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0.26 acres in Gillespie County, Texas

308 E Burbank ST, Fredericksburg, Texas 78624 - Gillespie County
$399,000 0.26 Acres
3 Bedroom 2 Bathrooms 1224 Sq.Ft.
Property ID 3251758

Description

Hill Country bungalow in Fredericksburg City Limits. Optimized to seamlessly integrate indoor and outdoor living. Pristine 3 bedroom 2 bath 1,224 HVAC SF. Southern living inspired yards, gardens, outdoor living areas framed by massive trees. Unobstructed back yard views. Covered front porch, covered back porch, large wood deck, hot tub, private garden seating. 720 SF garage, 200 SF storage area with 120 SF porch, 216 SF carport. Walk to downtown, elementary, middle schools. Great BNB potential.

3% buyer broker fee

Only requirement for full commission is submit contract that escrows, closes, funds.

Legal (from Gillespie County Appraisal District)

Legal: Property ID 20503, Geographic ID S1150-0000-002100: MUTUAL #2 LOT 21

Owners: Charles P. & Carole Bridges

Land: 0.2764 acres / 12,041 SF

Taxes

Exemptions: Homestead, Disabled Vet 1 & Other

2015 Taxes Paid: $2,264

2015 Taxes with NO exemptions: $3,737

2015 Tax Rate: 1.800200

Abirnb model

Convert garage into a 2 bedroom / 2 bath unit. Estimated cost $100 SF * 720 SF = $72,000

Convert storage building with covered porch into 1 bedroom / 1 bath unit. Estimated cost $125 SF * 200 SF = $25,000

NOTE: No 5 or 6 bedroom unit homes available in Fredericskburg on Airbnb

Airbnb Fredericksburg Avg. Daily Revenues

$476 3 bed/2 bath home

$382 2 bed/ 2 bath BNB (No 2/2 apts in Airbnb)

$154 1 bed/1 bath apt

Proforma assumptions

30% occupancy

10% 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 defined above as of 5/25/2016

Financial pro forma

$58,692 Gross Revenues

$23,076 Operating Expenses including 10% of Gross Revenues as Reserve

$35,616 Net Operating Income

$12,654 Cash Flow*

8.9% CAP

11.6 Cash-on-Cash*

*P&I only. 5/1 Arm. 80% 1st loan. 4% APR. 30-year amortization. No PMI. National lender. Loan details from Bank Rate Monitor

R-1 zoning

Sec. 3.100. - R-1: SINGLE FAMILY RESIDENTIAL.

This zone is intended to provide for a single family dwellings, with not more than one principal residence permitted on any lot to ensure an environment conductive to single family residential use. Additional uses necessary and incidental to a single family residential dwelling unit are also permitted. This zone is typically associated with the Low Density Residential Land Use category but is conditionally allowed within all land use categories except "Open Space/Parks", "Industrial" and "Public Facilities".

Principal Permitted Uses

Buildings, structures and lands shall be used, and buildings and structures shall hereinafter be erected, altered or enlarged only for the following uses, plus such other uses as the City Council, by resolution, may deem to be similar to those uses listed and not obnoxious or detrimental to the public health, safety and welfare.

Uses Permitted Subject to Conditional Use Permit

Subject to a Conditional Use Permit as provided in Section 5.400

Uses permitted with a Bed and Breakfast Compliance Use Permit:

Bed and Breakfast

Conditions under which a permit will be issued:

-Compliance with provisions of Sec. 5.401, and

-Use is allowed in rooms of property owner's principal residence with no limit as to number of units up to eight, OR if the property is not the owner's principal residence, then Bed and Breakfast use is limited to one rental unit OR one separate guest house if the lot is 10,000 square feet or more, and

-Two off street parking spaces shall be provided for the main residence plus one off street parking space for each Bed and Breakfast unit but only two parking spaces are required if the Bed and Breakfast is the principal residence

-Compliance with other R-1 regulations

Property Development Standards

Except as hereinafter provided, no building or structure or part thereof shall be erected, altered or converted for any use permitted in this district unless it is in conformity with all the standards and regulations herein specified for lot area, width and depth, dwelling unit area, lot coverage, yards and building height. The following standards shall apply except in cases where a lot does not meet the standards herein required but was an official "lot of record" prior to the adoption of this ordinance. In such cases, the present dimension shall be maintained as a minimum standard unit until such time as the use is removed. The replacement shall meet the standards and regulations herein specified.

Site Development Regulations

Each site in the R-1 district shall be subject to site development regulations.

Southwest Partners 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?

100% of the neighbors (Block Group) are in the ESRI Life Mode Group: GenXUrban, ESRI Tapestry Segment MidLife Constants. From ESRI Tapestry Segmentation Profile

People

Seniors, at or approaching retirement

Below average labor force participation

Above average net worth

Live outside the central cities, in smaller communities

Lifestyle is more country than urban

Generous and not spend thrifts

Neighborhood

Older homes (most built before 1980)

Primarily married couples

Growing share of singles

Settled neighborhoods with slow rates of change

Single-family homes

Less than half still mortgaged

Socioeconomic traits

64% have a high school diploma or some college

Lower unemployment

42% of households are receiving Social Security

28% receive retirement income

Traditional, not trendy

Prefer convenience and comfort, not cutting-edge

Attentive to price, but not at the expense of quality

Prefer to buy American and natural products

Radio and newspapers are the media of choice (after television)

Directions

0.9 MI from Downtown Fredericksburg Main ST at Llano ST
Travel NE on N Llano ST/N HWY 16 0.7 MI
Turn right/E on E Burbank ST 0.2 MI
Property on left with sign

Tax Data (Show Tax Data)

Other Land for Sale in Gillespie County

    NOTE: The information contained herein is provided as general information only and has been obtained from sources deemed reliable. It is provided without any guaranty, warranty or representation, expressed or implied, made by Lands of America, or any related entity, as to the accuracy or completeness of the information. The information is presented subject to errors, omissions, change of price or conditions, prior sale or withdrawal without notice. Prospective purchasers should make their own investigations, projections and conclusions concerning the information.