870 & 872 Waco St · Kingsland, TX 78639

$350,000

6 bd · 4.0 ba · 2,400 sqft · MultiFamily · 280 Days on market

Built 2024 Good condition 6,534 sqft lot $146/sqft · 9% below area Est $384k · 9% under ↓ 3% since listing

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +11.5/15.0
• Cash flow +7.4/30.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

If you’ve been hunting for versatile lake-area investment property that won’t break the bank, this duplex delivers. Each side offers 1,200 sq ft with 3 beds and 2 baths—perfect for long-term tenants, multi-generational living, or living in one and renting the other. Set in an unrestricted neighborhood near the baseball fields, it’s a solid home base close to Kingsland’s amenities without the waterfront price tag. Modern construction with metal siding and roof for low maintenance, Concrete drive and separate utility meters, close to community baseball fields and a short drive to Lake LBJ, shopping, and eateries, zoned unrestricted—use your imagination for future possibilities. Whether you’re a first-time investor or a seasoned landlord, this property represents steady, old-school value with forward-thinking versatility. You can take a classic “buy and hold” approach or live in one side and let the other pay the mortgage—that’s what we call a home run.

Key facts

• Modern construction
• Metal siding
• 6,534 sq ft lot

Tags

• LAKE-AREA INVESTMENT PROPERTY
• UNRESTRICTED NEIGHBORHOOD
• MODERN CONSTRUCTION
• METAL SIDING
• SEPARATE UTILITY METERS
• COMMUNITY BASEBALL FIELDS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-452 ($-5k/yr) — negative. Per door: $-226/mo.
• To cash-flow at today's rent, offer at most $285k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (28.9% below list).
• Recommended offer: $249k (28.9% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 0.2% in Kingsland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 59/100 on livability (#1,161 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Llano ISD (town): math 40% / reading 43% proficiency, ranked #359 of 826 in TX (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Packsaddle El (math 27% / reading 27%, grade F, #2,791 of 4,322 statewide, top 68%, 596 students, 83% FRL); Llano J H (math 42% / reading 45%, grade D, #530 of 1,662 statewide, top 32%, 423 students, 65% FRL); Llano H S (math 42% / reading 52%, grade D-, #591 of 1,632 statewide, top 38%, 552 students, 60% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 568 active listings in the ZIP; 121 units permitted in Llano County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Llano County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 52% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,000 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.71% ✗
• Cap rate: 4.74%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• GRM: 11.7

CMA / ARV

• ARV (median comp): $384,470
• List price: $350,000
• Delta: -8.97%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
351 Elm Lodge Dr	1.09mi	5/4.0 (-1)	2,452 (+2%)	17mo	$1,850,000	$754	42
4642 River Oaks Dr	1.95mi	5/2.5 (-1)	2,481 (+3%)	18mo	$960,000	$387	33
105 Chesterfield Dr	1.44mi	4/2.5 (-2)	2,200 (-8%)	4mo	$496,000	$225	32
1601 Glencove Dr	1.36mi	4/4.5 (-2)	3,100 (+29%)	5mo	$1,997,000	$644	24
101 Still Meadow Dr	1.58mi	4/3.5 (-2)	2,931 (+22%)	7mo	$999,000	$341	22
6257 River Oaks Dr	1.33mi	4/3.0 (-2)	1,792 (-25%)	6mo	$294,800	$165	21
3320 River Oaks Dr	1.86mi	5/3.0 (-1)	3,036 (+26%)	12mo	$1,375,000	$453	21
2270 Fred Woods Dr	1.33mi	4/3.0 (-2)	1,972 (-18%)	7mo	$1,460,000	$740	20
211 Elm Lodge Dr	1.07mi	4/4.0 (-2)	2,780 (+16%)	18mo	$2,350,000	$845	15
533 Crestwood Dr	2.06mi	7/5.5 (+1)	3,078 (+28%)	23mo	$3,325,000	$1,080	10
113 Eagle Point Dr	1.03mi	4/2.0 (-2)	1,960 (-18%)	15mo	$339,000	$173	9
316 Bridgepoint Dr	2.04mi	4/3.0 (-2)	3,118 (+30%)	21mo	$1,595,000	$512	8

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.7%
• Equity multiple: 0.13×
• Total profit: $-85,445
• Equity at exit: $52,186

10-year hold

• IRR: -22.2%
• Equity multiple: -0.14×
• Total profit: $-111,293
• Equity at exit: $30,262

Cash invested: $98,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $2,172,500 ($905/sqft)
• Median days on market: 257 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -82.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78639

• Active inventory: 568
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $2,490 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $-452

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,490
Total (2 units)			$2,490

