TBD FM 963 · Bertram, TX 78611

$228,500

4 bd · 2.0 ba · 1,878 sqft · SingleFamily · 312 Days on market

Built 1930 1.65 ac lot $122/sqft · 62% below area

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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).

• Cash flow +10.3/30.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 2 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1200 square foot metal building with a roll up door. With a reasonable asking price, this property presents a fantastic opportunity for buyers to add their own finishing touches and updates, making it truly their own. If you’re looking for charm, space, and potential, this one is not to be missed!

Key facts

• Open land
• En-suite bathroom
• Multiple rooms

Tags

• MULTIPLE ROOMS
• EN-SUITE BATHROOM
• OPEN LAND
• CLASSIC ROOT CELLAR
• SINGLE-CAR CARPORT
• METAL BUILDING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (19.5% below list).
• Recommended offer: $184k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.5% in Bertram — 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 74/100 on livability (#170 in TX, #4,466 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Burnet Middle (math 32% / reading 33%, grade F, #947 of 1,662 statewide, top 58%, 731 students, 62% FRL) — zoned schools average 62% FRL vs 46% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 554 active listings in the ZIP; solid renter incomes; 891 units permitted in Burnet County in 2024 (76 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Burnet County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 312 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 7y ago; this cycle's ask is 17% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,991 (19.5% 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. It's been on market 312 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.36%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $605,854
• List price: $228,500
• Delta: -62.28%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-44,998
• Equity at exit: $34,070

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-49,370
• Equity at exit: $19,757

Cash invested: $63,980 (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 78611

• Home prices YoY: -24.7%
• Active inventory: 554
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,840 medium
• Mortgage (P&I): −$1,198
• Tax est. 1.5%: −$286 /mo · $3,428/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $-126

Break-even live

Break-even rent $1,999

Max offer price $210,328

Occupancy floor —

Sensitivity live

Price	-10% $32	-5% $-47	+0% $-126	+5% $-205	+10% $-283
Rent	-10% $-271	-5% $-198	+0% $-126	+5% $-53	+10% $20
Rate	-1.0pp $-11	-0.5pp $-67	base $-126	+0.5pp $-185	+1.0pp $-245

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: $57,125
• Closing costs: $6,855
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-21
   days on market $228,500 Active 312 DOM
2. 2026-06-18
   days on market $228,500 Active 309 DOM
3. 2026-06-17
   days on market $228,500 Active 308 DOM
4. 2026-06-16
   days on market $228,500 Active 307 DOM
5. 2026-06-15
   days on market $228,500 Active 306 DOM
6. 2026-06-13
   days on market $228,500 Active 304 DOM
7. 2026-06-09
   days on market $228,500 Active 300 DOM
8. 2026-06-08
   days on market $228,500 Active 299 DOM
9. 2026-06-07
   pricedays on market $228,500 Active 298 DOM
10. 2026-06-04
    days on market $238,500 Active 295 DOM
11. 2026-06-03
    days on market $238,500 Active 294 DOM
12. 2026-06-02
    days on market $238,500 Active 293 DOM
13. 2026-06-01
    days on market $238,500 Active 292 DOM
14. 2026-05-31
    days on market $238,500 Active 291 DOM
15. 2026-03-17
    price $300,500 776-char remark

    Show marketing remark (1024 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 4 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1,200 sq. ft. metal building with electricity and plumbing—buyer to verify function. Priced to reflect its condition, this property does need work and updating (cosmetic refreshes and likely kitchen, bathroom, flooring, and mechanical improvements), giving an ideal canvas for buyers ready to renovate and personalize. With a reasonable asking price, this property presents a fantastic opportunity to add your own finishing touches and make it truly your own. If you’re looking for charm, space, and potential, this one is not to be missed!

16. 2026-03-17
    price $238,500 1024-char remark

    Show marketing remark (1024 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 4 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1,200 sq. ft. metal building with electricity and plumbing—buyer to verify function. Priced to reflect its condition, this property does need work and updating (cosmetic refreshes and likely kitchen, bathroom, flooring, and mechanical improvements), giving an ideal canvas for buyers ready to renovate and personalize. With a reasonable asking price, this property presents a fantastic opportunity to add your own finishing touches and make it truly your own. If you’re looking for charm, space, and potential, this one is not to be missed!

17. 2025-08-13
    price $315,500 776-char remark

    Show marketing remark (1024 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 4 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1,200 sq. ft. metal building with electricity and plumbing—buyer to verify function. Priced to reflect its condition, this property does need work and updating (cosmetic refreshes and likely kitchen, bathroom, flooring, and mechanical improvements), giving an ideal canvas for buyers ready to renovate and personalize. With a reasonable asking price, this property presents a fantastic opportunity to add your own finishing touches and make it truly your own. If you’re looking for charm, space, and potential, this one is not to be missed!

18. 2025-08-13
    listed $253,500 Active 1024-char remark

    Show marketing remark (1024 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 4 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1,200 sq. ft. metal building with electricity and plumbing—buyer to verify function. Priced to reflect its condition, this property does need work and updating (cosmetic refreshes and likely kitchen, bathroom, flooring, and mechanical improvements), giving an ideal canvas for buyers ready to renovate and personalize. With a reasonable asking price, this property presents a fantastic opportunity to add your own finishing touches and make it truly your own. If you’re looking for charm, space, and potential, this one is not to be missed!

