907 Light Ray Rd · Marion, TX 78132

$232,999

3 bd · 2.0 ba · 1,502 sqft · SingleFamily · 46 Days on market

Built 2026 Excellent condition Garage $155/sqft · 34% below area Est $354k · 34% 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 +9.0/30.0
• Condition / age +4.8/5.0
• Livability +3.3/5.0
• 1% rule +2.8/10.0
• Schools +2.8/10.0
• DSCR +2.5/10.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

This new home offers a modern and low-maintenance design. An open-concept floorplan with convenient access to a covered patio provides seamless entertaining and multitasking. All three bedrooms are tucked away to the side of the home for improved comfort and convenience, including the luxurious owner's suite with a spa-inspired bathroom and walk-in closet.

Key facts

• Walk-in closet
• Covered patio
• Owner's suite

Tags

• OPEN-CONCEPT FLOORPLAN
• COVERED PATIO
• OWNER'S SUITE
• SPA-INSPIRED BATHROOM
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $233k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-182 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (22.4% below list).
• Recommended offer: $181k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 4.4% in Marion — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 66/100 on livability (#614 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• San Marcos CISD (rural): math 18% / reading 31% proficiency, ranked #731 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hernandez El (math 31% / reading 45%, grade F, #1,709 of 4,322 statewide, top 40%, 525 students, 65% FRL); Goodnight Middle (math 9% / reading 24%, grade F, #1,536 of 1,662 statewide, top 93%, 866 students, 85% FRL); San Marcos H S (math 26% / reading 31%, grade F, #1,157 of 1,632 statewide, top 72%, 2,536 students, 76% FRL).
• Market conditions: Rents soft (-2.3%/yr); 1701 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 5,270 units permitted in Hays County in 2024 (1,464 in 5+ unit buildings).
• This rent is only 16% of the median local income ($135k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 46 days — a 3% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,755 (22.4% 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 46 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.78% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• GRM: 10.7

CMA / ARV

• ARV (median comp): $354,362
• List price: $232,999
• Delta: -34.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
918 Moonshine Ln	0.00mi	3/2.0	1,502 (0%)	3mo	$244,999	$163	98
3771 Moon Hill Rd	0.00mi	4/2.0 (+1)	1,483 (-1%)	4mo	$213,999	$144	89
3747 Moon Hill Rd	0.00mi	4/2.0 (+1)	1,483 (-1%)	5mo	$225,999	$152	89
3755 Moon Hill Rd	0.00mi	3/2.0	1,354 (-10%)	5mo	$209,999	$155	79
215 Harmons Way	0.46mi	3/2.0	1,507 (+0%)	3mo	$319,500	$212	75
3751 Moon Hill Rd	0.00mi	4/2.5 (+1)	1,692 (+13%)	4mo	$225,999	$134	68
126 Hunter Ridge Rd	0.50mi	3/2.0	1,684 (+12%)	2mo	$429,000	$255	54
313 Hunter Ridge Rd	0.64mi	3/2.0	1,434 (-4%)	12mo	$379,900	$265	53
306 Deerwood Dr	0.72mi	3/2.0	1,431 (-5%)	8mo	$376,500	$263	51
110 Hunter Ridge Rd	0.47mi	4/2.5 (+1)	1,694 (+13%)	8mo	$350,000	$207	43

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: -25.3%
• Equity multiple: 0.16×
• Total profit: $-54,633
• Equity at exit: $34,741

10-year hold

• IRR: -34.5%
• Equity multiple: -0.27×
• Total profit: $-82,880
• Equity at exit: $20,145

Cash invested: $65,240 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 14 active · 15 under contract
• Months of supply: 10.5 mo (10%/mo absorbed)
• Median asking: $253,499 ($153/sqft)
• Median days on market: 129 d
• This list price: 21% of active listings are priced below it
• ARV vs active asking: +54.4% above current asking $/sqft

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

ZIP-level market 78132

• Rents YoY: -2.3%
• Active inventory: 1701
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,808 high
• Mortgage (P&I): −$1,222
• Tax est. 1.5%: −$291 /mo · $3,495/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-182

Break-even live

Break-even rent $2,038

Max offer price $206,629

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-102	+0% $-182	+5% $-263	+10% $-343
Rent	-10% $-325	-5% $-254	+0% $-182	+5% $-111	+10% $-39
Rate	-1.0pp $-65	-0.5pp $-123	base $-182	+0.5pp $-243	+1.0pp $-304

