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201 Covala Dr - $100k below Appraised Value 3,213 SF Specialty Building Offered at $489,000 at a 5.01% Cap Rate in Cedar Park, TX 78613
Investment Highlights
- Appraised for $588k - Asking $100k below
- Growing Suburb of Austin
- Top-Tier School Districts
- All major CapEx Completed
Executive Summary
Motivated Seller!
Turn this massive home (plus huge game room) into yours for below as-is appraisal value of $588k (appraisal and nearly spotless inspection report attached)
New Roof and HVAC system installed AFTER attached inspection report completed.
Completed renovations include, but not limited to:
Brand new roof (architectural shingles w/30 yr warranty)
Brand new carpet
Brand new fence
Brand new chandeliers
All new ceiling fans and light fixtures
Brand new A/C system (inside and out)
Brand new interior paint through out
Transferrable lifetime foundation warranty (just the garage had to be lifted, rest of house was in great condition)
Water Heater ~6 yrs old
Located in top tier school districts.
There is a lot of walk-in closet space between two bedrooms to add a sizeable Jack and Jill bathroom to turn this into a 5/3.5 if buyer wants.
As-Is Appraisal for $588k and inspection report attached (nearly spotless)
Buyer to confirm all property and school zoning info themselves.
Seller selling below market value because has another deal lined up and needs to move money to a larger investment quickly.
Turn this massive home (plus huge game room) into yours for below as-is appraisal value of $588k (appraisal and nearly spotless inspection report attached)
New Roof and HVAC system installed AFTER attached inspection report completed.
Completed renovations include, but not limited to:
Brand new roof (architectural shingles w/30 yr warranty)
Brand new carpet
Brand new fence
Brand new chandeliers
All new ceiling fans and light fixtures
Brand new A/C system (inside and out)
Brand new interior paint through out
Transferrable lifetime foundation warranty (just the garage had to be lifted, rest of house was in great condition)
Water Heater ~6 yrs old
Located in top tier school districts.
There is a lot of walk-in closet space between two bedrooms to add a sizeable Jack and Jill bathroom to turn this into a 5/3.5 if buyer wants.
As-Is Appraisal for $588k and inspection report attached (nearly spotless)
Buyer to confirm all property and school zoning info themselves.
Seller selling below market value because has another deal lined up and needs to move money to a larger investment quickly.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$39,000
|
$12.14
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$39,000
|
$12.14
|
| Taxes |
$11,500
|
$3.58
|
| Operating Expenses |
$3,000
|
$0.93
|
| Total Expenses |
$14,500
|
$4.51
|
| Net Operating Income |
$24,500
|
$7.63
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $39,000 |
| Annual Per SF | $12.14 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $39,000 |
| Annual Per SF | $12.14 |
| Taxes | |
|---|---|
| Annual | $11,500 |
| Annual Per SF | $3.58 |
| Operating Expenses | |
|---|---|
| Annual | $3,000 |
| Annual Per SF | $0.93 |
| Total Expenses | |
|---|---|
| Annual | $14,500 |
| Annual Per SF | $4.51 |
| Net Operating Income | |
|---|---|
| Annual | $24,500 |
| Annual Per SF | $7.63 |
Property Facts
| Price | $489,000 | Property Subtype | Residential Income |
| Price Per SF | $152.19 | Building Class | C |
| Sale Type | Investment | Building Size | 3,213 SF |
| Cap Rate | 5.01% | No. Stories | 2 |
| Property Type | Specialty | Year Built | 1998 |
| Price | $489,000 |
| Price Per SF | $152.19 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Property Type | Specialty |
| Property Subtype | Residential Income |
| Building Class | C |
| Building Size | 3,213 SF |
| No. Stories | 2 |
| Year Built | 1998 |
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Fairly walkable
40/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | R370484 | Total Assessment | $497,528 (2025) |
| Land Assessment | $109,000 (2025) | Annual Taxes | $11,500 ($3.58/SF) |
| Improvements Assessment | $388,528 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
R370484
Land Assessment
$109,000 (2025)
Improvements Assessment
$388,528 (2025)
Total Assessment
$497,528 (2025)
Annual Taxes
$11,500 ($3.58/SF)
Tax Year
2026
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201 Covala Dr - $100k below Appraised Value