104 Calcite Rd #4 · Kyle, TX 78640

$238,990

3 bd · 2.5 ba · 1,479 sqft · Condo · 151 Days on market

Built 2025 Excellent condition $162/sqft · at area comps Est $240k · at est. $58/mo HOA · 3% of rent ↓ 17% since listing

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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 +13.4/30.0
• ARV discount +7.7/15.0
• Condition / age +4.8/5.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• 1% rule +3.0/10.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand new, energy-efficient home available NOW! There’s no shortage of space with an upstairs loft and large storage closet. Secondary bedrooms are connected by a jack-and-jill bathroom. Waterstone Village is a beautiful townhome community now selling in Kyle, TX, just 25 miles south of Austin and eight miles north of San Marcos in the celebrated Hays CISD. Explore shopping, restaurants, and entertainment located at Kyle Marketplace, Kyle Crossing, and the San Marcos Premium Outlets. There is no shortage of activities for the outdoor lover. Spend the day fishing at Lake Kyle or enjoy a round of golf at Plum Creek Golf Course. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

Key facts

• Upstairs loft
• Large storage closet
• Townhome community

Tags

• UPSTAIRS LOFT
• LARGE STORAGE CLOSET
• JACK-AND-JILL BATHROOM
• TOWNHOME COMMUNITY
• ENERGY-EFFICIENT FEATURES

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $239k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $3 ($33/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 $192k (19.8% below list).
• Recommended offer: $192k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.3% in Kyle — 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 75/100 on livability (#138 in TX, #3,993 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: amenities F, commute F.
• Hays CISD (rural): math 35% / reading 41% proficiency, ranked #390 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blanco Vista El (math 33% / reading 42%, grade F, #1,744 of 4,322 statewide, top 41%, 731 students, 58% FRL); Laura B Wallace Middle (math 31% / reading 34%, grade F, #947 of 1,662 statewide, top 58%, 789 students, 53% FRL); Lehman H S (math 20% / reading 32%, grade F, #1,234 of 1,632 statewide, top 76%, 2,120 students, 59% FRL).
• Market conditions: Rents soft (-0.3%/yr); 1820 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,270 units permitted in Hays County in 2024 (1,464 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.
• 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 151 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $191,634 (19.8% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 0.80% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.05%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (median comp): $239,990
• List price: $238,990
• Delta: -0.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.34×
• Total profit: $-44,225
• Equity at exit: $35,634

10-year hold

• IRR: -19.3%
• Equity multiple: 0.10×
• Total profit: $-60,222
• Equity at exit: $20,663

Cash invested: $66,917 (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 78640

• Home prices YoY: -33.8%
• Rents YoY: -0.3%
• Active inventory: 1820
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,916 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$100
• HOA: −$58
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $3

Break-even live

Break-even rent $1,913

Max offer price $238,990

Occupancy floor 95%

Sensitivity live

Price	-10% $138	-5% $70	+0% $3	+5% $-65	+10% $-133
Rent	-10% $-149	-5% $-73	+0% $3	+5% $78	+10% $154
Rate	-1.0pp $123	-0.5pp $64	base $3	+0.5pp $-59	+1.0pp $-122