Break-even live

Break-even rent $3,062

Max offer price $284,642

Occupancy floor —

Sensitivity live

Price	-10% $-210	-5% $-331	+0% $-452	+5% $-573	+10% $-694
Rent	-10% $-648	-5% $-550	+0% $-452	+5% $-353	+10% $-255
Rate	-1.0pp $-275	-0.5pp $-363	base $-452	+0.5pp $-542	+1.0pp $-635

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,500
• Closing costs: $10,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 Aster St Unit A Kingsland, TX	2.0	2.0	840	$975	$1.16	0d	1	0.37mi
200 Aster St Unit 212A Kingsland, TX	2.0	2.0	840	$975	$1.16	2d	1	0.45mi
200 Aster St Unit 930B Dallas Kingsland, TX	2.0	2.0	900	$995	$1.11	108d	1	0.45mi
967 Dilley St Unit 2 Kingsland, TX	2.0	1.0	840	$875	$1.04	0d	1	0.50mi
804 Redwood Dr Unit 806 Kingsland, TX	2.0	2.0	962	$1,050	$1.09	108d	1	0.60mi
723 Willowood Kingsland, TX	2.0	2.0	962	$995	$1.03	42d	1	0.63mi
1701 Lakewood Kingsland, TX	3.0	2.0	1400	$1,950	$1.39	62d	1	0.64mi
2162 Cedar Valley Dr Kingsland, TX	2.0	1.0	1000	$995	$0.99	0d	1	0.68mi
2164 Cedar Valley Dr Kingsland, TX	2.0	1.0	1000	$895	$0.90	42d	1	0.69mi
2146 Cedar Valley Dr Kingsland, TX	2.0	1.0	1000	$925	$0.93	114d	1	0.72mi
2203 Ridgeview Dr Kingsland, TX	2.0	1.0	1000	$995	$0.99	43d	1	0.77mi
4314 Skyline Dr Kingsland, TX	3.0	1.0	900	$1,195	$1.33	59d	1	0.77mi
145 Chaumont St Kingsland, TX	3.0	2.0	1649	$2,250	$1.36	6d	1	0.78mi
1902 Ridgeview Dr Kingsland, TX	2.0	1.0	875	$1,050	$1.20	0d	1	1.03mi
1904 Ridgeview Kingsland, TX	2.0	1.0	875	$1,050	$1.20	74d	1	1.03mi
207 Elm Lodge Dr Kingsland, TX	4.0	3.0	2000	$3,750	$1.88	59d	1	1.08mi
1731 Greenwood Ln Ln heuristic Kingsland, TX	4.0	2.0	862	$1,200	$1.39	120d	1	1.13mi
1527 Geronimo Trl Kingsland, TX	3.0	2.0	1393	$1,550	$1.11	82d	1	1.30mi
1636 Navajo Trl Kingsland, TX	3.0	2.0	1385	$1,550	$1.12	110d	1	1.35mi
1636 Navajo Trl Kingsland, TX	3.0	2.0	1385	$1,550	$1.12	116d	1	1.35mi
100 Windwood Dr Unit 102 Kingsland, TX	2.0	1.0	—	$790	—	61d	1	1.41mi
100 Windwood Dr Unit 102 Kingsland, TX	2.0	1.0	—	$790	—	0d	1	1.41mi
100 Windwood Dr Kingsland, TX	2.0	1.0	—	$740	—	3d	1	1.41mi
1506 Packsaddle Trl Kingsland, TX	3.0	2.0	1374	$1,550	$1.13	83d	1	1.50mi

