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 $173/sqft · 19% below area Est $445k · 19% 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 +15.0/15.0
• Cash flow +13.2/30.0
• Livability +4.1/5.0
• DSCR +4.0/10.0
• 1% rule +3.7/10.0
• 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 $-9 ($-106/yr) — negative.
• To cash-flow at today's rent, offer at most $359k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $314k (12.8% below list).
• Recommended offer: $314k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.6% 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); 2105 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 99d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 79% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 7,543 units permitted in Williamson County in 2024 (1,425 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 $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 $313,800 (12.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

• ARV (median comp): $445,186
• List price: $360,000
• Delta: -19.13%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 5 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%)	23mo	$400,000	$183	53
621 Luther Dr	0.54mi	5/4.0 (+1)	2,028 (-2%)	9mo	$400,000	$197	50
210 Tamara Dr Unit A & B	0.38mi	5/4.0 (+1)	2,400 (+15%)	8mo	$475,000	$198	38
212 Tamara Dr Unit A & B	0.39mi	5/4.0 (+1)	2,400 (+15%)	8mo	$475,000	$198	37
214 Tamara Dr Unit A & B	0.40mi	5/4.0 (+1)	2,400 (+15%)	8mo	$475,000	$198	37

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: -19.9%
• Equity multiple: 0.32×
• Total profit: $-68,049
• Equity at exit: $53,677

10-year hold

• IRR: -21.1%
• Equity multiple: 0.05×
• Total profit: $-95,330
• 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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $400,000 ($185/sqft)
• Median days on market: 7 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +15.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78628

• Rents YoY: -1.1%
• Active inventory: 2105
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,138 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $-9

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,138
Total (2 units)			$3,138

Break-even live

Break-even rent $3,149

Max offer price $358,718

Occupancy floor 95%

Sensitivity live

Price	-10% $240	-5% $116	+0% $-9	+5% $-133	+10% $-258
Rent	-10% $-257	-5% $-133	+0% $-9	+5% $115	+10% $239
Rate	-1.0pp $172	-0.5pp $83	base $-9	+0.5pp $-102	+1.0pp $-197

