224 Circle Hvn · Canyon Lake, TX 78133

$397,000

3 bd · 3.0 ba · 2,518 sqft · SingleFamily public records · 63 Days on market

Built 1971 0.31 ac lot $158/sqft · 29% below area Est $560k · 29% under $29/mo HOA · 1% 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).

• ARV discount +15.0/15.0
• Cash flow +7.8/30.0
• Schools +5.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Rent growth +2.2/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perched in the heart of Canyon Lake, 224 Circle Haven is a residence that perfectly captures the spirit of the Texas Hill Country—relaxed, spacious, and full of possibility. Spanning over 2,500 square feet, this multi-level home is designed for those who appreciate character and a layout that adapts to their lifestyle. The upper level serves as the home’s heartbeat, featuring an expansive open-concept living, dining, and kitchen area. A massive stone fireplace anchors the room, creating a warm, inviting atmosphere for gatherings. The master suite is a standout. Downstairs, the home offers even more flexibility with a private bedroom, full bath, and a dedicated office or workshop space, ideal for a home business or a quiet creative retreat. Outdoor living is where this property truly shines. The oversized covered deck provides front-row seats to panoramic Hill Country and lake views. For the outdoor enthusiast, the storage is unmatched. The Opportunity This listing is uniquely flexible. The front lot may also be available for purchase, offering a rare chance to expand your estate or preserve your views. Most items on the property are negotiable and may convey, making this a truly turn-key opportunity for the right buyer.

Key facts

• Private bedroom
• Storage is unmatched
• Full bath

Tags

• MASSIVE STONE FIREPLACE
• PRIVATE BEDROOM
• FULL BATH
• OVERSIZED COVERED DECK
• STORAGE IS UNMATCHED

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $397k.

Deal economics

• At list price, monthly cash flow is $-435 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (26.6% below list).
• Recommended offer: $291k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.3% in Canyon Lake — 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 67/100 on livability (#534 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: schools C-, amenities F, commute F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-1.2%/yr); 1014 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
• This rent runs 42% of the median local income ($84k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; list at $397k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $291,330 (26.6% 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 63 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.73% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 11.4

CMA / ARV

• ARV (median comp): $559,579
• List price: $397,000
• Delta: -29.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
611 Cielo Vis	0.66mi	4/3.0 (+1)	2,508 (-0%)	1mo	$850,000	$339	63
1781 Bella Vis	0.72mi	4/3.0 (+1)	2,574 (+2%)	0mo	$679,000	$264	57
2404 Waterfront Park	0.60mi	4/3.0 (+1)	2,624 (+4%)	8mo	$375,000	$143	53
607 Cielo Vis	0.68mi	3/2.0	2,367 (-6%)	23mo	$699,900	$296	36
1406 Ensenada Dr	0.39mi	4/3.0 (+1)	2,874 (+14%)	23mo	$850,000	$296	34

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: -27.6%
• Equity multiple: 0.10×
• Total profit: $-100,535
• Equity at exit: $59,194

10-year hold

• IRR: -42.0%
• Equity multiple: -0.40×
• Total profit: $-156,053
• Equity at exit: $34,325

Cash invested: $111,160 (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 78133

• Home prices YoY: -33.8%
• Rents YoY: -1.2%
• Active inventory: 1014
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,913 high
• Mortgage (P&I): −$2,082
• Tax from tax record: −$460 /mo · $5,522/yr
• Insurance: −$165
• HOA: −$29
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $-435

Break-even live

Break-even rent $3,464

Max offer price $320,155

Occupancy floor —

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: $99,250
• Closing costs: $11,910
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2488 Waterfront Park Dr Canyon Lake, TX	4.0	3.0	2134	$3,250	$1.52	19d	1	0.56mi
101 Cielo Vis Canyon Lake, TX	4.0	3.0	2112	$2,400	$1.14	14d	1	0.77mi
1392 Hillcrest Frst Canyon Lake, TX	4.0	3.0	2050	$4,000	$1.95	43d	1	1.21mi
705 Firefly Dr Unit 1365728P Canyon Lake, TX	3.0	2.0	1819	$4,127	$2.27	1d	1	1.23mi
693 Riviera Dr Canyon Lake, TX	3.0	2.0	1776	$2,995	$1.69	43d	1	1.30mi

