3101 Harris Park is an awesome investment opportunity walking distance to the University of Texas and centrally located in the heart of the top city in the US. One of Austin’s oldest neighborhoods, Hyde Park boasts an abundance of sought after charm with its unique architecture. This unique property features a main house with a 2 bedroom, 1 bath which has been fully updated and has original hardwood floors throughout, white appliances, gas stove and a gorgeous retro style bathroom.
The second unit is on the top level and is a very large studio style apartment which run the length of the house and features a small kitchenette with a full bath and plenty of living/bed room with a separate entrance.
There is an additional living space, coined the “Hobbit House” which is a detached cottage style house that features a small kitchenette and full bath plus loft sleeping area. This unit makes for a very nice supplemental rental arrangement or could easily be converted into a very nice office or guest quarters.
In my opinion the highest and best use of the property is to purchase and hold as a rental for a while with the intention of converting the entire property to a single family home. The upstairs unit was originally connected to the 2 bedroom 1 bath house and the owner left the property in such a way that it could easily be converted back. This would leave the “Hobbit House” as an additional guest quarters with a full bath or even a very cool office/ studio. This unit could also do very well as a vacation rental.
The property has been impeccably maintained by its local owner who has self managed the property since she purchased it. The property has had many upgrades including a new roof, new HVAC unit and foundation work (warrantied) along with paint and other small improvements needed for longevity in the asset.
3101 Harris Park is being marketed without going in MLS and aggressively priced at 439k. Because of the uniqueness of this property as well as its highly desired and valuable location, this property is one of kind and its very rare that you find a rental property that has been so well taken care of which is evident when you see it in person.
Current rental rates are as follows:
Unit A: 2 bedroom, 1 bath – $1250/month with long time tenant. Tenant is responsible for mowing the property and for performing most maintenance as well as part of the decreased rent. This lease expires December 31st, 2012 and has a 60 day clause allowing the landlord to have the tenants move out at any time with a 60 day notice.
Unit B: Studio – $925.00 month and the unit comes furnished. Lease expires July 2013
Unit C: Hobbit House – $695/month and comes partially funished
*All leases are inclusive of basica utilities (water, waste water, electric and trash)
I do believe there are significant opportunities to raise rents however the landlord prides herself on quality tenants and she would rather have lower rent than bad renters.
If you have any interest in a private showing of this property or for assistance with your Austin Home Search, contact me today at (512) 786-1515.