19. 2025-08-13
    listed $195,000 Active

    Show marketing remark (1024 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 4 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1,200 sq. ft. metal building with electricity and plumbing—buyer to verify function. Priced to reflect its condition, this property does need work and updating (cosmetic refreshes and likely kitchen, bathroom, flooring, and mechanical improvements), giving an ideal canvas for buyers ready to renovate and personalize. With a reasonable asking price, this property presents a fantastic opportunity to add your own finishing touches and make it truly your own. If you’re looking for charm, space, and potential, this one is not to be missed!

20. 2025-07-21
    listed $278,500 Active 776-char remark

    Show marketing remark (776 chars)

    Enjoy the peace and space of country living in this inviting home, full of character and flexibility. The spacious layout offers multiple rooms with endless possibilities—perfect for a home office, guest room, or hobby space. The large master bedroom is a true retreat, featuring an en-suite bathroom with double sinks for added convenience. Outdoors, you’ll find 2 acres of open land, a classic root cellar for storage or canning, a single-car carport, and a 1200 square foot metal building with a roll up door. With a reasonable asking price, this property presents a fantastic opportunity for buyers to add their own finishing touches and updates, making it truly their own. If you’re looking for charm, space, and potential, this one is not to be missed!

21. 2022-09-29
    status Pending
22. 2022-09-29
    status Pending
23. 2022-09-27
    historical
24. 2022-08-19
    price
25. 2022-08-19
    price $149,000
26. 2022-07-22
    status Active
27. 2022-07-22
    status Active
28. 2022-05-16
    historical
29. 2022-05-06
    status Pending
30. 2022-05-06
    status Pending
31. 2022-05-02
    status Active
32. 2022-04-28
    listed Active
33. 2022-04-28
    listed $159,000 Active
34. 2022-04-19
    listed $275,000 Active
35. 2019-09-04
    historical
36. 2019-09-03
    soldstatus Sold
37. 2019-08-09
    status Pending with Option
38. 2019-08-09
    status Pending
39. 2019-06-17
    listed $114,995 Active
40. 2019-06-06
    price $114,995
41. 2019-03-29
    listed $119,995 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,079
• − Mortgage interest: −$12,800
• − Property taxes: −$3,428
• − Insurance: −$1,142
• − Repairs & maintenance: −$1,766
• − Management: −$1,766
• − Depreciation: −$6,647
• Taxable loss: −$5,471
• Est. tax savings @ 24.0%: +$1,313
• After-tax cash flow: $-194/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 — Bertram

• Score: 74/100
• State rank: #170
• US rank: #4466

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Burnet County · 35,210 people
• Metro: nan
• Population (ZIP): 14,560
• Household income: $80,938
• Rent vs Own: 19.7% rent · 80.3% own
• Severe rent burden: 218.0

Population outlook (Burnet County) Hauer SSP2

• Today (2025): 50,492 people
• By 2030: 52,995 · +5.0%
• By 2040: 57,528 · +13.9%
• By 2050: 61,444 · +21.7%
• By 2075: 71,098 · +40.8%
• By 2100: 74,634 · +47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Slovak 3% Serbian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 8% Vietnamese 1%

Political lean MEDSL · Burnet

• 2024 margin: Solid R (+55.7) · D 21.7% · R 77.4%
• 2008→2024 swing: -11.6pp toward R · 2008: -44.1pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+53.1 2016: R+56.8 2012: R+54.6 2008: R+44.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.25%
• Current HPI: 253.5299
• Rent YoY: —
• Metro: nan
• 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

+150.4% since first listed

27 events — show timeline

• 2026-03-17 Price Changed $300,500 HLMLS as distributed by MLS GRID
• 2026-03-17 Price Changed $238,500 HLMLS as distributed by MLS GRID
• 2025-08-13 Price Changed $315,500 HLMLS as distributed by MLS GRID
• 2025-08-13 Listed $195,000 HLMLS as distributed by MLS GRID
• 2025-08-13 Listed $253,500 HLMLS as distributed by MLS GRID
• 2025-07-21 Listed $278,500 HLMLS as distributed by MLS GRID
• 2022-09-29 Pending — Unlock MLS
• 2022-09-29 Pending — CTXMLS
• 2022-09-27 Listing Removed — CTXMLS
• 2022-08-19 Price Changed — Unlock MLS
• 2022-08-19 Price Changed $149,000 CTXMLS
• 2022-07-22 Relisted — CTXMLS
• 2022-07-22 Relisted — Unlock MLS
• 2022-05-16 Listing Removed — CTXMLS
• 2022-05-06 Pending — Unlock MLS
• 2022-05-06 Pending — CTXMLS
• 2022-05-02 Relisted — CTXMLS
• 2022-04-28 Listed $159,000 CTXMLS
• 2022-04-28 Listed — Unlock MLS
• 2022-04-19 Listed $275,000 CTXMLS
• 2019-09-04 Listing Removed — CTXMLS
• 2019-09-03 Sold (MLS) — Unlock MLS
• 2019-08-09 Pending — CTXMLS
• 2019-08-09 Pending — Unlock MLS
• 2019-06-17 Listed $114,995 CTXMLS
• 2019-06-06 Price Changed $114,995 Unlock MLS
• 2019-03-29 Listed $119,995 Unlock MLS