605 Lakeshore Ln · Lake Medina Shores, TX 78003

$469,900

None bd · None ba · — sqft · MultiFamily · 125 Days on market

Built 2017 2.82 ac lot $10/mo HOA · 1% of rent

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Why this score? — see what drove the B- 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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.1/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

Key facts

• Utility moat
• Manufactured home
• Expansion potential

Tags

• FULL HOOKUP RV SITES
• TENT SITES
• MANUFACTURED HOME
• EXPANSION POTENTIAL
• STRONG CAP RATE
• UTILITY MOAT

Property features AI

Finance

• Other: 24 total rental units; Typical unit rent listed at $435; Many units occupied and handicap accessible; % Vacancy rate listed at 36%
• Financial info: Gross annual income approximately $67,575; Net operating income approximately $44,008; Annual operating expenses approximately $23,567; Operating expenses include taxes, insurance, maintenance, management, licenses/permits, all utilities, equipment, services, miscellaneous and other (see remarks); Down payment resource not indicated
• HOA & community: Mandatory HOA; HOA fee $120 annually; Association transfer fee $50

Exterior

• Parking: Pad parking (multiple units have assigned pad spaces)
• Security: Security system
• Utilities: Separate electric meters for units; Separate water meters for units; Common water and electric meters present; Electric service: BEC; Gas: Private; Water: City and septic; Sewer: Septic; Garbage service: Apache
• Home design: Multi-unit property (24 units total); Approximate age: 9 years; Metal roof; Other exterior materials (see remarks); Other foundation (see remarks)
• Construction: Metal roof; Other foundation (see remarks)
• Exterior features: Patio slab; Covered patio; Mature trees; Detached quarters; Common utility room; Workshop; Garage apartment; Waterfront improvements and access; Partially wooded; Level lot; Lake Medina frontage

Interior

• Flooring: Laminate flooring
• Heating & cooling: Electric heat; Window/wall A/C; Other heating (see remarks)
• Interior features: Security system; Other interior features available (see remarks)

What this means for you Summary

Snapshot

• This is a multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $470k).
• Recommended offer: $414k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.8% in Lake Medina Shores — 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 56/100 on livability (#1,318 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Bandera ISD (rural): math 30% / reading 41% proficiency, ranked #500 of 826 in TX (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alkek El (math 32% / reading 34%, grade F, #2,208 of 4,322 statewide, top 52%, 630 students, 61% FRL); Bandera H S (math 22% / reading 46%, grade F, #1,002 of 1,632 statewide, top 62%, 713 students, 48% FRL).
• Market conditions: 531 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 6 units permitted in Bandera County in 2024 (0 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $132k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 62% 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 $413,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 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: 1.34% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.73%
• DSCR: 1.70
• GRM: 6.2

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $33,833
• Equity at exit: $70,064

10-year hold

• IRR: 16.0%
• Equity multiple: 2.30×
• Total profit: $171,356
• Equity at exit: $40,628

Cash invested: $131,572 (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 78003

• Home prices YoY: -14.3%
• Active inventory: 531
• Price-to-rent: 31.0×

Monthly cashflow live

• Estimated rent: $6,307 high
• Mortgage (P&I): −$2,464
• Tax est. 1.5%: −$587 /mo · $7,048/yr
• Insurance: −$196
• HOA: −$10
• Vacancy / Maint / Mgmt: −$1,324
• Net cashflow: $1,725

Break-even live

Break-even rent $4,123

Max offer price $469,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 5× units	0	0	$6,305
Total (5 units)			$6,307

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: $117,475
• Closing costs: $14,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Oak Lawn Dr Unit 4 Bandera, TX	2.0	1.0	800	$1,175	$1.47	24d	1	0.22mi
551 Oak Lawn Dr Unit 2 Bandera, TX	3.0	2.0	1200	$1,250	$1.04	43d	1	0.23mi
149 Vint Bonner Dr Unit 149V Bandera, TX	3.0	2.0	1250	$1,150	$0.92	24d	1	0.58mi
241 Brushy Creek Trl Bandera, TX	3.0	2.0	1200	$1,495	$1.25	7d	1	0.93mi
161 Water St Unit B Pipe Creek, TX	2.0	1.0	900	$1,000	$1.11	43d	1	1.31mi
161 Water St Unit A Pipe Creek, TX	3.0	2.0	1120	$1,200	$1.07	43d	1	1.31mi
1110 Grandview Cir Bandera, TX	2.0	2.0	1125	$1,750	$1.56	43d	1	1.42mi
146 Cedar St Pipe Creek, TX	2.0	1.5	1092	$1,695	$1.55	7d	1	1.49mi