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: $58,250
• Closing costs: $6,990
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Harmons Way Unit 109 San Marcos, TX	3.0	3.0	1400	$1,500	$1.07	148d	1	0.35mi
109 Quail Run Dr Unit A San Marcos, TX	3.0	2.0	1200	$1,495	$1.25	6d	1	0.54mi
109 Quail Run Dr Unit A San Marcos, TX	3.0	2.0	1174	$1,495	$1.27	9d	1	0.54mi
318 Hunter Ridge Rd San Marcos, TX	3.0	2.0	1948	$2,100	$1.08	184d	1	0.70mi
4334 Transportation Way San Marcos, TX	1.0–4.0	1.0–2.0	1040	$1,342	$1.29	1d	14	0.76mi
618 El Rio St San Marcos, TX	1.0–3.0	1.0–2.0	992	$1,800	$1.81	0d	15	0.79mi
405 Whitetail Dr San Marcos, TX	3.0	2.0	1100	$1,550	$1.41	184d	1	0.83mi
405 Whitetail Dr Unit B San Marcos, TX	3.0	2.0	1100	$1,495	$1.36	10d	1	0.83mi
405 Whitetail Dr Unit A San Marcos, TX	3.0	2.0	1100	$1,495	$1.36	155d	1	0.83mi
405 Whitetail Dr San Marcos, TX	3.0	2.0	1100	$1,495	$1.36	25d	1	0.83mi
420 El Rio St San Marcos, TX	3.0	2.0	1526	$1,713	$1.12	125d	1	0.87mi
425 El Rio St San Marcos, TX	1.0–3.0	1.0–2.0	1062	$1,686	$1.59	0d	26	0.94mi
156 Edward R Gaytan St San Marcos, TX	3.0	2.5	1950	$1,995	$1.02	184d	1	0.99mi
156 Edward R Gaytan St San Marcos, TX	3.0	2.5	1950	$1,995	$1.02	158d	1	0.99mi
144 Edward R Gaytan St San Marcos, TX	3.0	2.0	1755	$1,975	$1.13	164d	1	1.02mi
136 Thunder Oak San Marcos, TX	3.0	2.0	1755	$1,995	$1.14	2d	1	1.06mi
152 Shugart St San Marcos, TX	3.0	2.0	1485	$1,900	$1.28	10d	1	1.12mi
208 Shugart St San Marcos, TX	3.0	2.0	1556	$1,899	$1.22	139d	1	1.13mi
139 Spiny Lizard Ln San Marcos, TX	3.0	2.0	1556	$1,899	$1.22	115d	1	1.16mi
204 Rollingwood Dr San Marcos, TX	4.0	2.0	2027	$1,999	$0.99	38d	1	1.21mi
204 Rollingwood Dr San Marcos, TX	4.0	2.0	2027	$1,999	$0.99	22d	1	1.21mi
145 Tortoise Trl San Marcos, TX	4.0	2.5	2196	$2,100	$0.96	184d	1	1.22mi
502 Commercial Loop San Marcos, TX	1.0–3.0	1.0–3.0	1222	$2,349	$1.92	0d	38	1.23mi
137 Rustic Glen Dr San Marcos, TX	3.0	2.0	1108	$1,700	$1.53	10d	1	1.26mi
105 Switchgrass St San Marcos, TX	2.0	2.5	1176	$1,725	$1.47	155d	1	1.27mi
105 Switchgrass St San Marcos, TX	2.0	2.5	1176	$1,725	$1.47	184d	1	1.27mi
500 Commercial Loop San Marcos, TX	3.0	2.0	1586	$2,700	$1.70	37d	1	1.29mi
500 Commercial Loop San Marcos, TX	2.0	2.0	1215	$1,824	$1.50	125d	1	1.29mi
500 Commercial Loop San Marcos, TX	2.0	2.0	1258	$1,831	$1.46	28d	1	1.29mi
500 Commercial Loop San Marcos, TX	3.0	2.0	1580	$2,715	$1.72	26d	1	1.29mi
500 Commercial Loop San Marcos, TX	2.0	2.0	1277	$1,822	$1.43	43d	1	1.29mi
161 Duck Creek Trl San Marcos, TX	2.0	2.5	1190	$1,650	$1.39	55d	1	1.30mi
1174 Esplanade Pkwy San Marcos, TX	3.0	2.0	1200	$1,695	$1.41	7d	1	1.32mi
1174 Esplanade Pkwy San Marcos, TX	3.0	2.0	1200	$1,695	$1.41	9d	1	1.32mi
1166 Esplanade Pkwy San Marcos, TX	3.0	2.0	1136	$1,695	$1.49	88d	1	1.33mi
1166 Esplanade Pkwy San Marcos, TX	3.0	2.0	1136	$1,395	$1.23	55d	1	1.33mi
1166 Esplanade Pkwy San Marcos, TX	3.0	2.0	1136	$1,395	$1.23	10d	1	1.33mi
133 Duck Creek Trl San Marcos, TX	3.0	2.5	1336	$1,800	$1.35	10d	1	1.33mi
1158 Esplanade Pkwy San Marcos, TX	3.0	2.5	1300	$1,750	$1.35	88d	1	1.34mi
435 Spiny Lizard Ln San Marcos, TX	3.0	2.0	2021	$2,150	$1.06	164d	1	1.38mi

Property features AI

Finance

• Other: Address: 907 Light Ray Rd, Marion TX 78132Listing last modified 2026-07-08
• Financial info: List price $252,999

Exterior

• Parking: 2 garage spaces (2 total parking spaces)
• Home design: Single-family home (Aruba plan)Active status
• Exterior features: Living area approximately 1,502

