332 Panorama · Buchanan Dam, TX 78609

$395,000

3 bd · 2.0 ba · 1,516 sqft · SingleFamily public records · 58 Days on market

Built 1990 0.64 ac lot $261/sqft · 7% above area Est $369k · 7% over $3/mo HOA

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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 +20.1/30.0
• DSCR +6.4/10.0
• Appreciation +5.4/10.0
• 1% rule +4.5/10.0
• ARV discount +4.3/15.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious 3 bedroom, 2 bath classic brick home located in the heart of the beautiful Texas Hill Country, less than a mile from Lake Buchanan access! Situated on nearly half an acre, this property offers the perfect blend of comfort, functionality, and scenic surroundings. The open-concept floor plan features vaulted ceilings, a cozy wood-burning fireplace, and abundant natural light throughout. The primary suite includes a walk-in shower and generous closet space. Step outside to enjoy a spacious deck to enjoy the scenery and outdoors, a large fenced backyard with chain link fencing, backing up to a peaceful 10-acre ranch for added privacy. The property is well-equipped with a 2-car covered carport, a 40’ RV port, and a versatile storage building/workshop with additional 2-carparking. Irrigation is supported by a private well, making outdoor maintenance a breeze. Whether you’re looking for a full-time residence or a weekend retreat near the lake, this property offers space, flexibility, and a prime location to enjoy all that Hill Country living has tooffer.

Key facts

• Classic brick home
• Lake buchanan access
• Walk-in shower

Tags

• CLASSIC BRICK HOME
• LAKE BUCHANAN ACCESS
• NEARLY HALF AN ACRE
• OPEN-CONCEPT FLOOR PLAN
• WOOD-BURNING FIREPLACE
• WALK-IN SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $395k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/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 $375k (5.1% below list).
• Recommended offer: $375k (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 0.6% in Buchanan Dam — 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 64/100 on livability (#813 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.
• Burnet CISD (rural): math 36% / reading 38% proficiency, ranked #465 of 826 in TX (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Llano County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($3k loan paydown + $3k appreciation (0.8% local appreciation)).
• Llano County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $111k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,000 (5.1% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 5% 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. 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 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: 0.95% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.32%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

• ARV (median comp): $368,814
• List price: $395,000
• Delta: 7.10%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 Lakeview Dr	0.22mi	3/2.0	1,487 (-2%)	3mo	$399,900	$269	84
110 N Ridgeview	0.27mi	3/2.5	1,576 (+4%)	0mo	$249,000	$158	79
100 S Mesquite	0.43mi	2/2.0 (-1)	1,458 (-4%)	18mo	$229,990	$158	54
104 S Mesquite Ave	0.51mi	3/2.0	1,476 (-3%)	22mo	$283,000	$192	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.31×
• Total profit: $34,132
• Equity at exit: $130,160

10-year hold

• IRR: 10.6%
• Equity multiple: 2.25×
• Total profit: $138,353
• Equity at exit: $169,403

Cash invested: $110,600 (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 78609

• Home prices YoY: 0.4%
• Active inventory: 62
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,750 medium
• Mortgage (P&I): −$2,071
• Tax from tax record: −$233 /mo · $2,794/yr
• Insurance: −$165
• HOA: −$3
• Vacancy / Maint / Mgmt: −$788
• Net cashflow: $491

Break-even live

Break-even rent $3,129

Max offer price $395,000

Occupancy floor 82%

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8164 Texas 261 Llano, TX	4.0	2.0	2000	$3,750	$1.88	43d	1	0.34mi

HOA detail

• Monthly dues: $3 · $36/yr

Listing history 15 events

1. 2026-06-18
   days on market $395,000 Active 58 DOM
2. 2026-06-17
   days on market $395,000 Active 57 DOM
3. 2026-06-16
   days on market $395,000 Active 56 DOM
4. 2026-06-15
   days on market $395,000 Active 55 DOM
5. 2026-06-13
   days on market $395,000 Active 53 DOM
6. 2026-06-09
   days on market $395,000 Active 49 DOM
7. 2026-06-08
   days on market $395,000 Active 48 DOM
8. 2026-06-07
   days on market $395,000 Active 47 DOM
9. 2026-06-04
   days on market $395,000 Active 44 DOM
10. 2026-06-03
    days on market $395,000 Active 43 DOM
11. 2026-06-02
    days on market $395,000 Active 42 DOM
12. 2026-06-01
    days on market $395,000 Active 41 DOM
13. 2026-05-31
    days on market $395,000 Active 40 DOM
14. 2026-04-21
    listed $395,000 Active 1084-char remark

    Show marketing remark (1084 chars)

    Spacious 3 bedroom, 2 bath classic brick home located in the heart of the beautiful Texas Hill Country, less than a mile from Lake Buchanan access! Situated on nearly half an acre, this property offers the perfect blend of comfort, functionality, and scenic surroundings. The open-concept floor plan features vaulted ceilings, a cozy wood-burning fireplace, and abundant natural light throughout. The primary suite includes a walk-in shower and generous closet space. Step outside to enjoy a spacious deck to enjoy the scenery and outdoors, a large fenced backyard with chain link fencing, backing up to a peaceful 10-acre ranch for added privacy. The property is well-equipped with a 2-car covered carport, a 40’ RV port, and a versatile storage building/workshop with additional 2-carparking. Irrigation is supported by a private well, making outdoor maintenance a breeze. Whether you’re looking for a full-time residence or a weekend retreat near the lake, this property offers space, flexibility, and a prime location to enjoy all that Hill Country living has tooffer.

15. 2026-04-20
    listed $395,000 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: $2,794 · $233/mo
• Projected year-2 tax: $7,228 · $602/mo
• Expected delta: +$4,435/yr (+$370/mo · 158.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% 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: $45,000
• − Mortgage interest: −$22,126
• − Property taxes: −$2,794
• − Insurance: −$1,975
• − Repairs & maintenance: −$3,600
• − Management: −$3,600
• − HOA: −$36
• − Depreciation: −$11,491
• Taxable loss: −$622
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $6,038/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: Burnet CISD
• NCES district ID: 4812220
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $50,890
• Composite: 32.09/100
• National rank: #5811
• State rank: #465 of 826 in TX

Livability — Buchanan Dam

• Score: 64/100
• State rank: #813
• US rank: #14766

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buchanan Dam, TX
• City population: 1,826
• Population (ZIP): 1,826

Population outlook (Llano County) Hauer SSP2

• Today (2025): 20,847 people
• By 2030: 21,350 · +2.4%
• By 2040: 22,281 · +6.9%
• By 2050: 23,173 · +11.2%
• By 2075: 25,526 · +22.4%
• By 2100: 25,866 · +24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 4% Black 2%
• Common ancestry: Lithuanian 4% Italian 4% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 2% Korean 1%

Political lean MEDSL · Llano

• 2024 margin: Solid R (+60.9) · D 19.2% · R 80.0%
• 2008→2024 swing: -8.6pp toward R · 2008: -52.2pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+60.1 2016: R+62.2 2012: R+60.4 2008: R+52.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.77%
• Current HPI: 197.8559
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-21 Listed $395,000 CTXMLS
• 2026-04-20 Listed $395,000 HLMLS as distributed by MLS GRID

Property tax history

+4.2%/yr

Latest (2025): $2,794 · +27.1% YoY. Source: county tax records.