921-923 Sagewood Trl · San Marcos, TX 78666

$400,000

6 bd · 5.0 ba · 3,144 sqft · MultiFamily public records · 66 Days on market

Built 1999 6,403 sqft lot $127/sqft · 10% below area Est $445k · 10% under

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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).

• ARV discount +12.1/15.0
• Cash flow +11.3/30.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• DSCR +3.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 921–923 Sagewood Trail — a fantastic duplex opportunity in the heart of San Marcos, TX! Whether you're a savvy investor building your portfolio or an owner-occupant looking to offset your mortgage, this property delivers the perfect blend of location, lifestyle, and value. Each side features 3 spacious bedrooms, 2.5 baths, and a 2-car garage. One unit is currently occupied with a paying tenant — the other side is vacant and ready for you to move right in (or lease immediately for maximum income from day one). All appliances are included, making this a truly turnkey opportunity. Located just minutes from vibrant downtown San Marcos and Texas State University, and only blocks from the university shuttle route, this duplex puts everything your residents need right at their doorstep. Whether your tenant is a grad student, a young professional, or a Bobcat family, demand in this corridor stays strong year-round. Beyond campus, San Marcos offers an unmatched lifestyle: float the legendary San Marcos River, soak up the sun on its banks, and shop 'til you drop at the San Marcos Premium Outlets — one of the largest outlet destinations in the state. Positioned perfectly between Austin and San Antonio, residents enjoy easy access to two of Texas's major metros without the big-city price tag. Don't miss your chance to own in one of Central Texas's most desirable and fastest-growing markets. This one won't last!

Key facts

• Duplex opportunity
• Turnkey opportunity
• 6,403 sq ft lot

Tags

• DUPLEX OPPORTUNITY
• TURNKEY OPPORTUNITY
• MINUTES FROM DOWNTOWN
• BLOCKS FROM UNIVERSITY SHUTTLE
• ACCESS TO MAJOR METROS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative. Per door: $-73/mo.
• To cash-flow at today's rent, offer at most $374k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (11.1% below list).
• Recommended offer: $356k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.2% in San Marcos — 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 81/100 on livability (#30 in TX, #1,601 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime D+, employment F.
• San Marcos CISD (rural): math 18% / reading 31% proficiency, ranked #731 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Crockett El (math 27% / reading 43%, grade F, #1,965 of 4,322 statewide, top 46%, 525 students, 68% FRL); Miller Middle (math 21% / reading 36%, grade F, #1,122 of 1,662 statewide, top 69%, 986 students, 74% FRL); San Marcos H S (math 26% / reading 31%, grade F, #1,157 of 1,632 statewide, top 72%, 2,536 students, 76% FRL).
• Market conditions: Rents rising (+2.0%/yr); 1146 active listings in the ZIP; 5,270 units permitted in Hays County in 2024 (1,464 in 5+ unit buildings).
• At $3,555/mo this rent would consume 78% of the median local household income ($55k/yr) (locally 6504% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Hays County population projected at +93% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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.
• Current owner paid $240k; list at $400k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $355,500 (11.1% 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. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 0.89% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.57%
• DSCR: 0.93
• GRM: 9.4

CMA / ARV

• ARV (median comp): $444,999
• List price: $400,000
• Delta: -10.11%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1006/1008 Sagewood Trl	0.05mi	6/5.0	3,192 (+2%)	7mo	$475,000	$149	89
903/905 Sagewood Trl	0.04mi	6/7.0	2,768 (-12%)	2mo	$444,999	$161	69
897-899 Sagewood Trl	0.05mi	6/7.0	2,710 (-14%)	9mo	$440,000	$162	60

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

Projected returns pro-forma

-3.0% appreciation · 1.98% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.31×
• Total profit: $-77,582
• Equity at exit: $59,641

10-year hold

• IRR: -15.5%
• Equity multiple: 0.17×
• Total profit: $-93,389
• Equity at exit: $34,585

Cash invested: $112,000 (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 78666

• Rents YoY: 2.0%
• Active inventory: 1146
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $3,555 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$691 /mo · $8,286/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $-146

Break-even live

Break-even rent $3,740

Max offer price $374,139

Occupancy floor 99%

Sensitivity live

Price	-10% $80	-5% $-33	+0% $-146	+5% $-260	+10% $-373
Rent	-10% $-427	-5% $-287	+0% $-146	+5% $-6	+10% $134
Rate	-1.0pp $55	-0.5pp $-45	base $-146	+0.5pp $-250	+1.0pp $-355

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$3,554
Total (2 units)			$3,555

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $400,000 Active 66 DOM
2. 2026-06-18
   days on market $400,000 Active 63 DOM
3. 2026-06-17
   days on market $400,000 Active 62 DOM
4. 2026-06-16
   days on market $400,000 Active 61 DOM
5. 2026-06-15
   days on market $400,000 Active 60 DOM
6. 2026-06-13
   days on market $400,000 Active 58 DOM
7. 2026-06-09
   days on market $400,000 Active 54 DOM
8. 2026-06-08
   days on market $400,000 Active 53 DOM
9. 2026-06-07
   days on market $400,000 Active 52 DOM
10. 2026-06-05
    days on market $400,000 Active 49 DOM
11. 2026-06-03
    days on market $400,000 Active 48 DOM
12. 2026-06-02
    days on market $400,000 Active 47 DOM
13. 2026-06-01
    days on market $400,000 Active 46 DOM
14. 2026-05-31
    days on market $400,000 Active 45 DOM
15. 2026-04-16
    listed $400,000 Active 1457-char remark

