1202 Leander Rd Unit A & B · Georgetown, TX 78628

$360,000

4 bd · 2.0 ba · 2,080 sqft · MultiFamily · 1 Days on market

Built 1980 Average condition 0.30 ac lot Est $410k · 12% 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).

• Cash flow +14.2/30.0
• ARV discount +13.0/15.0
• DSCR +4.3/10.0
• Livability +4.1/5.0
• 1% rule +4.0/10.0
• Schools +3.2/10.0
• Condition / age +2.8/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 0.3 acre lot
• Garage
• Built 1980

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $360k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $62 ($747/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 $323k (10.3% below list).
• Recommended offer: $323k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.4% in Georgetown — 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 82/100 on livability (#18 in TX, #1,294 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Georgetown ISD (suburban): math 31% / reading 38% proficiency, ranked #474 of 826 in TX (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wolf Ranch El (math 37% / reading 42%, grade F, #1,545 of 4,322 statewide, top 38%, 848 students, 28% FRL); James Tippit Middle (math 26% / reading 33%, grade F, #1,077 of 1,662 statewide, top 66%, 628 students, 49% FRL); East View H S (math 23% / reading 32%, grade F, #1,183 of 1,632 statewide, top 73%, 2,075 students, 41% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: Rents soft (-1.1%/yr); 1588 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 7,543 units permitted in Williamson County in 2024 (1,425 in 5+ unit buildings).
• This rent runs 31% of the median local income ($126k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Williamson County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 70% 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.

Recommended offer $322,800 (10.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.90% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $409,760
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Norwood Dr Unit A/B	0.42mi	4/2.0	2,182 (+5%)	20mo	$400,000	$183	56
621 Luther Dr	0.54mi	5/4.0 (+1)	2,028 (-2%)	6mo	$400,000	$197	53

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.37×
• Total profit: $-63,783
• Equity at exit: $53,677

10-year hold

• IRR: -18.4%
• Equity multiple: 0.14×
• Total profit: $-86,798
• Equity at exit: $31,126

Cash invested: $100,800 (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 78628

• Rents YoY: -1.1%
• Active inventory: 1588
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $3,228 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $62

Break-even live

Break-even rent $3,149

Max offer price $360,000

Occupancy floor 93%

Sensitivity live

Price	-10% $311	-5% $187	+0% $62	+5% $-62	+10% $-187
Rent	-10% $-193	-5% $-65	+0% $62	+5% $190	+10% $317
Rate	-1.0pp $244	-0.5pp $154	base $62	+0.5pp $-31	+1.0pp $-126

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,228
Total (2 units)			$3,228

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Spanish Oak Cir Georgetown, TX	3.0	2.0	2055	$1,950	$0.95	16d	1	0.07mi
200 Woodmont Dr Georgetown, TX	4.0	3.0	2107	$2,250	$1.07	45d	1	0.11mi
800 Woodview Dr Georgetown, TX	3.0	2.0	1466	$2,100	$1.43	46d	1	0.17mi
509 Meadowbrook Dr Georgetown, TX	3.0	2.0	1660	$1,995	$1.20	4d	1	0.29mi
400 Deepwood Dr Georgetown, TX	4.0	2.0	2133	$2,100	$0.98	26d	1	0.30mi
322 Tamara Dr Georgetown, TX	3.0	2.0	2050	$1,600	$0.78	45d	1	0.54mi
2323 Wolf Ranch Pkwy Georgetown, TX	1.0–3.0	1.0–2.5	1135	$1,635	$1.44	0d	1	0.79mi
1132 Spring Gulch Ln Georgetown, TX	4.0	3.0	2686	$3,195	$1.19	22d	1	0.91mi
625 Pecan Bottom Trl Georgetown, TX	4.0	3.0	2557	$3,000	$1.17	45d	1	0.91mi
109 Arrowhead Mound Rd Georgetown, TX	3.0	2.0	1639	$2,250	$1.37	45d	1	1.03mi
1711 S Main St Georgetown, TX	3.0	3.0	1888	$2,200	$1.17	16d	1	1.19mi
216 E 20th St Georgetown, TX	4.0	3.0	1657	$3,600	$2.17	6d	1	1.21mi
440 High Tech Dr Unit 29B Georgetown, TX	3.0	2.0	1450	$1,800	$1.24	45d	1	1.23mi
402 Thunder Valley Trl Georgetown, TX	4.0	3.0	2305	$2,195	$0.95	0d	1	1.24mi
402 Thunder Valley Trl Georgetown, TX	4.0	3.0	2305	$2,195	$0.95	4d	1	1.24mi
1608 S Church St Georgetown, TX	3.0	2.5	1904	$3,500	$1.84	13d	1	1.30mi
523 High Tech Dr Georgetown, TX	3.0	2.5	1513	$2,000	$1.32	26d	1	1.32mi
523 High Tech Dr Georgetown, TX	3.0	2.5	1513	$2,000	$1.32	45d	1	1.32mi
510 Sunset Vista Dr Georgetown, TX	1.0–4.0	1.0–3.5	1265	$2,995	$2.37	0d	44	1.48mi
608 E 19th St Georgetown, TX	4.0	2.0	1611	$1,950	$1.21	26d	1	1.48mi

Listing history 1 events

1. 2026-06-16
   listed $360,000 Active 1 DOM

ⓘ 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 8/10 Severe 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,736
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,099
• − Management: −$3,099
• − Depreciation: −$10,473
• Taxable loss: −$5,300
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $2,019/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

The property requires moderate renovations, focusing on exterior and interior painting, as well as updating the kitchen and bathrooms to enhance its value.

Repairs flagged

• Major exterior paint — Paint appears faded and needs touch-up
• Major interior paint — Paint appears faded and needs touch-up
• Minor exterior siding — Some discoloration

Value-add opportunities

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace outdated kitchen cabinets — Modernizing the kitchen can increase both resale and rental value
• Both Replace outdated bathroom fixtures — Upgrading bathrooms can significantly boost both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Paint appears faded and needs touch-up	Major	$15,000–50,000
interior paint · Paint appears faded and needs touch-up	Major	$15,000–50,000
exterior siding · Some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace outdated kitchen cabinets — Modernizing the kitchen can increase both resale and rental value ↑
• Both Replace outdated bathroom fixtures — Upgrading bathrooms can significantly boost both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Georgetown ISD
• NCES district ID: 4820600
• Math proficiency: 31% ▼ -5.00%
• Reading proficiency: 38% ▼ -8.00%
• Median HH income: $69,461
• Composite: 31.77/100
• National rank: #5897
• State rank: #474 of 826 in TX

Livability — Georgetown

• Score: 82/100
• State rank: #18
• US rank: #1294

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Georgetown, TX
• County: Williamson County · 680,029 people
• City population: 128,203
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 50,822
• Household income: $125,635
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 1560.0

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 699,027 people
• By 2030: 795,537 · +13.8%
• By 2040: 990,683 · +41.7%
• By 2050: 1,184,292 · +69.4%
• By 2075: 1,623,825 · +132.3%
• By 2100: 1,924,153 · +175.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 9% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 4% Slovak 2% Romanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 87% English-only · Spanish 7% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Williamson

• 2024 margin: Toss-up / Even · D 48.0% · R 50.4% · Other 1.6%
• 2008→2024 swing: +10.6pp toward D · 2008: -13.0pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: D+1.4 2016: R+9.9 2012: R+21.5 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -439.68%
• Current HPI: 192.7561
• Rent YoY: ▼ -1.07%
• 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