties that may never hit the MLS, the primary resource for most Realtors.

Feel free to email or call me at your convenience to discuss.

--
Bryan Cady, Senior Associate
Realtor®, CNE®, Associate AIA, Certified EcoBroker®, e-PRO®

Ranked #6 - Austin Business Journal "Top Real Estate Producers" for 2008

urbanspace Realtors, LLP
801 w 5th st, suite 100. austin, texas 78703
(m) 512 731 7489 (f) 512 727 9486
0 votes Thank Flag Link Fri Jul 10, 2009
Dear Forrest:

I think anything in zip code 78749 (Wm Cannon @ Mopac area) is a good investment as well as anything in zip 78745 (Wm Cannon west of I-35) and zip 78748 (Slaughter west of I-35). These zips are listed in area of preference with regard to the ability to rent it out at some distant date. Realize that you will have to pay closer to $200K to get into some of these areas. You know the old saying -- location, location, location!!

Please let me know if I may be of further assistance.

Mary Strickler
Prudential Realty
0 votes Thank Flag Link Thu Jul 9, 2009
There is no way to predict future value. However, historically, when you are in a house 3-5 years you will have good appreciation in value. Over the last few years most areas in South Austin have done very well. In fact, I just listed one in South Austin a few weeks ago & it had multiple offers the 2nd day & went under contract quickly. It was in "move-in" condition, as you are speaking of. Your first step is to get pre-approved before you hit the road looking at the homes. I can refer you to some of the best lenders in Austin to get that done. There are some wonderful properties in the parameters/price range you desire. Just let me know if you would like my help.

Jana McCool - RE/MAX Austin Associates
512/964-7653, 280-2665
Jana@JanaMcCool.com
0 votes Thank Flag Link Thu Jul 9, 2009
Hi Forrest,

If you're looking for a solid invesment opportunity in South Austin for 150-200K, then you are in the right area of town. This area of town has been one of the best area for appreciation over the past 5 years. There isn't a specific neighborhood I would suggest as the entire area has been a solid investment. If you havn't already, you should take time to explore the area and go inside the homes that are on the market. You can visit our website at http://www.goodlifeteam.com to seach for homes or contact me at 512-276-0770.


Hope this helps.


Grant Gold
grant@goodlifeteam.com
Web Reference: http://www.goodlifeteam.com
0 votes Thank Flag Link Thu Jul 9, 2009
Hi Forrest,

The first step as a first time homebuyer is to visit a mortgage banker. I happen to know two great ones so you can compare what each of them has to offer. Then the next step is to see for what price you will actually qualify and what programs will suit you best in regards to tax credits etc. As a first time home buyer you have much at your disposal and education is number one. The foundation of a house is not concrete it's numbers.

In regards to your comments of "up and coming" that typically implies a neighborhood that is either new or that was once rundown and now has an up and coming artistic community rebuilding the neighborhood. 78704 in no way meets either of those criteria. 78704 sports mainly a established and older homes.

I would encourage you to call me so we can go over in detail your actual criteria so you can save yourself time and money. Remember you don't pay your buyer's agent, your agent is taken care of as a result of a wonderful and positive transaction - like a catalyst.

Alessandra Burenin
Coldwell Banker
512-577-5151
0 votes Thank Flag Link Thu Jul 9, 2009
You seemed to be on the right track until you got to "and will not require any work to move into."

You want "a great investment property." You have an exit strategy: Live there, then rent. That's fine. You recognize that location is important. Very good.

But then you inject a factor that has nothing to do with whether something's a good investment. And, if anything, what you inject--current condition--is actually indicative of a not-so-good investment.

You can add value by making upgrades and improvements. And you can find good bargains by searching for houses that aren't in pristine condition.

One other thing you haven't covered are rents in the area. While it's true that generally, in any area, there's a relationship between home prices and rental prices, there are certain areas where the rental rates are substantially higher for similarly-priced homes. If you goal is to rent the property out, you're not only looking for appreciation in the property, you're also looking for a property that will get to the point of yielding a positive cash flow reasonably soon, and is likely to prove to be a good cash-flowing rental.

So, when you're evaluating properties, look for real value and look for areas that are strong rental markets as well as sale/resale markets.

Good luck.
0 votes Thank Flag Link Thu Jul 9, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Forrest,

Hello. South Austin is a great area to invest in your first home. Subdivisions like Cherry Creek, Emerald Forest , Salem Walk, are well known for both there character and pride of home ownership, from the tree lined streets to their friendly neighbors. The area that you are speaking of is referred to us realtors as 10N (Realtor Area Map-10N MoPac Expwy to Barton Creek to Ben White Blvd to IH 35 to William Cannon Drive to MoPac Expwy).

Here are 11 properties from $155k-$200k in area 10N for you to look at; http://actris.mlxchange.com/Pub/EmailView.asp?r=882277088&am…

You can create more specific searches and save your criteria by visiting http://searchingtexashomes.idxre.com/idx/advsearch.cfm?cid=3…

Keep in mind that BuyersHouseRealty works exclusively with buyers and firmly believes in buyer education, so much so, we pay you for that education.
Learn more>> http://www.buyershouserealty.com.z57preview.com/realtor_cont…

Congrats on the decision to buy a home in South Austin, you are making a wise choice. Good luck to you.

HAPPY HOUSE HUNTING,

Gavin St.Louis
Texas Managing Broker/Realtor
BuyersHouseRealty
"Showing You the Real Estate Rebate"
0 votes Thank Flag Link Thu Jul 9, 2009
Hello Forrest,

Congratulations on your decision to purchase a home! Please visit my website to see properties that may meet your criteria.

Thank you,

Kathleen Bauerle Vernon
Third Generation Austin Realtor
512-567-9909
Exit SW Jackson Properties
0 votes Thank Flag Link Wed Jul 8, 2009
Here are a few homes I have found in the area you specified. MLS# 6574215, 7616181, 9139045, 2225469.
You can go to my website: http://www.findaustintxhomes.com to look up these properties. Let me know what you think of them.

I would love to be of assistance to you to find a great investment property in south Austin.

Lionel Laday, Realtor
Keller Williams Realty
0 votes Thank Flag Link Wed Jul 8, 2009
If paint and carpet are not too much (regarding fix-up); I would look at purchasing a Foreclosure.
0 votes Thank Flag Link Wed Jul 8, 2009
Could you first clarify what you believe a good investment means.

For most people it means something that appreciates year after year, but it sounds like your thinking that a property that holds its value year after year would be a good investment.

The reason this distinction is important is that many homes will hold their values, especially if they're young enough, but neighborhoods that will appreciate for years are indeed rare.
0 votes Thank Flag Link Wed Jul 8, 2009
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