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: $59,748
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Fossil Dr Kyle, TX	3.0	2.0	1602	$2,000	$1.25	6d	1	0.34mi
185 Voss Kyle, TX	3.0	2.0	1371	$1,800	$1.31	13d	1	0.42mi
232 Voss Kyle, TX	3.0	2.0	1467	$1,895	$1.29	6d	1	0.46mi
141 Opal Ln Kyle, TX	3.0	1.0–2.0	886	$2,000	$2.26	0d	92	0.57mi
364 Kenai Dr Kyle, TX	3.0	2.0	1157	$2,000	$1.73	6d	1	0.65mi
376 Musgrav Kyle, TX	3.0	2.0	1476	$1,890	$1.28	0d	1	0.66mi
376 Musgrav Kyle, TX	3.0	2.0	1476	$1,988	$1.35	18d	1	0.66mi
265 Garner Dr Kyle, TX	3.0	2.0	1551	$2,250	$1.45	45d	1	0.67mi
184 Unity Kyle, TX	4.0	2.5	1704	$2,000	$1.17	45d	1	0.76mi
157 Mammoth Dr Kyle, TX	3.0	2.0	1607	$1,895	$1.18	25d	1	0.79mi
125 Voyager Cv Kyle, TX	3.0	2.0	1476	$1,800	$1.22	45d	1	0.83mi
149 Biscayne Dr Kyle, TX	4.0	2.0	1800	$1,900	$1.06	19d	1	0.85mi
190 Sormonne Loop Kyle, TX	3.0	2.0	1450	$1,650	$1.14	25d	1	0.85mi
147 Otter Rd Kyle, TX	3.0	2.0	1622	$1,850	$1.14	14d	1	0.93mi
121 Yellowstone Dr Kyle, TX	3.0	2.0	1723	$2,200	$1.28	25d	1	0.96mi
148 River Rise Rd Kyle, TX	4.0	2.0	1622	$1,800	$1.11	45d	1	0.97mi
195 Salt Springs Rd Kyle, TX	4.0	2.0	1818	$2,100	$1.16	19d	1	1.10mi
106 Lakeview Ct Kyle, TX	3.0	2.5	1765	$1,795	$1.02	19d	1	1.11mi
112 Lakeview Ct Kyle, TX	3.0	2.5	1765	$1,795	$1.02	6d	1	1.11mi
149 Creekside Villa Dr Kyle, TX	3.0	2.0	1266	$1,495	$1.18	16d	1	1.17mi
155 Creekside Villa Dr Kyle, TX	3.0	2.0	1266	$1,695	$1.34	25d	1	1.17mi
155 Creekside Villa Dr Kyle, TX	3.0	2.0	1266	$1,495	$1.18	16d	1	1.17mi
155 Creekside Villa Dr Kyle, TX	3.0	2.0	1266	$1,695	$1.34	6d	1	1.17mi
185 Creekside Villa Dr Kyle, TX	3.0	2.5	1463	$1,700	$1.16	16d	1	1.17mi
149 Red Sun Dr Kyle, TX	3.0	2.0	1421	$1,850	$1.30	12d	1	1.20mi
1180 Arbor Knot Dr Kyle, TX	4.0	2.0	1822	$1,999	$1.10	6d	1	1.23mi
126 Avre Loop Kyle, TX	3.0	2.0	1230	$1,700	$1.38	45d	1	1.26mi
1441 Star Mdw Kyle, TX	3.0	2.0	1607	$1,900	$1.18	0d	1	1.29mi
1689 Woodlands Dr Kyle, TX	4.0	2.0	1515	$1,850	$1.22	45d	1	1.29mi
106 Gambel Oak Way San Marcos, TX	2.0	2.0	1027	$1,600	$1.56	14d	1	1.29mi
718 Stampede Rd San Marcos, TX	2.0	2.5	1262	$1,795	$1.42	6d	1	1.34mi
240 New Country Rd Kyle, TX	3.0	2.0	1106	$1,650	$1.49	4d	1	1.34mi
240 New Country Rd Kyle, TX	3.0	2.0	1106	$1,650	$1.49	13d	1	1.34mi
224 Blooming Trl Kyle, TX	4.0	2.0	1515	$2,200	$1.45	19d	1	1.36mi
207 Wainscot Oak Way San Marcos, TX	2.0	2.5	1262	$1,665	$1.32	19d	1	1.39mi
207 Wainscot Oak Way San Marcos, TX	2.0	2.5	1262	$1,665	$1.32	5d	1	1.39mi
261 New Bridge Dr Kyle, TX	4.0	2.0	1368	$1,849	$1.35	45d	1	1.41mi
187 Rummel Dr Kyle, TX	3.0	2.0	1240	$1,795	$1.45	45d	1	1.42mi
514 Silo St San Marcos, TX	3.0	2.0	1368	$2,045	$1.49	6d	1	1.43mi
160 Night Sky Dr Kyle, TX	3.0	2.0	1410	$1,800	$1.28	6d	1	1.49mi

HOA detail condo

• Monthly dues: $58 · $696/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $238,990 Active 151 DOM
2. 2026-06-18
   days on market $238,990 Active 148 DOM
3. 2026-06-17
   days on market $238,990 Active 147 DOM
4. 2026-06-16
   days on market $238,990 Active 146 DOM
5. 2026-06-15
   days on market $238,990 Active 145 DOM
6. 2026-06-13
   days on market $238,990 Active 143 DOM
7. 2026-06-09
   days on market $238,990 Active 139 DOM
8. 2026-06-08
   days on market $238,990 Active 138 DOM
9. 2026-06-07
   days on market $238,990 Active 137 DOM
10. 2026-06-05
    days on market $238,990 Active 134 DOM
11. 2026-06-03
    days on market $238,990 Active 133 DOM
12. 2026-06-02
    days on market $238,990 Active 132 DOM
13. 2026-06-01
    days on market $238,990 Active 131 DOM
14. 2026-05-31
    days on market $238,990 Active 130 DOM
15. 2026-04-23
    price $238,990 797-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

16. 2026-04-23
    price $238,990 225-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

17. 2026-03-25
    price $268,990 225-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

18. 2026-02-11
    price $288,990 225-char remark

    Show marketing remark (797 chars)

