4309 Hank Avenue

The property spans a spacious lot with three key components: (1) Newly Renovated 926 sq ft ADU (Front Unit)($699,900): Fully gutted and rebuilt to the studs in 2025, featuring new HVAC, plumbing, electrical, insulation, and high-end finishes including E-STAR appliances, quartz countertops, and luxury vinyl plank flooring. This 2bd/2bth holds a fresh Certificate of Occupancy issued 11/4/25 and is grandfathered for compliant use. Current comparable rentals in Banister Acr. (e.g., 2BD/1BA at $1,900/mo; 3BD/3BA at $2,375/mo) support a conservative rent of $2,400/mo. (2) Newly Renovated 240 sq ft Tiny Home (Rear Unit) ($214,100): Similarly updated with modern systems and finishes, this efficient studio-style space is also grandfathered and compliant. Market data for similar tiny homes in Austin (e.g., 200-300 sq ft units at $949-1,200/mo) justifies a conservative rent of $1,200/mo. (3) Raw Land for Development ($280,900): The rear portion of the lot is shovel-ready for a new primary residence of at least 2,333 sq ft, with all utilities in place and no major tree removal required. A preliminary conceptual draft site plan plan (available in MLS docs) outlines a 4BD/3BA single-family home or potential duplex. Comparable rentals in 78745 (e.g., 2,003 sq ft 3BD/3BA at $3,850/mo; 1,692 sq ft at $3,550/mo) indicate a conservative rent of $4,200/mo. Note the property next door immediately to the north (4307 Hank) sold for $1,599,900 on June 23, 2025. Investment Analysis (6%+ Cap Rate Calculation): A. Assuming development of the 2,333 sq ft home (estimated build cost: $300/sq ft or ~$700,000 based on 2025 Austin averages), total gross annual income from the three units reaches $92,400 ($7,700/mo); B. Deduct conservative operating expenses of $20,000/year (including $10,255 taxes, insurance, and maintenance). Resulting NOI: $72,400; and C. At the $1,194,900 purchase price (pre-build), this projects a post-development cap rate of 6.2% on total investment of ~$1,894,900.