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 23 events

1. 2026-06-18
   days on market $397,000 Active 63 DOM
2. 2026-06-17
   pricedays on market $397,000 Active 62 DOM
3. 2026-06-16
   days on market $427,000 Active 61 DOM
4. 2026-06-15
   days on market $427,000 Active 60 DOM
5. 2026-06-13
   days on market $427,000 Active 58 DOM
6. 2026-06-09
   days on market $427,000 Active 54 DOM
7. 2026-06-08
   days on market $427,000 Active 53 DOM
8. 2026-06-07
   days on market $427,000 Active 52 DOM
9. 2026-06-04
   days on market $427,000 Active 49 DOM
10. 2026-06-03
    days on market $427,000 Active 48 DOM
11. 2026-06-02
    days on market $427,000 Active 47 DOM
12. 2026-06-01
    days on market $427,000 Active 46 DOM
13. 2026-05-31
    days on market $427,000 Active 45 DOM
14. 2026-04-16
    listed $427,000 Active 1251-char remark

    Show marketing remark (1251 chars)

    Perched in the heart of Canyon Lake, 224 Circle Haven is a residence that perfectly captures the spirit of the Texas Hill Country—relaxed, spacious, and full of possibility. Spanning over 2,500 square feet, this multi-level home is designed for those who appreciate character and a layout that adapts to their lifestyle. The upper level serves as the home’s heartbeat, featuring an expansive open-concept living, dining, and kitchen area. A massive stone fireplace anchors the room, creating a warm, inviting atmosphere for gatherings. The master suite is a standout. Downstairs, the home offers even more flexibility with a private bedroom, full bath, and a dedicated office or workshop space, ideal for a home business or a quiet creative retreat. Outdoor living is where this property truly shines. The oversized covered deck provides front-row seats to panoramic Hill Country and lake views. For the outdoor enthusiast, the storage is unmatched. The Opportunity This listing is uniquely flexible. The front lot may also be available for purchase, offering a rare chance to expand your estate or preserve your views. Most items on the property are negotiable and may convey, making this a truly turn-key opportunity for the right buyer.

15. 2013-10-01
    soldstatus
16. 2013-09-27
    soldstatus 506-char remark

    Show marketing remark (506 chars)

    VERY FLEXIBLE FLOOR PLAN. HUGE LIVING, DINING AND KITCHEN AREA WITH STONE FP. UPSTAIRS LEVEL 5 STEPS UP FROM ROAD LEVEL. DOWNSTAIRS LEVEL WITH GARAGE AREA. TWO BEDROOMS INCLUDING MASTER UP. MASTER BATH HAS SEPERATE HIS/HER AREA WITH COMMON SHOWER. DOWNSTAIRS HAS 1 BEDROOM WITH FULL BATH AND SECOND OFFICE/WORKSHOP/4TH BEDROOM. ONE ATCH 2 CAR AND 1 DETCH 2 CAR WITH DRIVE THRU. RV/BOAT SLAB PARKING. LARGE COVERED DECK WITH LAKE AND HILL COUNTRY VIEW. WALK TO WATERFRONT AREA. ADD LOT FOR SALE ADJOINING IT

17. 2013-09-27
    soldstatus $200,000

    Show marketing remark (506 chars)

    VERY FLEXIBLE FLOOR PLAN. HUGE LIVING, DINING AND KITCHEN AREA WITH STONE FP. UPSTAIRS LEVEL 5 STEPS UP FROM ROAD LEVEL. DOWNSTAIRS LEVEL WITH GARAGE AREA. TWO BEDROOMS INCLUDING MASTER UP. MASTER BATH HAS SEPERATE HIS/HER AREA WITH COMMON SHOWER. DOWNSTAIRS HAS 1 BEDROOM WITH FULL BATH AND SECOND OFFICE/WORKSHOP/4TH BEDROOM. ONE ATCH 2 CAR AND 1 DETCH 2 CAR WITH DRIVE THRU. RV/BOAT SLAB PARKING. LARGE COVERED DECK WITH LAKE AND HILL COUNTRY VIEW. WALK TO WATERFRONT AREA. ADD LOT FOR SALE ADJOINING IT

18. 2013-08-24
    historical 506-char remark

    Show marketing remark (506 chars)

