940 County Road 3340 · Kempner, TX 76539

$230,000

3 bd · 2.0 ba · 1,120 sqft · MultiFamily · 220 Days on market

Built 2019 Good condition 1.00 ac lot

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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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Two Homes, One Beautiful Acre Live, Rent, or Invest! Discover this unique property offering two separate homes on one acre of land with mature trees. The main residence is a 3-bedroom, 2-bath single-wide mobile home featuring 1,019 sq. ft. of comfortable living space. A 1-bedroom, 1-bath tiny home built in 2021 adds flexibilityperfect for guests, family, or rental income. Both homes currently have month-to-month tenants, and the tiny home tenant is open to staying if desired. Enjoy RV hookups (water, electricity, sewer), a brand-new septic system installed in 2024, and a large carport with ample parking. This property is ideal for those looking to live in one home and rent the other, host extended family, or build a smart investment portfoliothe possibilities are endless!

Key facts

• Two separate homes
• Large carport
• One acre of land

Tags

• TWO SEPARATE HOMES
• ONE ACRE OF LAND
• MATURE TREES
• RV HOOKUPS
• BRAND NEW SEPTIC SYSTEM
• LARGE CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.1% in Kempner — 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 70/100 on livability (#381 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute 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: 147 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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 220 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 8→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.36%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-5,229
• Equity at exit: $34,294

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $36,815
• Equity at exit: $19,886

Cash invested: $64,400 (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 76539

• Home prices YoY: -13.7%
• Active inventory: 147
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,648 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $502

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,449
1× unit	1	1	$1,198
Total (2 units)			$2,648

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $230,000 Active 220 DOM
2. 2026-06-17
   days on market $230,000 Active 219 DOM
3. 2026-06-16
   days on market $230,000 Active 218 DOM
4. 2026-06-15
   days on market $230,000 Active 217 DOM
5. 2026-06-14
   days on market $230,000 Active 215 DOM
6. 2026-06-13
   days on market $230,000 Active 214 DOM
7. 2026-06-10
   days on market $230,000 Active 212 DOM
8. 2026-06-09
   days on market $230,000 Active 211 DOM
9. 2026-06-08
   days on market $230,000 Active 210 DOM
10. 2026-06-07
    days on market $230,000 Active 209 DOM
11. 2026-06-03
    days on market $230,000 Active 205 DOM
12. 2026-06-02
    days on market $230,000 Active 204 DOM
13. 2026-06-01
    days on market $230,000 Active 203 DOM
14. 2026-05-31
    days on market $230,000 Active 202 DOM
15. 2026-05-30
    days on market $230,000 Active 201 DOM
16. 2025-11-10
    listed $230,000 Active 783-char remark

    Show marketing remark (783 chars)

    Two Homes, One Beautiful Acre Live, Rent, or Invest! Discover this unique property offering two separate homes on one acre of land with mature trees. The main residence is a 3-bedroom, 2-bath single-wide mobile home featuring 1,019 sq. ft. of comfortable living space. A 1-bedroom, 1-bath tiny home built in 2021 adds flexibilityperfect for guests, family, or rental income. Both homes currently have month-to-month tenants, and the tiny home tenant is open to staying if desired. Enjoy RV hookups (water, electricity, sewer), a brand-new septic system installed in 2024, and a large carport with ample parking. This property is ideal for those looking to live in one home and rent the other, host extended family, or build a smart investment portfoliothe possibilities are endless!

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 8 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $31,776
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,542
• − Management: −$2,542
• − Depreciation: −$6,691
• Taxable income: $2,517
• Est. tax owed @ 24.0%: −$604
• After-tax cash flow: $5,425/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 · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property features two homes on one acre, with a main 3-bedroom home and a 1-bedroom tiny home. The homes are in good condition with modern updates, and the property is ideal for live-in and rental purposes.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and value
• Resale Upgrading kitchen appliances — Modern appliances can increase the home's appeal to potential buyers
• Resale Upgrading bathrooms with modern fixtures — Modern bathrooms can increase the home's appeal to potential buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants ↑
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and value ↑
• Resale Upgrading kitchen appliances — Modern appliances can increase the home's appeal to potential buyers ↑
• Resale Upgrading bathrooms with modern fixtures — Modern bathrooms can increase the home's appeal to potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Kempner

• Score: 70/100
• State rank: #381
• US rank: #8006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,642

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 16% Two or more races 12% Black 7% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 3%
• Common ancestry: Italian 3% Serbian 2% Slovak 2%
• Foreign-born: 8% · Canada, Guatemala, South Korea
• Languages at home: 89% English-only · Spanish 6% German/W. Germanic 3% Korean 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: ▼ -32.82%
• Current HPI: 207.1907
• 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

1 event — show timeline

• 2025-11-10 Listed $230,000 ForSaleByOwner.com