134 Honopu Dr · Bastrop, TX 78602

$449,999

6 bd · 5.0 ba · 1,547 sqft · MultiFamily public records · 131 Days on market

Built 2017 0.25 ac lot $291/sqft · 65% above area Est $589k · 24% under

---

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 +15.0/15.0
• Cash flow +13.4/30.0
• 1% rule +4.2/10.0
• DSCR +4.0/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Rent growth +2.0/5.0
• 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

SELLER FINANCING AVAILABLE. Seller financing available. Well-maintained duplex offering immediate income and strong upside potential. One unit is leased month-to-month, providing current cash flow, while the second unit is vacant, allowing for lease-up at market rent or owner occupancy. Ideal for investors seeking flexibility, rent optimization, or a house-hacking strategy. Functional layouts with separate entrances support long-term tenant appeal. Convenient Bastrop location near major roadways, shopping, and dining, with consistent rental demand and continued area growth. A solid opportunity for a long-term hold or portfolio addition. Buyer to verify square footage, rents, and tax information.

Key facts

• Current cash flow
• Immediate income
• Second unit vacant

Tags

• WELL MAINTAINED DUPLEX
• IMMEDIATE INCOME
• STRONG UPSIDE POTENTIAL
• LEASED MONTH TO MONTH
• CURRENT CASH FLOW
• SECOND UNIT VACANT

🏷️ Possibly a rental listed for sale. The $449,999 price doesn't fit this home's estimated sale value (~$588,640) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $5 ($65/yr) — positive. Per door: $3/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $415k (7.7% below list).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.2% in Bastrop — 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 62/100 on livability (#947 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: amenities D, employment D, crime F.
• Bastrop ISD (rural): math 25% / reading 28% proficiency, ranked #670 of 826 in TX (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Emile El (math 23% / reading 27%, grade F, #3,013 of 4,322 statewide, top 70%, 803 students, 66% FRL); Bastrop Middle (math 28% / reading 36%, grade F, #971 of 1,662 statewide, top 60%, 929 students, 80% FRL); Bastrop H S (math 23% / reading 33%, grade F, #1,170 of 1,632 statewide, top 72%, 1,621 students, 62% FRL).
• Market conditions: Rents soft (-2.0%/yr); 1072 active listings in the ZIP; solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).
• At $4,153/mo this rent would consume 55% of the median local household income ($90k/yr) (locally 775% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $125k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $395,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.05%
• DSCR: 1.00
• GRM: 9.0

CMA / ARV

• ARV (median comp): $588,640
• List price: $449,999
• Delta: -23.55%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.8%
• Equity multiple: 0.33×
• Total profit: $-84,578
• Equity at exit: $67,096

10-year hold

• IRR: -21.4%
• Equity multiple: 0.05×
• Total profit: $-119,570
• Equity at exit: $38,908

Cash invested: $126,000 (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 →

ZIP-level market 78602

• Home prices YoY: -23.0%
• Rents YoY: -2.0%
• Active inventory: 1072
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $4,153 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$728 /mo · $8,737/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$872
• Net cashflow: $5

Break-even live

Break-even rent $4,146

Max offer price $449,999

Occupancy floor 95%

Sensitivity live

Price	-10% $260	-5% $133	+0% $5	+5% $-122	+10% $-249
Rent	-10% $-323	-5% $-159	+0% $5	+5% $169	+10% $334
Rate	-1.0pp $232	-0.5pp $120	base $5	+0.5pp $-111	+1.0pp $-230

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$4,154
Total (2 units)			$4,153

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-21
   days on market $449,999 Active 131 DOM
2. 2026-06-18
   days on market $449,999 Active 128 DOM
3. 2026-06-17
   days on market $449,999 Active 127 DOM
4. 2026-06-16
   days on market $449,999 Active 126 DOM
5. 2026-06-15
   days on market $449,999 Active 125 DOM
6. 2026-06-13
   days on market $449,999 Active 123 DOM
7. 2026-06-09
   days on market $449,999 Active 119 DOM
8. 2026-06-08
   days on market $449,999 Active 118 DOM
9. 2026-06-07
   pricedays on market $449,999 Active 117 DOM
10. 2026-06-04
    days on market $499,999 Active 114 DOM
11. 2026-06-03
    days on market $499,999 Active 113 DOM
12. 2026-06-02
    days on market $499,999 Active 112 DOM
13. 2026-06-01
    days on market $499,999 Active 111 DOM
14. 2026-05-31
    days on market $499,999 Active 110 DOM
15. 2026-05-07
    price $499,999 704-char remark