    Brand new, energy-efficient home available NOW! There’s no shortage of space with an upstairs loft and large storage closet. Secondary bedrooms are connected by a jack-and-jill bathroom. Waterstone Village is a beautiful townhome community now selling in Kyle, TX, just 25 miles south of Austin and eight miles north of San Marcos in the celebrated Hays CISD. Explore shopping, restaurants, and entertainment located at Kyle Marketplace, Kyle Crossing, and the San Marcos Premium Outlets. There is no shortage of activities for the outdoor lover. Spend the day fishing at Lake Kyle or enjoy a round of golf at Plum Creek Golf Course. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

19. 2026-02-11
    price $288,990 797-char remark

    Show marketing remark (797 chars)

    Brand new, energy-efficient home available NOW! There’s no shortage of space with an upstairs loft and large storage closet. Secondary bedrooms are connected by a jack-and-jill bathroom. Waterstone Village is a beautiful townhome community now selling in Kyle, TX, just 25 miles south of Austin and eight miles north of San Marcos in the celebrated Hays CISD. Explore shopping, restaurants, and entertainment located at Kyle Marketplace, Kyle Crossing, and the San Marcos Premium Outlets. There is no shortage of activities for the outdoor lover. Spend the day fishing at Lake Kyle or enjoy a round of golf at Plum Creek Golf Course. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

20. 2026-01-28
    status Active 225-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

21. 2026-01-21
    listed $289,140 Active 797-char remark

    Show marketing remark (797 chars)

    Brand new, energy-efficient home available NOW! There’s no shortage of space with an upstairs loft and large storage closet. Secondary bedrooms are connected by a jack-and-jill bathroom. Waterstone Village is a beautiful townhome community now selling in Kyle, TX, just 25 miles south of Austin and eight miles north of San Marcos in the celebrated Hays CISD. Explore shopping, restaurants, and entertainment located at Kyle Marketplace, Kyle Crossing, and the San Marcos Premium Outlets. There is no shortage of activities for the outdoor lover. Spend the day fishing at Lake Kyle or enjoy a round of golf at Plum Creek Golf Course. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

22. 2025-10-24
    historical 225-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

23. 2025-10-22
    listed $289,140 Active 225-char remark

    Show marketing remark (225 chars)

    The open concept kitchen, great room, and dining rooms make the perfect space to host guests. Linen cabinets with black pearl granite countertops, warm beige EVP flooring, and warm multi-tone taupe carpet in our Chic package.

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $4,374 · $364/mo
• Expected delta: +$3,170/yr (+$264/mo · 263.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $22,996
• − Mortgage interest: −$13,387
• − Property taxes: −$1,204
• − Insurance: −$1,195
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − HOA: −$696
• − Depreciation: −$6,952
• Taxable loss: −$4,117
• Est. tax savings @ 24.0%: +$988
• After-tax cash flow: $1,021/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 · 1 photo

Excellent 95/100 None rehab

This brand new, energy-efficient condo is move-in ready with no visible repairs or maintenance needed. It offers a great location and ample space, making it ideal for both resale and rental.

Value-add opportunities

• Both Paint exterior trim and siding — Enhances curb appeal and value
• Both Install new front door — Improves entryway and adds value
• Rental Replace garage door seals — Improves energy efficiency and reduces noise

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim and siding — Enhances curb appeal and value ↑
• Both Install new front door — Improves entryway and adds value ↑
• Rental Replace garage door seals — Improves energy efficiency and reduces noise ↑

ⓘ 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: Hays CISD
• NCES district ID: 4800010
• Math proficiency: 35% ▼ -15.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $70,570
• Composite: 34.78/100
• National rank: #5118
• State rank: #390 of 826 in TX

Livability — Kyle

• Score: 75/100
• State rank: #138
• US rank: #3993

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kyle, TX
• County: Hays County · 280,138 people
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 77,531
• Household income: $90,075
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 2552.0

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 0.56)
• Race & ethnicity: Hispanic / Latino 55% White 36% Two or more races 29% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 47% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 13% · Canada
• Languages at home: 63% English-only · Spanish 35%

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: ▼ -92.64%
• Current HPI: 181.7969
• Rent YoY: ▼ -0.34%
• 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

-17.3% since first listed

9 events — show timeline

• 2026-04-23 Price Changed $238,990 Unlock MLS
• 2026-04-23 Price Changed $238,990 Zillow
• 2026-03-25 Price Changed $268,990 Zillow
• 2026-02-11 Price Changed $288,990 Zillow
• 2026-02-11 Price Changed $288,990 Unlock MLS
• 2026-01-28 Relisted — Zillow
• 2026-01-21 Listed $289,140 Unlock MLS
• 2025-10-24 Delisted — Zillow
• 2025-10-22 Listed $289,140 Zillow

Property tax history

+30.3%/yr

Latest (2025): $1,204 · +30.3% YoY. Source: county tax records.