183 Altamira Ave · Elgin, TX 78621

$285,000

3 bd · 2.0 ba · 1,739 sqft · Land · 6 Days on market

Built 2001 0.56 ac lot $164/sqft · 5% below area Est $300k · 5% under $60/mo HOA · 3% of rent ↓ 3% since listing

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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).

• Appreciation +10.0/10.0
• ARV discount +9.8/15.0
• Cash flow +9.5/30.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Schools +2.0/10.0

Listing remarks MLS

Sitting on a half-acre lot, this beautifully updated home offers peaceful surroundings with a fresh, modern feel inside. Step in to find an open-concept layout with new flooring throughout, fresh interior paint, and an abundance of natural light. The kitchen features crisp white cabinetry, stainless steel appliances, and a large island that is ideal for entertaining and flows seamlessly into the dining space and living area. The primary suite includes private access to the covered outdoor patio, a perfect spot to enjoy your morning coffee or unwinding in the evening breeze. Each bedroom offers a walk-in closet for ample storage, and the secondary bathroom features a skylight that fills the space with natural light. Recent upgrades include a new water heater and hvac system. Call to schedule your private tour!

Key facts

• Half-acre lot
• Walk-in closet
• Large island

Tags

• HALF-ACRE LOT
• OPEN-CONCEPT LAYOUT
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• PRIVATE ACCESS TO PATIO
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $285k.

Deal economics

• At list price, monthly cash flow is $-197 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (28.5% below list).
• Recommended offer: $204k (28.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.4% in Elgin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $203,906 (28.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.72% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.97%
• DSCR: 0.87
• GRM: 11.6

CMA / ARV

• ARV (median comp): $300,281
• List price: $285,000
• Delta: -5.09%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.2%
• Equity multiple: 2.79×
• Total profit: $142,830
• Equity at exit: $256,751

10-year hold

• IRR: 19.9%
• Equity multiple: 6.40×
• Total profit: $430,859
• Equity at exit: $553,692

Cash invested: $79,800 (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: 11.6×

Monthly cashflow live

• Estimated rent: $2,039 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$135 /mo · $1,618/yr
• Insurance: −$119
• HOA: −$60
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-197

Break-even live

Break-even rent $2,289

Max offer price $250,144

Occupancy floor —

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $60 · $720/yr
• Likely covers: water

Listing history 18 events

1. 2026-06-18
   days on market $285,000 Active 6 DOM
2. 2026-06-17
   days on market $285,000 Active 5 DOM
3. 2026-06-16
   days on market $285,000 Active 4 DOM
4. 2026-06-15
   days on market $285,000 Active 3 DOM
5. 2026-06-13
   days on marketlisting id $285,000 Active 1 DOM
6. 2026-06-09
   days on market $285,000 Active 229 DOM
7. 2026-06-08
   days on market $285,000 Active 228 DOM
8. 2026-06-07
   days on market $285,000 Active 227 DOM
9. 2026-06-04
   days on market $285,000 Active 224 DOM
10. 2026-06-03
    days on market $285,000 Active 223 DOM
11. 2026-06-02
    days on market $285,000 Active 222 DOM
12. 2026-06-01
    days on market $285,000 Active 221 DOM
13. 2026-05-31
    days on market $285,000 Active 220 DOM
14. 2026-05-06
    status Active 820-char remark

    Show marketing remark (820 chars)

    Sitting on a half-acre lot, this beautifully updated home offers peaceful surroundings with a fresh, modern feel inside. Step in to find an open-concept layout with new flooring throughout, fresh interior paint, and an abundance of natural light. The kitchen features crisp white cabinetry, stainless steel appliances, and a large island that is ideal for entertaining and flows seamlessly into the dining space and living area. The primary suite includes private access to the covered outdoor patio, a perfect spot to enjoy your morning coffee or unwinding in the evening breeze. Each bedroom offers a walk-in closet for ample storage, and the secondary bathroom features a skylight that fills the space with natural light. Recent upgrades include a new water heater and hvac system. Call to schedule your private tour!

15. 2026-04-30
    historical 820-char remark

    Show marketing remark (820 chars)

    Sitting on a half-acre lot, this beautifully updated home offers peaceful surroundings with a fresh, modern feel inside. Step in to find an open-concept layout with new flooring throughout, fresh interior paint, and an abundance of natural light. The kitchen features crisp white cabinetry, stainless steel appliances, and a large island that is ideal for entertaining and flows seamlessly into the dining space and living area. The primary suite includes private access to the covered outdoor patio, a perfect spot to enjoy your morning coffee or unwinding in the evening breeze. Each bedroom offers a walk-in closet for ample storage, and the secondary bathroom features a skylight that fills the space with natural light. Recent upgrades include a new water heater and hvac system. Call to schedule your private tour!

16. 2026-02-11
    price $285,000 820-char remark

    Show marketing remark (820 chars)

    Sitting on a half-acre lot, this beautifully updated home offers peaceful surroundings with a fresh, modern feel inside. Step in to find an open-concept layout with new flooring throughout, fresh interior paint, and an abundance of natural light. The kitchen features crisp white cabinetry, stainless steel appliances, and a large island that is ideal for entertaining and flows seamlessly into the dining space and living area. The primary suite includes private access to the covered outdoor patio, a perfect spot to enjoy your morning coffee or unwinding in the evening breeze. Each bedroom offers a walk-in closet for ample storage, and the secondary bathroom features a skylight that fills the space with natural light. Recent upgrades include a new water heater and hvac system. Call to schedule your private tour!

17. 2025-10-17
    listed $295,000 Active 820-char remark

    Show marketing remark (820 chars)

    Sitting on a half-acre lot, this beautifully updated home offers peaceful surroundings with a fresh, modern feel inside. Step in to find an open-concept layout with new flooring throughout, fresh interior paint, and an abundance of natural light. The kitchen features crisp white cabinetry, stainless steel appliances, and a large island that is ideal for entertaining and flows seamlessly into the dining space and living area. The primary suite includes private access to the covered outdoor patio, a perfect spot to enjoy your morning coffee or unwinding in the evening breeze. Each bedroom offers a walk-in closet for ample storage, and the secondary bathroom features a skylight that fills the space with natural light. Recent upgrades include a new water heater and hvac system. Call to schedule your private tour!

18. 2025-06-13
    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: $1,618 · $135/mo
• Projected year-2 tax: $5,216 · $435/mo
• Expected delta: +$3,597/yr (+$300/mo · 222.3%)

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

Taxation est. · year 1

• Rental income: $24,469
• − Mortgage interest: −$15,964
• − Property taxes: −$1,618
• − Insurance: −$1,425
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − HOA: −$720
• − Depreciation: −$8,291
• Taxable loss: −$7,465
• Est. tax savings @ 24.0%: +$1,792
• After-tax cash flow: $-576/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

-3.4% since first listed

5 events — show timeline

• 2026-05-06 Relisted — CTXMLS
• 2026-04-30 Listing Removed — CTXMLS
• 2026-02-11 Price Changed $285,000 CTXMLS
• 2025-10-17 Listed $295,000 CTXMLS
• 2025-06-13 Sold (Public Records) — Public Records

Property tax history

-32.3%/yr

Latest (2025): $1,618 · -32.3% YoY. Source: county tax records.