Ah, I was close, @Zacharias Salva
I quickly took a look at everything sold within .5 miles of Andalucia in the last year and the year prior. The median price fell from $191,950 to $184,000 in that time (comparing 60 home sold, 23 in the last year and 37 in the year prior). However that is not by any means cause for alarm. A big part of that is that more recent sales are predominantly resales instead of new sales, and in a neighborhood where the builder is still selling, resales will be somewhat discounted. Also, the builder is just finishing up in Spanish Oaks, and builders are more inclined to sell the last of their inventory in a neighborhood at a discount. I would never recommend expecting appreciation in Killeen, but you are in a great neighborhood and one that I expect to retain its after-inflation value in the long term. And with as strong a rental market as Killeen has, I think you would do alright renting.
As I mentioned, I have a home on Sulfur Spring Dr. next door in White Rock, bought in 2009 with VA loan that I now rent. I think in that time it has just appreciated/paid off enough that I could sell without bringing money to the table. It's been renting at $1150. I bought it retail and have been losing approximately $100/month cash flow after budgeting for vacancy, maintenance etc. But I am optimistic, because it is one of the cheaper homes in one of the best neighborhoods.
One nice thing about renting in a military community is that there is a large population of responsible, well paid renters. Someone making a Colonel's salary would normally own a home, but even high ranking officers and NCOs tend to be renters in the Army because off the transient nature of the job. So I often recommend that landlords can get away with higher tier rentals than are recommended in other markets (where I understand it is recommended to target rental investments center-mass of the rental market).
While there are some Fort Hood units deactivating, it is more about the Army reorganizing. I think Fort Hood is supposed to lose a total of fewer than 4000 Soldiers from a local population of approximately 200,000. And many of those Soldiers who leave the Army at Fort Hood remain in the area. And also, Fort Hood is still the #1 training destination for reserve and national guard troops. But what has us Realtors really excited is the nearly finished and giant VA Hospital, highly visible from Hwy 190 there on Fort Hood, and the new Texas A&M Central Texas campus on the South-west side of town (also very sleek and visible from Hwy 195). These both promise to be major new job and student makers and help the local economy diversify away from a purely "military town".
I am excited about the Hwy 195 improvements as well, though I don't see anyone working on it at the moment. They seem to be taking there time there. I wish I could buy up along 195 on the south side of town, because Killeen can only grow south, and also that is where TAMCU is being built.
Let me know what you think!