Listing history 50 events

1. 2026-08-31
   days on market $350,000 Active 280 DOM
2. 2026-08-30
   days on market $350,000 Active 279 DOM
3. 2026-08-29
   days on market $350,000 Active 278 DOM
4. 2026-08-28
   days on market $350,000 Active 277 DOM
5. 2026-08-27
   days on market $350,000 Active 276 DOM
6. 2026-08-26
   days on market $350,000 Active 275 DOM
7. 2026-08-25
   days on market $350,000 Active 274 DOM
8. 2026-08-24
   days on market $350,000 Active 273 DOM
9. 2026-08-23
   days on market $350,000 Active 272 DOM
10. 2026-08-22
    days on market $350,000 Active 271 DOM
11. 2026-08-21
    days on market $350,000 Active 270 DOM
12. 2026-08-20
    days on market $350,000 Active 269 DOM
13. 2026-08-19
    days on market $350,000 Active 268 DOM
14. 2026-08-18
    days on market $350,000 Active 267 DOM
15. 2026-08-17
    days on market $350,000 Active 266 DOM
16. 2026-08-16
    days on market $350,000 Active 265 DOM
17. 2026-08-15
    days on market $350,000 Active 264 DOM
18. 2026-08-14
    days on market $350,000 Active 263 DOM
19. 2026-08-13
    days on market $350,000 Active 262 DOM
20. 2026-08-12
    days on market $350,000 Active 261 DOM
21. 2026-08-11
    days on market $350,000 Active 260 DOM
22. 2026-08-10
    days on market $350,000 Active 259 DOM
23. 2026-08-09
    days on market $350,000 Active 258 DOM
24. 2026-08-08
    days on market $350,000 Active 257 DOM
25. 2026-08-07
    days on market $350,000 Active 256 DOM
26. 2026-08-06
    days on market $350,000 Active 255 DOM
27. 2026-08-05
    days on market $350,000 Active 254 DOM
28. 2026-08-04
    days on market $350,000 Active 253 DOM
29. 2026-08-03
    days on market $350,000 Active 252 DOM
30. 2026-07-31
    days on market $350,000 Active 249 DOM
31. 2026-07-30
    days on market $350,000 Active 248 DOM
32. 2026-07-29
    days on market $350,000 Active 247 DOM
33. 2026-07-27
    days on market $350,000 Active 245 DOM
34. 2026-07-25
    days on market $350,000 Active 243 DOM
35. 2026-07-24
    days on market $350,000 Active 242 DOM
36. 2026-07-23
    days on market $350,000 Active 241 DOM
37. 2026-07-22
    days on market $350,000 Active 240 DOM
38. 2026-07-21
    days on market $350,000 Active 239 DOM
39. 2026-07-18
    days on market $350,000 Active 236 DOM
40. 2026-07-16
    days on market $350,000 Active 234 DOM
41. 2026-07-16
    days on market $350,000 Active 233 DOM
42. 2026-07-14
    days on market $350,000 Active 232 DOM
43. 2026-07-13
    days on market $350,000 Active 231 DOM
44. 2026-07-12
    days on market $350,000 Active 230 DOM
45. 2026-07-11
    days on market $350,000 Active 229 DOM
46. 2026-07-10
    days on market $350,000 Active 228 DOM
47. 2026-07-09
    days on market $350,000 Active 227 DOM
48. 2026-07-07
    pricedays on marketlisting id $350,000 Active 225 DOM
49. 2026-07-06
    days on market $220,000 Active 158 DOM
50. 2026-07-05
    days on market $220,000 Active 157 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,880
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,390
• − Management: −$2,390
• − Depreciation: −$10,182
• Taxable loss: −$11,688
• Est. tax savings @ 24.0%: +$2,805
• After-tax cash flow: $-2,615/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab Est. rehab $12,000–$36,000 screening

This single unit of a modern, well-maintained duplex in Kingsland, TX, offers 1,200 sq ft of living space with 3 bedrooms and 2 baths. The property is in good condition with minimal repairs needed, making it a great investment opportunity.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior — Fresh paint can improve curb appeal and value. ↑
• Both Landscaping and curb appeal — Improves overall aesthetic and value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 39/100

Zoned Schools

Elementary Packsaddle El F TX #2,791/4,322 Nat'l #28,475/41,679 Middle Llano J H D TX #530/1,662 Nat'l #5,067/14,009 High Llano H S D- TX #591/1,632 Nat'l #6,330/17,239

Schools (NCES district)

• District: Llano ISD
• NCES district ID: 4827810
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $46,746
• Composite: 35.42/100
• National rank: #4940
• State rank: #359 of 826 in TX

D Composite livability gradescore 59/100

Livability — Kingsland

• Score: 59/100
• State rank: #1161
• US rank: #20293

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment D- Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingsland, TX
• County: Llano County · 20,847 people
• City population: 8,719
• Metro: nan
• Population (ZIP): 8,719
• Household income: $57,742
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 15% of renters

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Population outlook (Llano County) Hauer SSP2

• Today (2025): 20,847 people
• By 2030: 21,350 · +2.4%
• By 2040: 22,281 · +6.9%
• By 2050: 23,173 · +11.2%
• By 2075: 25,526 · +22.4%
• By 2100: 25,866 · +24.1%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 23% Two or more races 14% Black 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Italian 4% Slovak 3% Serbian 3%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

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Political lean MEDSL · Llano

• 2024 margin: Solid R (+60.9) · D 19.2% · R 80.0%
• 2008→2024 swing: -8.6pp toward R · 2008: -52.2pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+60.1 2016: R+62.2 2012: R+60.4 2008: R+52.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.30%
• Current HPI: 219.8651
• Rent YoY: —
• Metro: nan
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-3.4% since first listed

6 events — show timeline

• 2026-02-06 Price Changed $395,000 Unlock MLS
• 2026-02-06 Price Changed $220,000 Unlock MLS
• 2026-02-06 Price Changed $220,000 HLMLS as distributed by MLS GRID
• 2026-01-29 Listed $230,000 Unlock MLS
• 2025-11-24 Listed $230,000 HLMLS as distributed by MLS GRID
• 2025-11-24 Listed $409,000 Unlock MLS