    VERY FLEXIBLE FLOOR PLAN. HUGE LIVING, DINING AND KITCHEN AREA WITH STONE FP. UPSTAIRS LEVEL 5 STEPS UP FROM ROAD LEVEL. DOWNSTAIRS LEVEL WITH GARAGE AREA. TWO BEDROOMS INCLUDING MASTER UP. MASTER BATH HAS SEPERATE HIS/HER AREA WITH COMMON SHOWER. DOWNSTAIRS HAS 1 BEDROOM WITH FULL BATH AND SECOND OFFICE/WORKSHOP/4TH BEDROOM. ONE ATCH 2 CAR AND 1 DETCH 2 CAR WITH DRIVE THRU. RV/BOAT SLAB PARKING. LARGE COVERED DECK WITH LAKE AND HILL COUNTRY VIEW. WALK TO WATERFRONT AREA. ADD LOT FOR SALE ADJOINING IT

19. 2013-07-05
    listed $225,000
20. 2013-06-07
    listed $225,000 506-char remark

    Show marketing remark (506 chars)

    VERY FLEXIBLE FLOOR PLAN. HUGE LIVING, DINING AND KITCHEN AREA WITH STONE FP. UPSTAIRS LEVEL 5 STEPS UP FROM ROAD LEVEL. DOWNSTAIRS LEVEL WITH GARAGE AREA. TWO BEDROOMS INCLUDING MASTER UP. MASTER BATH HAS SEPERATE HIS/HER AREA WITH COMMON SHOWER. DOWNSTAIRS HAS 1 BEDROOM WITH FULL BATH AND SECOND OFFICE/WORKSHOP/4TH BEDROOM. ONE ATCH 2 CAR AND 1 DETCH 2 CAR WITH DRIVE THRU. RV/BOAT SLAB PARKING. LARGE COVERED DECK WITH LAKE AND HILL COUNTRY VIEW. WALK TO WATERFRONT AREA. ADD LOT FOR SALE ADJOINING IT

21. 2013-06-04
    historical
22. 2013-03-02
    listed $249,000
23. 1996-04-08
    soldstatus

ⓘ 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: $5,522 · $460/mo
• Projected year-2 tax: $7,265 · $605/mo
• Expected delta: +$1,743/yr (+$145/mo · 31.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°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: $34,960
• − Mortgage interest: −$22,238
• − Property taxes: −$5,522
• − Insurance: −$1,985
• − Repairs & maintenance: −$2,797
• − Management: −$2,797
• − HOA: −$348
• − Depreciation: −$11,549
• Taxable loss: −$12,276
• Est. tax savings @ 24.0%: +$2,946
• After-tax cash flow: $-2,274/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: Comal ISD
• NCES district ID: 4814730
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 59% ▼ -2.00%
• Median HH income: $74,792
• Composite: 51.79/100
• National rank: #1671
• State rank: #58 of 826 in TX

Livability — Canyon Lake

• Score: 67/100
• State rank: #534
• US rank: #10441

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canyon Lake, TX
• County: Comal County · 206,262 people
• City population: 42,159
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 21,959
• Household income: $83,853
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 402.0

Population outlook (Comal County) Hauer SSP2

• Today (2025): 175,637 people
• By 2030: 199,911 · +13.8%
• By 2040: 249,436 · +42.0%
• By 2050: 299,430 · +70.5%
• By 2075: 423,857 · +141.3%
• By 2100: 512,048 · +191.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 20% Two or more races 10% Black 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 3% Romanian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Comal

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.2%
• 2008→2024 swing: +1.9pp toward D · 2008: -47.4pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+42.7 2016: R+50.1 2012: R+54.1 2008: R+47.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -111.36%
• Current HPI: 218.4633
• Rent YoY: ▼ -1.20%
• Metro: San Antonio-New Braunfels, 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

+71.5% since first listed

10 events — show timeline

• 2026-04-16 Listed $427,000 Unlock MLS
• 2013-10-01 Sold (Public Records) — Public Records
• 2013-09-27 Sold (MLS) — LERA
• 2013-09-27 Sold (MLS) $200,000 CTXMLS
• 2013-08-24 Listing Removed — LERA
• 2013-07-05 Listed $225,000 CTXMLS
• 2013-06-07 Listed $225,000 LERA
• 2013-06-04 Listing Removed — LERA
• 2013-03-02 Listed $249,000 LERA
• 1996-04-08 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2026): $5,522 · -21.4% YoY. Source: county tax records.