1731 Greenwood Ln Ln

Kingsland, TX 78639

$1,200D

4 bd · 2.0 ba · 1,724 sqft · Built 1999 · MultiFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,186/mo
• Mortgage (P&I): −$6
• Tax + insurance: −$2
• HOA: −$0
• Vac / Maint / Mgmt: −$459
• Net cashflow: $1,719/mo
• Annual: $20,624/yr
• Cap rate: 1724.94%
• Cash-on-cash: 6138.03%
• DSCR: 274.11
• 1% rule: 182.17%
• Cash to close: $336

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $1k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $859/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1k).
• It's been on market 70 days — a 6% lower offer ($1k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8 of loan paydown is wiped out by about $36 of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,161 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Llano ISD (town): math 40% / reading 43% proficiency, ranked #359 of 826 in TX (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Packsaddle El (math 27% / reading 27%, grade F, #2,791 of 4,322 statewide, top 68%, 596 students, 83% FRL); Llano J H (math 42% / reading 45%, grade D, #530 of 1,662 statewide, top 32%, 423 students, 65% FRL); Llano H S (math 42% / reading 52%, grade D-, #591 of 1,632 statewide, top 38%, 552 students, 60% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 439 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 121 units permitted in Llano County in 2024 (0 in 5+ unit buildings).
• Llano County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $336 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 48% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,186/mo this rent would consume 45% of the median local household income ($58k/yr) (locally 202% 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 70 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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?
• 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.