600A 10th · Bandera, TX 78003

$475,000

4 bd · 3.0 ba · 2,356 sqft · MultiFamily · 135 Days on market

Built 2026 $202/sqft · 19% below area Est $590k · 19% 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 +7.5/30.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great new construction duplex's in Bandera, just off the main street. Easy walk to the courthouse and all the shops and restaurants. Directly across the street from Bandera Middle School. This duplex has separate water and electric meters. The units have all stainless steel kitchen appliances packages and include a refrigerator in addition to the stove, microwave, and dishwasher. Nice granite countertops in kitchen and baths, large living area, both bedrooms upstairs Each unit has a two spaces parking pad in front. Floor Plan in Documents

Key facts

• Large living area
• Granite countertops
• 4 parking spots

Tags

• NEW CONSTRUCTION DUPLEX
• GRANITE COUNTERTOPS
• LARGE LIVING AREA
• TWO SPACES PARKING PAD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $-597 ($-7k/yr) — negative. Per door: $-298/mo.
• To cash-flow at today's rent, offer at most $389k (18.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (28.4% below list).
• Recommended offer: $340k (28.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 1.4% in Bandera — 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 73/100 on livability (#209 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: schools D-, commute F, employment D-.
• Bandera ISD (rural): math 30% / reading 41% proficiency, ranked #500 of 826 in TX (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 531 active listings in the ZIP; 6 units permitted in Bandera County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.

Recommended offer $340,000 (28.4% 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 135 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.72% ✗
• Cap rate: 4.79%
• Cash-on-cash: -5.38%
• DSCR: 0.76
• GRM: 11.6

CMA / ARV

• ARV (median comp): $589,565
• List price: $475,000
• Delta: -19.43%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 12th St	0.26mi	5/2.0 (+1)	2,686 (+14%)	23mo	$615,000	$229	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.5%
• Equity multiple: 0.14×
• Total profit: $-114,918
• Equity at exit: $70,824

10-year hold

• IRR: -21.7%
• Equity multiple: -0.12×
• Total profit: $-148,790
• Equity at exit: $41,069

Cash invested: $133,000 (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 78003

• Home prices YoY: -14.3%
• Active inventory: 531
• Price-to-rent: 23.3×

Monthly cashflow live

• Estimated rent: $3,400 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $-597

Break-even live

Break-even rent $4,155

Max offer price $388,668

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,400
Total (2 units)			$3,400

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $475,000 Active 135 DOM
2. 2026-06-17
   days on market $475,000 Active 134 DOM
3. 2026-06-16
   days on market $475,000 Active 133 DOM
4. 2026-06-15
   days on market $475,000 Active 132 DOM
5. 2026-06-13
   days on market $475,000 Active 130 DOM
6. 2026-06-09
   days on market $475,000 Active 126 DOM
7. 2026-06-07
   days on market $475,000 Active 124 DOM
8. 2026-06-04
   days on market $475,000 Active 121 DOM
9. 2026-06-03
   days on market $475,000 Active 120 DOM
10. 2026-06-02
    days on market $475,000 Active 119 DOM
11. 2026-06-01
    days on market $475,000 Active 118 DOM
12. 2026-05-31
    days on market $475,000 Active 117 DOM
13. 2026-02-03
    listed $475,000 New 554-char remark

    Show marketing remark (554 chars)

    Great new construction duplex's in Bandera, just off the main street. Easy walk to the courthouse and all the shops and restaurants. Directly across the street from Bandera Middle School. This duplex has separate water and electric meters. The units have all stainless steel kitchen appliances packages and include a refrigerator in addition to the stove, microwave, and dishwasher. Nice granite countertops in kitchen and baths, large living area, both bedrooms upstairs Each unit has a two spaces parking pad in front. Floor Plan in Documents

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $40,800
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,264
• − Management: −$3,264
• − Depreciation: −$13,818
• Taxable loss: −$15,654
• Est. tax savings @ 24.0%: +$3,757
• After-tax cash flow: $-3,403/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: Bandera ISD
• NCES district ID: 4809360
• Math proficiency: 30% ▼ -7.00%
• Reading proficiency: 41% ▼ -3.00%
• Median HH income: $48,771
• Composite: 30.61/100
• National rank: #6194
• State rank: #500 of 826 in TX

Livability — Bandera

• Score: 73/100
• State rank: #209
• US rank: #5244

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bandera, TX
• Population (ZIP): 9,594

Population outlook (Bandera County) Hauer SSP2

• Today (2025): 22,614 people
• By 2030: 23,102 · +2.2%
• By 2040: 23,489 · +3.9%
• By 2050: 23,264 · +2.9%
• By 2075: 23,607 · +4.4%
• By 2100: 22,265 · -1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 21% Two or more races 15% Native American 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 3% Serbian 3% Romanian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 85% English-only · Spanish 14% German/W. Germanic 1%

Political lean MEDSL · Bandera

• 2024 margin: Solid R (+61.9) · D 18.6% · R 80.5%
• 2008→2024 swing: -11.5pp toward R · 2008: -50.4pp · 2024: -61.9pp
• All cycles: 2024: R+61.9 2020: R+59.4 2016: R+63.0 2012: R+59.0 2008: R+50.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.80%
• Current HPI: 215.0687
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-02-03 Listed $475,000 LERA