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec new construction, Aruba plan

Listing history 37 events

1. 2026-08-14
   days on market $232,999 Active 46 DOM
2. 2026-08-13
   days on market $232,999 Active 45 DOM
3. 2026-08-11
   days on market $232,999 Active 43 DOM
4. 2026-08-10
   days on market $232,999 Active 42 DOM
5. 2026-08-09
   days on market $232,999 Active 41 DOM
6. 2026-08-08
   days on market $232,999 Active 40 DOM
7. 2026-08-07
   price $232,999 Active 38 DOM
8. 2026-08-06
   days on market $231,999 Active 38 DOM
9. 2026-08-05
   days on market $231,999 Active 37 DOM
10. 2026-08-04
    days on market $231,999 Active 36 DOM
11. 2026-08-03
    days on market $231,999 Active 35 DOM
12. 2026-07-31
    days on market $231,999 Active 32 DOM
13. 2026-07-30
    days on market $231,999 Active 30 DOM
14. 2026-07-28
    days on market $231,999 Active 29 DOM
15. 2026-07-26
    days on market $231,999 Active 27 DOM
16. 2026-07-24
    days on market $231,999 Active 25 DOM
17. 2026-07-23
    days on market $231,999 Active 24 DOM
18. 2026-07-22
    days on market $231,999 Active 23 DOM
19. 2026-07-21
    days on market $231,999 Active 22 DOM
20. 2026-07-20
    days on market $231,999 Active 21 DOM
21. 2026-07-18
    days on market $231,999 Active 19 DOM
22. 2026-07-18
    days on market $231,999 Active 18 DOM
23. 2026-07-16
    days on market $231,999 Active 17 DOM
24. 2026-07-15
    pricedays on market $231,999 Active 16 DOM
25. 2026-07-14
    days on market $229,999 Active 15 DOM
26. 2026-07-13
    days on market $229,999 Active 14 DOM
27. 2026-07-13
    days on market $229,999 Active 13 DOM
28. 2026-07-11
    days on market $229,999 Active 12 DOM
29. 2026-07-10
    days on market $229,999 Active 11 DOM
30. 2026-07-10
    price $229,999 Active 10 DOM
31. 2026-07-09
    pricedays on market $252,999 Active 10 DOM
32. 2026-06-18
    days on market $232,999 Active 8 DOM
33. 2026-06-17
    days on market $232,999 Active 7 DOM
34. 2026-06-16
    days on market $232,999 Active 6 DOM
35. 2026-06-15
    pricedays on market $232,999 Active 5 DOM
36. 2026-06-13
    remarks 358-char remark
37. 2026-06-13
    listed $235,998 Active 3 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,691
• − Mortgage interest: −$13,052
• − Property taxes: −$3,495
• − Insurance: −$1,165
• − Repairs & maintenance: −$1,735
• − Management: −$1,735
• − Depreciation: −$6,778
• Taxable loss: −$6,270
• Est. tax savings @ 24.0%: +$1,505
• After-tax cash flow: $-682/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 · 13 photos

Excellent 95/100 None rehab

This modern, move-in-ready home offers a spacious and well-maintained interior with a good condition exterior. It is ready for immediate occupancy and can be further enhanced with minor updates to increase its value.

Value-add opportunities

• Both Painting the exterior brick and stone siding — Enhances curb appeal and can increase both resale and rental value ↑
• Both Updating the kitchen backsplash — Modernizes the kitchen and adds value ↑
• Both Adding a smart home system — Improves convenience and can increase both resale and rental value ↑

F Composite school gradezoned avg 28/100

Zoned Schools

Elementary Hernandez El F TX #1,709/4,322 Nat'l #21,128/41,679 Middle Goodnight Middle F TX #1,536/1,662 Nat'l #12,406/14,009 High San Marcos H S F TX #1,157/1,632 Nat'l #11,681/17,239

Schools (NCES district)

• District: San Marcos CISD
• NCES district ID: 4838970
• Math proficiency: 18% ▼ -16.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $34,538
• Composite: 20.11/100
• National rank: #8644
• State rank: #731 of 826 in TX

C Composite livability gradescore 66/100

Livability — Marion

• Score: 66/100
• State rank: #614
• US rank: #11619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Comal County · 286,948 people
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 40,953
• Household income: $135,315
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 5% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 21% Two or more races 13% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Languages at home: 89% English-only · Spanish 9% Other Indo-European 1%

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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: ▼ -139.57%
• Current HPI: 202.432
• Rent YoY: ▼ -2.32%
• Metro: San Antonio-New Braunfels, 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

Property features AI

Finance

• Other: Address: 907 Light Ray Rd, Marion TX 78132Listing last modified 2026-07-08
• Financial info: List price $252,999

Exterior

• Parking: 2 garage spaces (2 total parking spaces)
• Home design: Single-family home (Aruba plan)Active status
• Exterior features: Living area approximately 1,502

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec new construction, Aruba plan