HOA detail

• Monthly dues: $10 · $120/yr
• Likely covers: water

Listing history 19 events

1. 2026-06-18
   days on market $469,900 Active 125 DOM
2. 2026-06-17
   days on market $469,900 Active 124 DOM
3. 2026-06-16
   days on market $469,900 Active 123 DOM
4. 2026-06-15
   days on market $469,900 Active 122 DOM
5. 2026-06-13
   days on market $469,900 Active 120 DOM
6. 2026-06-09
   days on market $469,900 Active 116 DOM
7. 2026-06-07
   days on market $469,900 Active 114 DOM
8. 2026-06-04
   days on market $469,900 Active 111 DOM
9. 2026-06-03
   days on market $469,900 Active 110 DOM
10. 2026-06-02
    days on market $469,900 Active 109 DOM
11. 2026-06-01
    days on market $469,900 Active 108 DOM
12. 2026-05-31
    days on market $469,900 Active 107 DOM
13. 2026-02-13
    listed $469,900 New
14. 2020-10-26
    soldstatus
15. 2017-10-30
    soldstatus Sold 230-char remark

    Show marketing remark (230 chars)

    2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

16. 2017-08-17
    status Pending 230-char remark

    Show marketing remark (230 chars)

    2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

17. 2017-07-06
    historical Active Option 230-char remark

    Show marketing remark (230 chars)

    2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

18. 2017-05-27
    price $75,000 230-char remark

    Show marketing remark (230 chars)

    2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

19. 2014-10-01
    listed $99,000 New 230-char remark

    Show marketing remark (230 chars)

    2.65 acres with 2 septics, 2 covered carports on concrete, well with system water available. Plumbed for RV park. 5 units available for immediate occupancy with 2 undeveloped acres for expansion. Ready to build or ready to rent.

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 22 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: $75,684
• − Mortgage interest: −$26,322
• − Property taxes: −$7,048
• − Insurance: −$2,350
• − Repairs & maintenance: −$6,055
• − Management: −$6,055
• − HOA: −$120
• − Depreciation: −$13,670
• Taxable income: $14,065
• Est. tax owed @ 24.0%: −$3,376
• After-tax cash flow: $17,326/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: Bandera ISD
• NCES district ID: 4809360
• Math proficiency: 30% ▼ -7.00%
• Reading proficiency: 41% ▼ -3.00%
• Median HH income: $48,771
• Composite: 30.61/100
• National rank: #6194
• State rank: #500 of 826 in TX

Livability — Lake Medina Shores

• Score: 56/100
• State rank: #1318
• US rank: #22715

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Medina Shores, TX
• Population (ZIP): 9,594

Population outlook (Bandera County) Hauer SSP2

• Today (2025): 22,614 people
• By 2030: 23,102 · +2.2%
• By 2040: 23,489 · +3.9%
• By 2050: 23,264 · +2.9%
• By 2075: 23,607 · +4.4%
• By 2100: 22,265 · -1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 21% Two or more races 15% Native American 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 3% Serbian 3% Romanian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 85% English-only · Spanish 14% German/W. Germanic 1%

Political lean MEDSL · Bandera

• 2024 margin: Solid R (+61.9) · D 18.6% · R 80.5%
• 2008→2024 swing: -11.5pp toward R · 2008: -50.4pp · 2024: -61.9pp
• All cycles: 2024: R+61.9 2020: R+59.4 2016: R+63.0 2012: R+59.0 2008: R+50.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.80%
• Current HPI: 215.0687
• 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

+374.6% since first listed

7 events — show timeline

• 2026-02-13 Listed $469,900 LERA
• 2020-10-26 Sold (Public Records) — Public Records
• 2017-10-30 Sold (MLS) — LERA
• 2017-08-17 Pending — LERA
• 2017-07-06 Contingent — LERA
• 2017-05-27 Price Changed $75,000 LERA
• 2014-10-01 Listed $99,000 LERA

Property tax history

+4.4%/yr

Latest (2025): $205 · +20.0% YoY. Source: county tax records.