    Show marketing remark (704 chars)

    SELLER FINANCING AVAILABLE. Seller financing available. Well-maintained duplex offering immediate income and strong upside potential. One unit is leased month-to-month, providing current cash flow, while the second unit is vacant, allowing for lease-up at market rent or owner occupancy. Ideal for investors seeking flexibility, rent optimization, or a house-hacking strategy. Functional layouts with separate entrances support long-term tenant appeal. Convenient Bastrop location near major roadways, shopping, and dining, with consistent rental demand and continued area growth. A solid opportunity for a long-term hold or portfolio addition. Buyer to verify square footage, rents, and tax information.

16. 2026-04-17
    price $524,999 704-char remark

    Show marketing remark (704 chars)

    SELLER FINANCING AVAILABLE. Seller financing available. Well-maintained duplex offering immediate income and strong upside potential. One unit is leased month-to-month, providing current cash flow, while the second unit is vacant, allowing for lease-up at market rent or owner occupancy. Ideal for investors seeking flexibility, rent optimization, or a house-hacking strategy. Functional layouts with separate entrances support long-term tenant appeal. Convenient Bastrop location near major roadways, shopping, and dining, with consistent rental demand and continued area growth. A solid opportunity for a long-term hold or portfolio addition. Buyer to verify square footage, rents, and tax information.

17. 2026-02-25
    price $549,999 704-char remark

    Show marketing remark (704 chars)

    SELLER FINANCING AVAILABLE. Seller financing available. Well-maintained duplex offering immediate income and strong upside potential. One unit is leased month-to-month, providing current cash flow, while the second unit is vacant, allowing for lease-up at market rent or owner occupancy. Ideal for investors seeking flexibility, rent optimization, or a house-hacking strategy. Functional layouts with separate entrances support long-term tenant appeal. Convenient Bastrop location near major roadways, shopping, and dining, with consistent rental demand and continued area growth. A solid opportunity for a long-term hold or portfolio addition. Buyer to verify square footage, rents, and tax information.

18. 2026-02-10
    listed $575,000 Active 704-char remark

    Show marketing remark (704 chars)

    SELLER FINANCING AVAILABLE. Seller financing available. Well-maintained duplex offering immediate income and strong upside potential. One unit is leased month-to-month, providing current cash flow, while the second unit is vacant, allowing for lease-up at market rent or owner occupancy. Ideal for investors seeking flexibility, rent optimization, or a house-hacking strategy. Functional layouts with separate entrances support long-term tenant appeal. Convenient Bastrop location near major roadways, shopping, and dining, with consistent rental demand and continued area growth. A solid opportunity for a long-term hold or portfolio addition. Buyer to verify square footage, rents, and tax information.

19. 2019-04-05
    soldstatus Sold 493-char remark

    Show marketing remark (493 chars)

    * Great price for Christopher David Built Duplex * Side B is leased for $1,675 * Potential $3,350 income leasing both sides * Large 3 bedrooms 2.5 baths with master on main floor * Open living, kitchen and dining * Master with walk-in closet and separate shower * Two large bedroom and a bath on 2nd floor * Tiled floors in all areas except bedrooms * Granite countertops * Large fenced backyard * On the market for lease also * SIDE A AVAILABLE FOR SHOWINGFEMA - Unknown Restrictions: Yes

20. 2019-03-13
    status Pending - Taking Backups 493-char remark

    Show marketing remark (493 chars)

    * Great price for Christopher David Built Duplex * Side B is leased for $1,675 * Potential $3,350 income leasing both sides * Large 3 bedrooms 2.5 baths with master on main floor * Open living, kitchen and dining * Master with walk-in closet and separate shower * Two large bedroom and a bath on 2nd floor * Tiled floors in all areas except bedrooms * Granite countertops * Large fenced backyard * On the market for lease also * SIDE A AVAILABLE FOR SHOWINGFEMA - Unknown Restrictions: Yes

21. 2019-02-18
    listed $399,900 Active 493-char remark

    Show marketing remark (493 chars)

