906 Lewis Dr · Burnet, TX 78611

$995

2 bd · 1.0 ba · 840 sqft · MultiFamily · 40 Days on market

Built 1987 0.29 ac lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Listing remarks MLS

Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available Now!

Key facts

• 0.29 acre lot
• Built 1987
• Listed 39 days

Property features AI

Finance

• Other: Directions: Hwy. 29 to Hill Street, north on Hill Street, right on Lewis Drive; fourplex is on the right.

Exterior

• Home design: Multi-family residential income property
• Construction: Wood siding
• Exterior features: Lot approximately 0.29 acres

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Flooring: Carpet; Vinyl
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Electric water heater
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $995.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $995).
• Recommended offer: $965 (3.0% below list) — sets the bar for market timing.
• Cap rate 2227.5% vs local median 2.7% in Burnet — 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 76/100 on livability (#101 in TX, #3,384 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Burnet CISD (rural): math 36% / reading 38% proficiency, ranked #465 of 826 in TX (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 552 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 891 units permitted in Burnet County in 2024 (76 in 5+ unit buildings).
• This rent runs 35% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7 of loan paydown is wiped out by about $30 of value loss. Plan a longer hold.
• Burnet County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $279 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($965) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $965 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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: 235.18% ✓
• Cap rate: 2227.47%
• Cash-on-cash: 7932.77%
• DSCR: 353.96
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 421.58×
• Total profit: $117,174
• Equity at exit: $148

10-year hold

• IRR: —
• Equity multiple: 909.90×
• Total profit: $253,220
• Equity at exit: $86

Cash invested: $279 (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 78611

• Home prices YoY: -24.7%
• Active inventory: 552
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $2,340 medium
• Mortgage (P&I): −$5
• Tax est. 1.5%: −$1 /mo · $15/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $1,842

Break-even live

Break-even rent $9

Max offer price $995

Occupancy floor 16%

Sensitivity live

Price	-10% $1,842	-5% $1,842	+0% $1,842	+5% $1,841	+10% $1,841
Rent	-10% $1,657	-5% $1,749	+0% $1,842	+5% $1,934	+10% $2,027
Rate	-1.0pp $1,842	-0.5pp $1,842	base $1,842	+0.5pp $1,841	+1.0pp $1,841

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,340
Total (2 units)			$2,340

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: $249
• Closing costs: $30
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
208 N Vandeveer St Unit 4 Burnet, TX	2.0	1.0	600	$875	$1.46	24d	1	0.74mi
208 N Vandeveer St Unit 4 Burnet, TX	2.0	1.0	600	$825	$1.38	3d	1	0.74mi

Listing history 21 events

1. 2026-06-17
   days on market $995 Active 40 DOM
2. 2026-06-16
   days on market $995 Active 39 DOM
3. 2026-06-15
   days on market $995 Active 38 DOM
4. 2026-06-13
   days on market $995 Active 36 DOM
5. 2026-06-09
   days on market $995 Active 32 DOM
6. 2026-06-08
   days on market $995 Active 31 DOM
7. 2026-06-07
   days on market $995 Active 30 DOM
8. 2026-06-04
   days on market $995 Active 27 DOM
9. 2026-06-03
   days on market $995 Active 26 DOM
10. 2026-06-02
    days on market $995 Active 25 DOM
11. 2026-06-01
    days on market $995 Active 24 DOM
12. 2026-05-31
    days on market $995 Active 23 DOM
13. 2026-05-08
    listed $995 Active 325-char remark
14. 2024-09-27
    soldstatus Closed 146-char remark

    Show marketing remark (146 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available Now!

15. 2024-09-09
    status Pending 146-char remark

    Show marketing remark (146 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available Now!

16. 2024-08-07
    price $995 146-char remark

    Show marketing remark (146 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available Now!

17. 2024-07-08
    listed $1,050 Active 146-char remark

    Show marketing remark (146 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available Now!

18. 2023-11-21
    historical

    Show marketing remark (156 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available November 10th!

19. 2023-11-10
    soldstatus Closed

    Show marketing remark (156 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available November 10th!

20. 2023-10-26
    status Pending

    Show marketing remark (156 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available November 10th!

21. 2023-10-16
    listed $995 Active

    Show marketing remark (156 chars)

    Spacious two bedroom, one bath apartment located on the north side of Burnet. Fridge, stove, dishwasher, washer and dryer included. Available November 10th!

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,080
• − Mortgage interest: −$56
• − Property taxes: −$15
• − Insurance: −$5
• − Repairs & maintenance: −$2,246
• − Management: −$2,246
• − Depreciation: −$29
• Taxable income: $23,483
• Est. tax owed @ 24.0%: −$5,636
• After-tax cash flow: $16,465/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: Burnet CISD
• NCES district ID: 4812220
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $50,890
• Composite: 32.09/100
• National rank: #5811
• State rank: #465 of 826 in TX

Livability — Burnet

• Score: 76/100
• State rank: #101
• US rank: #3384

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burnet, TX
• County: Burnet County · 35,210 people
• City population: 14,560
• Metro: nan
• Population (ZIP): 14,560
• Household income: $80,938
• Rent vs Own: 19.7% rent · 80.3% own
• Severe rent burden: 218.0

Population outlook (Burnet County) Hauer SSP2

• Today (2025): 50,492 people
• By 2030: 52,995 · +5.0%
• By 2040: 57,528 · +13.9%
• By 2050: 61,444 · +21.7%
• By 2075: 71,098 · +40.8%
• By 2100: 74,634 · +47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Slovak 3% Serbian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 8% Vietnamese 1%

Political lean MEDSL · Burnet

• 2024 margin: Solid R (+55.7) · D 21.7% · R 77.4%
• 2008→2024 swing: -11.6pp toward R · 2008: -44.1pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+53.1 2016: R+56.8 2012: R+54.6 2008: R+44.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.25%
• Current HPI: 253.5299
• Rent YoY: —
• Metro: nan
• 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

10 events — show timeline

• 2026-06-17 Sold (MLS) — HLMLS as distributed by MLS GRID
• 2026-05-08 Listed $995 HLMLS as distributed by MLS GRID
• 2024-09-27 Sold (MLS) — HLMLS as distributed by MLS GRID
• 2024-09-09 Pending — HLMLS as distributed by MLS GRID
• 2024-08-07 Price Changed $995 HLMLS as distributed by MLS GRID
• 2024-07-08 Listed $1,050 HLMLS as distributed by MLS GRID
• 2023-11-21 Delisted — HLMLS as distributed by MLS GRID
• 2023-11-10 Sold (MLS) — HLMLS as distributed by MLS GRID
• 2023-10-26 Pending — HLMLS as distributed by MLS GRID
• 2023-10-16 Listed $995 HLMLS as distributed by MLS GRID