259 B Braeburn Cir

Meadowlakes, TX 78654

$1,750D

6 bd · 4.0 ba · 1,293 sqft · Built 1985 · MultiFamily · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,214/mo
• Mortgage (P&I): −$9
• Tax + insurance: −$3
• HOA: −$0
• Vac / Maint / Mgmt: −$675
• Net cashflow: $2,527/mo
• Annual: $30,324/yr
• Cap rate: 1739.07%
• Cash-on-cash: 6188.49%
• DSCR: 276.35
• 1% rule: 183.66%
• Cash to close: $490

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $2k.
• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $2k).
• It's been on market 128 days — a 12% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12 of loan paydown is wiped out by about $52 of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#145 in TX, #4,131 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Marble Falls ISD (town): math 32% / reading 38% proficiency, ranked #511 of 826 in TX (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.6%/yr); 764 active listings in the ZIP; 891 units permitted in Burnet County in 2024 (76 in 5+ unit buildings).
• Burnet County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $490 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 58% 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.
• Cap rate 1739.1% vs local median 2.5% in Meadowlakes — 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.
• At $3,214/mo this rent would consume 52% of the median local household income ($74k/yr) (locally 354% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.