120 Hornet St · Elgin, TX 78621

$338,840

4 bd · 3.0 ba · 2,396 sqft · Land · 146 Days on market

Built 2026 4,791 sqft lot $141/sqft · 6% above area Est $320k · 6% over $52/mo HOA · 2% of rent

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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 +11.3/30.0
• Appreciation +10.0/10.0
• ARV discount +4.9/15.0
• Livability +3.7/5.0
• DSCR +3.3/10.0
• Rent growth +3.3/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks MLS

MLS# 7865315 - Built by Century Communities - May 2026 completion! ~ The Birch plan is a true gem! On the main floor, an open kitchen with a walk-in pantry and a center island overlooks a dining area and a spacious, sunlit great room. The first floor has a secondary bedroom near a bathroom. Upstairs, you’ll find the primary suite, offering a walk-in closet and a private bath, along with two roomy bedrooms—two with walk-in closets—bath and a versatile loft space waiting to be transformed for your needs.

Key facts

• Private bath
• Walk-in closet
• Open kitchen

Tags

• OPEN KITCHEN
• WALK-IN PANTRY
• CENTER ISLAND
• SUNLIT GREAT ROOM
• PRIVATE BATH
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $339k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (24.9% below list).
• Recommended offer: $254k (24.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.4% in Elgin — 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 (#167 in TX, #4,404 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Elgin ISD (rural): math 17% / reading 26% proficiency, ranked #741 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 813 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).
• This rent runs 31% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($298k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $254,358 (24.9% 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 146 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 F-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: 0.75% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 11.1

CMA / ARV

• ARV (median comp): $320,289
• List price: $338,840
• Delta: 5.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.86×
• Total profit: $176,765
• Equity at exit: $305,254

10-year hold

• IRR: 20.7%
• Equity multiple: 6.56×
• Total profit: $527,282
• Equity at exit: $658,292

Cash invested: $94,875 (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 78621

• Home prices YoY: 7.6%
• Rents YoY: 3.1%
• Active inventory: 813
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,544 high
• Mortgage (P&I): −$1,777
• Tax from tax record: −$165 /mo · $1,978/yr
• Insurance: −$141
• HOA: −$52
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $-126

Break-even live

Break-even rent $2,702

Max offer price $316,665

Occupancy floor 100%

Sensitivity live

Price	-10% $66	-5% $-30	+0% $-126	+5% $-221	+10% $-317
Rent	-10% $-326	-5% $-226	+0% $-126	+5% $-25	+10% $75
Rate	-1.0pp $45	-0.5pp $-39	base $-126	+0.5pp $-213	+1.0pp $-303

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: $84,710
• Closing costs: $10,165
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
174 Gullivers Dr Elgin, TX	4.0	2.5	2304	$2,850	$1.24	44d	1	0.24mi
126 Bendecido Loop Elgin, TX	4.0	2.5	2697	$2,250	$0.83	24d	1	0.38mi
813 Central Ave Elgin, TX	4.0	2.0	2025	$2,300	$1.14	5d	1	0.45mi
209 Lake Placid Run Elgin, TX	5.0	3.0	2196	$2,200	$1.00	24d	1	0.73mi
120 Jim Dandy Dr Elgin, TX	4.0	2.0	1650	$1,923	$1.17	5d	1	0.74mi
710 North Avenue C Unit C Elgin, TX	4.0	2.5	3050	$2,000	$0.66	44d	1	1.05mi

HOA detail

• Monthly dues: $52 · $624/yr

Listing history 16 events

1. 2026-06-21
   days on market $338,840 Active 146 DOM
2. 2026-06-18
   days on market $338,840 Active 143 DOM
3. 2026-06-17
   days on market $338,840 Active 142 DOM
4. 2026-06-16
   days on market $338,840 Active 141 DOM
5. 2026-06-15
   days on market $338,840 Active 140 DOM
6. 2026-06-13
   days on market $338,840 Active 138 DOM
7. 2026-06-09
   days on market $338,840 Active 134 DOM
8. 2026-06-08
   days on market $338,840 Active 133 DOM
9. 2026-06-07
   days on market $338,840 Active 132 DOM
10. 2026-06-04
    days on market $338,840 Active 129 DOM
11. 2026-06-03
    days on market $338,840 Active 128 DOM
12. 2026-06-02
    days on market $338,840 Active 127 DOM
13. 2026-06-01
    days on market $338,840 Active 126 DOM
14. 2026-05-31
    days on market $338,840 Active 125 DOM
15. 2026-01-26
    listed $338,840 Active 526-char remark

    Show marketing remark (526 chars)

    MLS# 7865315 - Built by Century Communities - May 2026 completion! ~ The Birch plan is a true gem! On the main floor, an open kitchen with a walk-in pantry and a center island overlooks a dining area and a spacious, sunlit great room. The first floor has a secondary bedroom near a bathroom. Upstairs, you’ll find the primary suite, offering a walk-in closet and a private bath, along with two roomy bedrooms—two with walk-in closets—bath and a versatile loft space waiting to be transformed for your needs.

16. 2026-01-24
    listed $338,840 Active 536-char remark

    Show marketing remark (536 chars)

    The beautiful Birch plan offers a spacious, stylish layout on the main floor, with seamless transitions between the great room, dining area, and kitchen, complete with a walk-in pantry and a center island. You'll also find a convenient bedroom with a walk-in closet and full bath on this level, as well as a mudroom with a linen closet. The secluded primary suite sits upstairs, showcasing a walk-in closet and a private bath. Two additional bedrooms-each with a walk-in closet-and a versatile loft space round out this can't-miss plan.

ⓘ 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: $1,978 · $165/mo
• Projected year-2 tax: $6,201 · $517/mo
• Expected delta: +$4,222/yr (+$352/mo · 213.4%)

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

Taxation est. · year 1

• Rental income: $30,523
• − Mortgage interest: −$18,980
• − Property taxes: −$1,978
• − Insurance: −$1,694
• − Repairs & maintenance: −$2,442
• − Management: −$2,442
• − HOA: −$624
• − Depreciation: −$9,857
• Taxable loss: −$7,495
• Est. tax savings @ 24.0%: +$1,799
• After-tax cash flow: $292/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: Elgin ISD
• NCES district ID: 4818360
• Math proficiency: 17% ▼ -9.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $55,176
• Composite: 19.62/100
• National rank: #8749
• State rank: #741 of 826 in TX

Livability — Elgin

• Score: 74/100
• State rank: #167
• US rank: #4404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bastrop County · 68,601 people
• City population: 27,860
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 30,411
• Household income: $98,534
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 235.0

Population outlook (Bastrop County) Hauer SSP2

• Today (2025): 94,260 people
• By 2030: 101,355 · +7.5%
• By 2040: 115,578 · +22.6%
• By 2050: 129,464 · +37.3%
• By 2075: 168,068 · +78.3%
• By 2100: 194,857 · +106.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 38% Two or more races 19% Black 11% Native American 1%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 36%

Political lean MEDSL · Bastrop

• 2024 margin: R (+18.4) · D 40.2% · R 58.6% · Other 1.2%
• 2008→2024 swing: -10.2pp toward R · 2008: -8.2pp · 2024: -18.4pp
• All cycles: 2024: R+18.4 2020: R+13.8 2016: R+20.4 2012: R+17.0 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.47%
• Current HPI: 416.87
• Rent YoY: ▲ 3.12%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-01-26 Listed $338,840 Unlock MLS
• 2026-01-24 Listed $338,840 Zillow

Property tax history

+4.6%/yr

Latest (2025): $1,978 · +4.6% YoY. Source: county tax records.