606 S Chestnut St · Lampasas, TX 76550

$120,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily · 95 Days on market

Built 1950 10,105 sqft lot Est $151k · 21% under ↓ 8% since listing

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Why this score? — see what drove the C 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).

• Cash flow +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity to own this investment property 1 block off of Key Avenue in the ever growing city of Lampasas. Being close to H-E-Band behind the new laundry mat it is zoned Commercial/Residential.

Key facts

• 0.23 acre lot
• Parking
• Built 1950

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (5.1% below list).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.0% in Lampasas — 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 75/100 on livability (#123 in TX, #3,832 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D, crime F.
• Lampasas ISD (rural): math 42% / reading 46% proficiency, ranked #278 of 826 in TX (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 342 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 18 units permitted in Lampasas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lampasas County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.85%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $151,200
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 Brown St	0.60mi	3/1.0 (+1)	1,008 (0%)	3mo	$130,000	$129	65
205 S Porter St	0.75mi	2/1.0	1,020 (+1%)	4mo	$179,000	$175	60
102 S Western Ave	0.36mi	2/1.0	910 (-10%)	10mo	$126,000	$138	59
1202 Bridge St	0.63mi	2/1.0	952 (-6%)	3mo	$70,000	$74	59
1005 Bridge St	0.51mi	2/2.0	1,125 (+12%)	1mo	$215,000	$191	52
404 W Avenue B	0.55mi	3/1.0 (+1)	888 (-12%)	10mo	$180,000	$203	41
18 Del Norte St	0.62mi	3/2.0 (+1)	1,138 (+13%)	3mo	$120,000	$105	38
11 Bellaire Ave	0.64mi	3/1.5 (+1)	1,152 (+14%)	2mo	$172,500	$150	37
27 Hollywood Dr	0.62mi	3/2.0 (+1)	1,100 (+9%)	23mo	$199,900	$182	28

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-9,045
• Equity at exit: $17,892

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $5,402
• Equity at exit: $10,375

Cash invested: $33,600 (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 →

ZIP-level market 76550

• Home prices YoY: -22.3%
• Active inventory: 342
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,138 high
• Mortgage (P&I): −$629
• Tax from tax record: −$56 /mo · $674/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $164

Break-even live

Break-even rent $931

Max offer price $120,000

Occupancy floor 81%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 S Broad St Lampasas, TX	1.0	1.0	775	$900	$1.16	13d	1	0.17mi
205 S Broad St Lampasas, TX	2.0	1.0	952	$1,000	$1.05	4d	1	0.28mi
202 N Walnut St Lampasas, TX	2.0	1.5	1000	$1,000	$1.00	13d	1	0.43mi
207 N Ridge St Unit B Lampasas, TX	3.0	2.0	1267	$1,875	$1.48	4d	1	0.50mi
1109 East Avenue F Unit F Lampasas, TX	3.0	2.0	1356	$1,700	$1.25	44d	1	0.96mi
106 N Fairview St Lampasas, TX	3.0	1.5	1392	$1,700	$1.22	14d	1	1.00mi
1705 Taylor St Unit A Lampasas, TX	2.0	1.5	882	$975	$1.11	23d	1	1.05mi

Listing history 17 events

1. 2023-09-21
   status Pending
2. 2023-09-21
   status Pending
3. 2023-09-21
   historical
4. 2023-09-08
   status Active
5. 2023-09-08
   status Active
6. 2023-08-31
   status Pending
7. 2023-08-31
   status Pending
8. 2023-08-23
   price $120,000
9. 2023-08-23
   price $120,000
10. 2023-08-21
    price $120,000
11. 2023-08-17
    status Active
12. 2023-07-10
    status Active
13. 2023-05-25
    status Pending
14. 2023-05-25
    historical Active Under Contract
15. 2023-04-25
    listed $130,000 Active
16. 2023-04-25
    listed $130,000 Active
17. 2006-02-15
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $674 · $56/mo
• Projected year-2 tax: $2,196 · $183/mo
• Expected delta: +$1,522/yr (+$127/mo · 225.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,662
• − Mortgage interest: −$6,722
• − Property taxes: −$674
• − Insurance: −$600
• − Repairs & maintenance: −$1,093
• − Management: −$1,093
• − Depreciation: −$3,491
• Taxable loss: −$11
• Est. tax savings @ 24.0%: +$3
• After-tax cash flow: $1,970/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.

Schools (NCES district)

• District: Lampasas ISD
• NCES district ID: 4826640
• Math proficiency: 42% ▼ -3.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $51,042
• Composite: 37.9/100
• National rank: #4314
• State rank: #278 of 826 in TX

Livability — Lampasas

• Score: 75/100
• State rank: #123
• US rank: #3832

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lampasas, TX
• Population (ZIP): 13,699

Population outlook (Lampasas County) Hauer SSP2

• Today (2025): 22,114 people
• By 2030: 22,779 · +3.0%
• By 2040: 23,812 · +7.7%
• By 2050: 24,403 · +10.4%
• By 2075: 25,713 · +16.3%
• By 2100: 25,053 · +13.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 21% Two or more races 13%
• Hispanic origin (detail): Mexican 16% Puerto Rican 2%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 87% English-only · Spanish 11% German/W. Germanic 1%

Political lean MEDSL · Lampasas

• 2024 margin: Solid R (+59.6) · D 19.8% · R 79.3%
• 2008→2024 swing: -10.5pp toward R · 2008: -49.1pp · 2024: -59.6pp
• All cycles: 2024: R+59.6 2020: R+57.1 2016: R+60.0 2012: R+57.8 2008: R+49.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.55%
• Current HPI: 249.3057
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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

-7.7% since first listed

17 events — show timeline

• 2023-09-21 Pending — Unlock MLS
• 2023-09-21 Pending — CTXMLS
• 2023-09-21 Listing Removed — CTXMLS
• 2023-09-08 Relisted — Unlock MLS
• 2023-09-08 Relisted — CTXMLS
• 2023-08-31 Pending — Unlock MLS
• 2023-08-31 Pending — CTXMLS
• 2023-08-23 Price Changed $120,000 Unlock MLS
• 2023-08-23 Price Changed $120,000 CTXMLS
• 2023-08-21 Price Changed $120,000 HLMLS as distributed by MLS GRID
• 2023-08-17 Relisted — CTXMLS
• 2023-07-10 Relisted — Unlock MLS
• 2023-05-25 Pending — Unlock MLS
• 2023-05-25 Contingent — CTXMLS
• 2023-04-25 Listed $130,000 CTXMLS
• 2023-04-25 Listed $130,000 Unlock MLS
• 2006-02-15 Sold (Public Records) — Public Records

Property tax history

-0.2%/yr

Latest (2025): $674 · -13.4% YoY. Source: county tax records.