    * Great price for Christopher David Built Duplex * Side B is leased for $1,675 * Potential $3,350 income leasing both sides * Large 3 bedrooms 2.5 baths with master on main floor * Open living, kitchen and dining * Master with walk-in closet and separate shower * Two large bedroom and a bath on 2nd floor * Tiled floors in all areas except bedrooms * Granite countertops * Large fenced backyard * On the market for lease also * SIDE A AVAILABLE FOR SHOWINGFEMA - Unknown Restrictions: Yes

22. 2019-02-15
    historical Expired
23. 2018-12-06
    listed Active
24. 2018-11-30
    historical Expired
25. 2018-10-26
    price
26. 2018-10-24
    status Active
27. 2018-10-23
    status Pending - Taking Backups
28. 2018-09-15
    listed Active
29. 2018-09-14
    historical Expired
30. 2018-07-29
    price
31. 2018-07-03
    listed Active
32. 2018-06-30
    historical Expired
33. 2018-06-01
    listed Active
34. 2017-02-27
    soldstatus
35. 2016-05-03
    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: $8,737 · $728/mo
• Projected year-2 tax: $8,737 · $728/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $49,836
• − Mortgage interest: −$25,207
• − Property taxes: −$8,737
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,987
• − Management: −$3,987
• − Depreciation: −$13,091
• Taxable loss: −$7,422
• Est. tax savings @ 24.0%: +$1,781
• After-tax cash flow: $1,847/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: Bastrop ISD
• NCES district ID: 4809570
• Math proficiency: 25% ▼ -13.00%
• Reading proficiency: 28% ▼ -4.00%
• Median HH income: $56,010
• Composite: 23.87/100
• National rank: #7799
• State rank: #670 of 826 in TX

Livability — Bastrop

• Score: 62/100
• State rank: #947
• US rank: #16846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bastrop County · 68,601 people
• City population: 38,190
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 38,190
• Household income: $89,968
• Rent vs Own: 29.2% rent · 70.8% own
• Severe rent burden: 775.0

Population outlook (Bastrop County) Hauer SSP2

• Today (2025): 94,260 people
• By 2030: 101,355 · +7.5%
• By 2040: 115,578 · +22.6%
• By 2050: 129,464 · +37.3%
• By 2075: 168,068 · +78.3%
• By 2100: 194,857 · +106.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 54% Hispanic / Latino 36% Two or more races 17% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 28% Puerto Rican 2%
• Common ancestry: Italian 3% Serbian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 75% English-only · Spanish 23% German/W. Germanic 1%

Political lean MEDSL · Bastrop

• 2024 margin: R (+18.4) · D 40.2% · R 58.6% · Other 1.2%
• 2008→2024 swing: -10.2pp toward R · 2008: -8.2pp · 2024: -18.4pp
• All cycles: 2024: R+18.4 2020: R+13.8 2016: R+20.4 2012: R+17.0 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.68%
• Current HPI: 247.1145
• Rent YoY: ▼ -2.04%
• Metro: Austin-Round Rock-Georgetown, TX
• 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

+25.0% since first listed

21 events — show timeline

• 2026-05-07 Price Changed $499,999 Unlock MLS
• 2026-04-17 Price Changed $524,999 Unlock MLS
• 2026-02-25 Price Changed $549,999 Unlock MLS
• 2026-02-10 Listed $575,000 Unlock MLS
• 2019-04-05 Sold (MLS) — Unlock MLS
• 2019-03-13 Pending — Unlock MLS
• 2019-02-18 Listed $399,900 Unlock MLS
• 2019-02-15 Delisted — Unlock MLS
• 2018-12-06 Listed — Unlock MLS
• 2018-11-30 Delisted — Unlock MLS
• 2018-10-26 Price Changed — Unlock MLS
• 2018-10-24 Relisted — Unlock MLS
• 2018-10-23 Pending — Unlock MLS
• 2018-09-15 Listed — Unlock MLS
• 2018-09-14 Delisted — Unlock MLS
• 2018-07-29 Price Changed — Unlock MLS
• 2018-07-03 Listed — Unlock MLS
• 2018-06-30 Delisted — Unlock MLS
• 2018-06-01 Listed — Unlock MLS
• 2017-02-27 Sold (Public Records) — Public Records
• 2016-05-03 Sold (Public Records) — Public Records

Property tax history

+77.9%/yr

Latest (2025): $8,737 · -2.3% YoY. Source: county tax records.