    Show marketing remark (1457 chars)

    Welcome to 921–923 Sagewood Trail — a fantastic duplex opportunity in the heart of San Marcos, TX! Whether you're a savvy investor building your portfolio or an owner-occupant looking to offset your mortgage, this property delivers the perfect blend of location, lifestyle, and value. Each side features 3 spacious bedrooms, 2.5 baths, and a 2-car garage. One unit is currently occupied with a paying tenant — the other side is vacant and ready for you to move right in (or lease immediately for maximum income from day one). All appliances are included, making this a truly turnkey opportunity. Located just minutes from vibrant downtown San Marcos and Texas State University, and only blocks from the university shuttle route, this duplex puts everything your residents need right at their doorstep. Whether your tenant is a grad student, a young professional, or a Bobcat family, demand in this corridor stays strong year-round. Beyond campus, San Marcos offers an unmatched lifestyle: float the legendary San Marcos River, soak up the sun on its banks, and shop 'til you drop at the San Marcos Premium Outlets — one of the largest outlet destinations in the state. Positioned perfectly between Austin and San Antonio, residents enjoy easy access to two of Texas's major metros without the big-city price tag. Don't miss your chance to own in one of Central Texas's most desirable and fastest-growing markets. This one won't last!

16. 2017-08-02
    soldstatus
17. 2017-07-28
    soldstatus Sold 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

18. 2017-07-26
    status Pending 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

19. 2017-06-16
    status Pending - Taking Backups 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

20. 2017-06-02
    status Active 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

21. 2017-05-31
    status Pending - Taking Backups 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

22. 2017-05-27
    status Active 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

23. 2017-05-17
    status Pending - Taking Backups 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

24. 2017-04-21
    listed $290,000 Active 495-char remark

    Show marketing remark (495 chars)

    Cash-flow Investment Duplex. Near Campus on student shuttle route to Texas State University. Rare opportunity to own one of the larger units on the street. Live in one side and rent out the other. Well maintained units with low maintenance. Low vacancy, high demand that is predominantly student rental property. Market rents up to $3,000 mo. Forget the roller coaster ride in the stock market. Take control with this great retirement nest egg for your portfolio. New roof 4/17.Restrictions: Yes

25. 2014-06-05
    soldstatus
26. 2014-05-30
    soldstatus Sold
27. 2014-04-09
    status Pending - Taking Backups
28. 2014-01-14
    price $249,000
29. 2013-10-21
    listed $254,900 Active
30. 2010-10-25
    soldstatus
31. 2006-11-27
    soldstatus $240,000
32. 2005-07-21
    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: $8,286 · $691/mo
• Projected year-2 tax: $8,286 · $691/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,660
• − Mortgage interest: −$22,406
• − Property taxes: −$8,286
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,413
• − Management: −$3,413
• − Depreciation: −$11,636
• Taxable loss: −$8,495
• Est. tax savings @ 24.0%: +$2,039
• After-tax cash flow: $282/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: San Marcos CISD
• NCES district ID: 4838970
• Math proficiency: 18% ▼ -16.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $34,538
• Composite: 20.11/100
• National rank: #8644
• State rank: #731 of 826 in TX

Livability — San Marcos

• Score: 81/100
• State rank: #30
• US rank: #1601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Marcos, TX
• County: Hays County · 280,138 people
• City population: 88,583
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 88,583
• Household income: $54,737
• Rent vs Own: 61.9% rent · 38.1% own
• Severe rent burden: 6504.0

Population outlook (Hays County) Hauer SSP2

• Today (2025): 286,948 people
• By 2030: 336,923 · +17.4%
• By 2040: 441,894 · +54.0%
• By 2050: 553,462 · +92.9%
• By 2075: 838,261 · +192.1%
• By 2100: 1,063,658 · +270.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 45% Hispanic / Latino 44% Two or more races 20% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 37%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 73% English-only · Spanish 24% Other Indo-European 1%

Political lean MEDSL · Hays

• 2024 margin: Lean D (+5.7) · D 52.1% · R 46.5% · Other 1.4%
• 2008→2024 swing: +7.7pp toward D · 2008: -2.0pp · 2024: 5.7pp
• All cycles: 2024: D+5.7 2020: D+10.8 2016: R+0.9 2012: R+10.4 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.27%
• Current HPI: 187.6679
• Rent YoY: ▲ 1.98%
• 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

+66.7% since first listed

18 events — show timeline

• 2026-04-16 Listed $400,000 Unlock MLS
• 2017-08-02 Sold (Public Records) — Public Records
• 2017-07-28 Sold (MLS) — Unlock MLS
• 2017-07-26 Pending — Unlock MLS
• 2017-06-16 Pending — Unlock MLS
• 2017-06-02 Relisted — Unlock MLS
• 2017-05-31 Pending — Unlock MLS
• 2017-05-27 Relisted — Unlock MLS
• 2017-05-17 Pending — Unlock MLS
• 2017-04-21 Listed $290,000 Unlock MLS
• 2014-06-05 Sold (Public Records) — Public Records
• 2014-05-30 Sold (MLS) — Unlock MLS
• 2014-04-09 Pending — Unlock MLS
• 2014-01-14 Price Changed $249,000 Unlock MLS
• 2013-10-21 Listed $254,900 Unlock MLS
• 2010-10-25 Sold (Public Records) — Public Records
• 2006-11-27 Sold (Public Records) $240,000 Public Records
• 2005-07-21 Sold (Public Records) — Public Records

Property tax history

+2.5%/yr

Latest (2025): $8,286 · -30.2% YoY. Source: county tax records.