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	110d	1	0.07mi
1212 Leander Rd Unit A Georgetown, TX	2.0	2.0	2060	$1,350	$0.66	58d	1	0.11mi
1214 Leander Rd Unit B Georgetown, TX	2.0	1.0	1030	$1,250	$1.21	29d	1	0.12mi
209 Luther Dr Georgetown, TX	1.0–2.0	1.0–2.0	648	$1,509	$2.33	0d	21	0.15mi
800 Woodview Dr Georgetown, TX	3.0	2.0	1466	$2,100	$1.43	140d	1	0.17mi
509 Meadowbrook Dr Georgetown, TX	3.0	2.0	1660	$1,995	$1.20	98d	1	0.29mi
505 Luther Dr Georgetown, TX	3.0	2.0	1025	$1,600	$1.56	139d	1	0.33mi
202 Tamara Dr Unit B Georgetown, TX	3.0	2.0	1254	$1,373	$1.09	88d	1	0.34mi
402 Greenwood Dr Georgetown, TX	3.0	2.0	2065	$2,195	$1.06	43d	1	0.34mi
201 Oakwood Dr Georgetown, TX	3.0	2.0	1864	$2,095	$1.12	29d	1	0.38mi
515 Luther Dr Georgetown, TX	2.0	2.0	950	$1,600	$1.68	139d	1	0.39mi
515 Luther Dr Unit A Georgetown, TX	2.0	2.0	1968	$1,200	$0.61	29d	1	0.39mi
101 Norwood Dr Unit B Georgetown, TX	2.0	1.0	1150	$1,400	$1.22	43d	1	0.43mi
300 Tamara Dr Unit A Georgetown, TX	3.0	2.0	1009	$1,395	$1.38	139d	1	0.44mi
304 Tamara Dr Unit A Georgetown, TX	3.0	2.0	1118	$1,425	$1.27	103d	1	0.46mi
304 Tamara Dr Unit A Georgetown, TX	3.0	2.0	1118	$1,375	$1.23	76d	1	0.46mi
607 Luther Dr Unit B Georgetown, TX	2.0	2.0	1008	$1,495	$1.48	43d	1	0.48mi
607 Luther Dr Georgetown, TX	2.0	2.0	1008	$1,395	$1.38	10d	1	0.48mi
609 Luther Dr Georgetown, TX	2.0	2.0	1008	$1,395	$1.38	99d	1	0.49mi
312 Tamara Dr Georgetown, TX	2.0	2.0	923	$1,500	$1.63	98d	1	0.51mi
615 Luther Dr Unit A Georgetown, TX	2.0	2.0	2028	$1,415	$0.70	70d	1	0.52mi
617 Luther Dr Unit B Georgetown, TX	3.0	2.0	1100	$1,300	$1.18	115d	1	0.53mi
436 Norwood Dr Georgetown, TX	3.0	2.5	1496	$1,995	$1.33	58d	1	0.53mi
322 Tamara Dr Georgetown, TX	3.0	2.0	2050	$1,600	$0.78	139d	1	0.54mi
600 Luther Dr Georgetown, TX	2.0–3.0	1.0–2.0	1016	$1,040	$1.02	0d	30	0.55mi
322 Tamara Dr Unit B Georgetown, TX	3.0	2.0	1025	$1,600	$1.56	139d	1	0.55mi
1021 W University Ave Georgetown, TX	1.0	1.0	725	$1,084	$1.50	139d	1	0.79mi
1021 W University Ave Georgetown, TX	2.0	2.0	1098	$1,374	$1.25	10d	1	0.79mi
2323 Wolf Ranch Pkwy Georgetown, TX	1.0–3.0	1.0–2.5	1069	$1,504	$1.41	0d	26	0.79mi
101 River Overlook Rd Georgetown, TX	2.0	2.0	1120	$1,651	$1.47	139d	1	0.81mi
101 River Overlook Rd Unit 1 Georgetown, TX	2.0	2.0	1120	$1,651	$1.47	119d	1	0.83mi
2364 Wolf Ranch Pkwy Georgetown, TX	1.0	1.0	826	$902	$1.09	10d	1	0.87mi
2332 Wolf Ranch Pkwy Georgetown, TX	1.0	1.0	826	$1,052	$1.27	10d	1	0.87mi
708 W 15th St Georgetown, TX	1.0–2.0	1.0	600	$1,439	$2.40	0d	18	0.94mi
2300 Wolf Ranch Pkwy Georgetown, TX	1.0–2.0	1.0–2.0	992	$1,704	$1.72	5d	14	0.95mi
1117 Spring Gulch Ln Georgetown, TX	3.0	2.0	2095	$2,895	$1.38	43d	1	0.97mi
109 Arrowhead Mound Rd Georgetown, TX	3.0	2.0	1639	$2,250	$1.37	139d	1	1.03mi
1700 S Austin Ave Georgetown, TX	1.0	1.0	620	$1,100	$1.77	83d	1	1.08mi
315 Madison Oaks Ave Georgetown, TX	2.0	2.5	1331	$1,750	$1.31	56d	1	1.15mi
1604 S Austin Ave Georgetown, TX	3.0	2.0	2040	$2,500	$1.23	5d	1	1.16mi

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: $37,656
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,012
• − Management: −$3,012
• − Depreciation: −$10,473
• Taxable loss: −$6,207
• Est. tax savings @ 24.0%: +$1,490
• After-tax cash flow: $1,383/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 Est. rehab $52,000–$93,600 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Carver El F TX #1,744/4,322 Nat'l #21,283/41,679 Middle James Tippit Middle F TX #1,077/1,662 Nat'l #9,020/14,009 High East View H S F TX #1,183/1,632 Nat'l #11,797/17,239

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

A Composite livability gradescore 82/100

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 · 699,027 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: 13% of renters

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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%

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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%

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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

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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