1202 Leander Rd Unit A & B

Georgetown, TX 78628

$360,000D+

4 bd · 2.0 ba · 2,080 sqft · Built 1980 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,138/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$600
• HOA: −$0
• Vac / Maint / Mgmt: −$659
• Net cashflow: $-9/mo
• Annual: $-106/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $100,800

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $360k. Condition is rated average.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $314k (12.8% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Williamson County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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