141 Summer Dr · Elgin, TX 78621

$223,750

3 bd · 2.0 ba · 1,326 sqft · Land · 230 Days on market

Built 2025 4,791 sqft lot $70/mo HOA · 4% of rent ↓ 13% 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 +15.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks

MLS# 7244977 - Built by Brohn Homes - Ready Now! ~ 141 Summer Drive is a cozy, cottage-style home full of charm and modern finishes. This thoughtfully designed one-story home in Harvest Ridge, Elgin’s award-winning master-planned community, features an alley access lot with a detached shed, ample natural lighting, and vinyl flooring throughout the main living areas. The L-shaped kitchen opens up to the dining and living rooms and has 42-inch upper cabinets, durable 3cm granite countertops, a gas range, and a classic window over the sink, perfect for a touch of light or a home for a plant. The primary suite offers a walk-in closet, walk-in shower, and raised Silestone vanity for a clea

Key facts

• Vinyl flooring
• Walk in closet
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• 42 INCH UPPER CABINETS
• VINYL FLOORING
• WALK IN CLOSET
• WALK IN SHOWER
• RAISED SILESTONE VANITIES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $224k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 $200k (10.6% below list).
• Recommended offer: $197k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 4.4% in Elgin — 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 74/100 on livability (#167 in TX, #4,404 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Elgin ISD (rural): math 17% / reading 26% proficiency, ranked #741 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 807 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.1% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,900 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 3.03×
• Total profit: $127,472
• Equity at exit: $201,572

10-year hold

• IRR: 22.5%
• Equity multiple: 6.93×
• Total profit: $371,651
• Equity at exit: $434,697

Cash invested: $62,650 (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 78621

• Home prices YoY: 7.6%
• Rents YoY: 3.1%
• Active inventory: 807
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,000 high
• Mortgage (P&I): −$1,173
• Tax from tax record: −$159 /mo · $1,907/yr
• Insurance: −$93
• HOA: −$70
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $84

Break-even live

Break-even rent $1,893

Max offer price $223,750

Occupancy floor 91%

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: $55,938
• Closing costs: $6,712
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Honeybee Ln Elgin, TX	3.0	2.5	1782	$2,000	$1.12	4d	1	0.18mi
242 Barley Ln Elgin, TX	3.0	2.5	1782	$2,150	$1.21	1d	1	0.19mi
234 Heritage Mill Trl Elgin, TX	3.0	2.0	1530	$1,850	$1.21	2d	1	0.34mi
107 Tillage Rd Elgin, TX	3.0	2.0	1548	$1,775	$1.15	19d	1	0.40mi
14421 Prairie Sod Ln Elgin, TX	3.0	2.0	1525	$1,650	$1.08	2d	1	0.52mi
18612 Allen Welch Dr Elgin, TX	4.0	2.0	1794	$1,885	$1.05	4d	1	0.67mi
19405 Bear Grass Dr Elgin, TX	3.0	2.0	1495	$1,760	$1.18	43d	1	0.68mi
18721 Quiet Range Dr Elgin, TX	3.0–5.0	2.0–3.5	1773	$2,085	$1.18	1d	1	0.69mi
14300 Boomtown Way Elgin, TX	4.0	2.0	1794	$2,050	$1.14	23d	1	0.70mi
18500 Allen Welch Dr Elgin, TX	3.0	2.0	1525	$1,825	$1.20	4d	1	0.75mi
18316 Stellers Sea St Elgin, TX	3.0	2.0	1076	$2,045	$1.90	19d	1	0.81mi
18525 Quiet Range Dr Elgin, TX	4.0	2.0	1794	$1,725	$0.96	17d	1	0.81mi
14508 Wahlbergs Way Elgin, TX	3.0	2.0	1076	$2,045	$1.90	11d	1	0.83mi
13817 County Line Rd Elgin, TX	1.0–3.0	1.0–2.0	937	$1,890	$2.02	1d	6	0.83mi
14141 Prospector Way Elgin, TX	3.0	2.0	1520	$1,650	$1.09	43d	1	0.84mi
18505 Quiet Range Dr Elgin, TX	4.0	2.0	1794	$1,950	$1.09	23d	1	0.87mi
18505 Quiet Range Dr Unit 18505 Elgin, TX	4.0	2.0	1794	$1,785	$0.99	4d	1	0.87mi
18300 Speculator Ln Elgin, TX	4.0	2.0	1794	$1,995	$1.11	23d	1	0.88mi
18224 Speculator Ln Elgin, TX	3.0	2.5	1599	$1,700	$1.06	43d	1	0.89mi
18200 Papuan Cv Elgin, TX	3.0	2.0	1402	$1,900	$1.36	3d	1	0.92mi
419 Gettysburg Loop Elgin, TX	3.0	2.0	1565	$1,850	$1.18	12d	1	0.95mi
401 Bandara Woods Blvd Elgin, TX	3.0	2.0	1665	$1,875	$1.13	43d	1	1.10mi
101 Bandara Woods Blvd Elgin, TX	3.0	2.0	1499	$1,769	$1.18	14d	1	1.11mi

HOA detail

• Monthly dues: $70 · $840/yr
• Likely covers: gas

Listing history 9 events

1. 2026-06-18
   days on market $223,750 Active 230 DOM
2. 2026-06-17
   days on market $223,750 Active 229 DOM
3. 2026-06-16
   days on market $223,750 Active 228 DOM
4. 2026-06-15
   days on market $223,750 Active 227 DOM
5. 2026-06-13
   pricestatusdays on market $223,750 Active 225 DOM
6. 2026-04-09
   status Pending
7. 2026-03-31
   price $219,990
8. 2025-09-18
   price $223,750
9. 2025-08-28
   listed $253,750 Active

ⓘ 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: $1,907 · $159/mo
• Projected year-2 tax: $4,095 · $341/mo
• Expected delta: +$2,187/yr (+$182/mo · 114.7%)

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

Taxation est. · year 1

• Rental income: $23,998
• − Mortgage interest: −$12,533
• − Property taxes: −$1,907
• − Insurance: −$1,119
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$840
• − Depreciation: −$6,509
• Taxable loss: −$2,750
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $1,672/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: Elgin ISD
• NCES district ID: 4818360
• Math proficiency: 17% ▼ -9.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $55,176
• Composite: 19.62/100
• National rank: #8749
• State rank: #741 of 826 in TX

Livability — Elgin

• Score: 74/100
• State rank: #167
• US rank: #4404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bastrop County · 68,601 people
• City population: 27,860
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 30,411
• Household income: $98,534
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 235.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 38% Two or more races 19% Black 11% Native American 1%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 36%

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: ▲ 29.47%
• Current HPI: 416.87
• Rent YoY: ▲ 3.12%
• 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

-13.3% since first listed

4 events — show timeline

• 2026-04-09 Pending — Unlock MLS
• 2026-03-31 Price Changed $219,990 Unlock MLS
• 2025-09-18 Price Changed $223,750 Unlock MLS
• 2025-08-28 Listed $253,750 Unlock MLS

Property tax history

+6.0%/yr

Latest (2025): $1,907 · +6.0% YoY. Source: county tax records.