None · Lockhart, TX 78644

$359,000

6 bd · 4.0 ba · 2,376 sqft · MultiFamily · 163 Days on market

Built 2018 Fair condition 8,659 sqft lot $151/sqft · 21% below area Est $456k · 21% under ↓ 10% since listing

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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 +10.3/30.0
• Livability +3.4/5.0
• 1% rule +3.1/10.0
• DSCR +2.9/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Lockhart is a growing community 37 miles to Austin, TX.

Key facts

• 8,659 sq ft lot
• Built 2018
• Listed 162 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $359k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-198 ($-2k/yr) — negative. Per door: $-99/mo.
• To cash-flow at today's rent, offer at most $330k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (19.5% below list).
• Recommended offer: $289k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.1% in Lockhart — 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 (#535 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Lockhart ISD (town): math 27% / reading 29% proficiency, ranked #657 of 826 in TX (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Navarro El (math 27% / reading 30%, grade F, #2,706 of 4,322 statewide, top 63%, 580 students, 72% FRL); Lockhart J H (math 22% / reading 26%, grade F, #1,301 of 1,662 statewide, top 79%, 1,433 students, 74% FRL); Lockhart H S (math 21% / reading 33%, grade F, #1,204 of 1,632 statewide, top 75%, 1,968 students, 69% FRL).
• Market conditions: 523 active listings in the ZIP; 529 units permitted in Caldwell County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Caldwell County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask is 800% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $289,000 (19.5% 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 163 days. Have you received any prior offers? Is the seller open to a 19% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.81% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.36%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $455,992
• List price: $359,000
• Delta: -21.27%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
805 Hallie Cv	0.01mi	6/4.0	2,376 (0%)	2mo	$350,000	$147	97
1308 B Hausman	0.05mi	6/4.0	2,376 (0%)	9mo	$339,000	$143	90
1310 Hausman Dr	0.05mi	6/4.0	2,336 (-2%)	18mo	$391,000	$167	80
1129 W San Antonio St	0.51mi	6/4.0	2,650 (+12%)	5mo	$471,000	$178	52
905 Crockett St	1.47mi	6/4.0	2,250 (-5%)	15mo	$375,000	$167	44
208 Hackberry St	1.38mi	6/4.0	2,500 (+5%)	17mo	$439,900	$176	42
305 Pitkin Dr	1.23mi	5/3.5 (-1)	2,410 (+1%)	23mo	$407,345	$169	36
518 W Prairie Lea St	1.02mi	5/3.5 (-1)	2,896 (+22%)	5mo	$600,000	$207	29
1612 Foxglove Dr	1.27mi	5/3.5 (-1)	2,797 (+18%)	6mo	$329,900	$118	28
905 S Medina St	1.49mi	6/4.0	2,892 (+22%)	27mo	$484,999	$168	20

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: -20.2%
• Equity multiple: 0.30×
• Total profit: $-70,732
• Equity at exit: $53,528

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-77,643
• Equity at exit: $31,040

Cash invested: $100,520 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $365,000 ($154/sqft)
• Median days on market: 177 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +24.9% above current asking $/sqft

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

ZIP-level market 78644

• Home prices YoY: -29.4%
• Active inventory: 523
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $2,890 medium
• Mortgage (P&I): −$1,883
• Tax est. 1.5%: −$449 /mo · $5,385/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $-198

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,890
Total (2 units)			$2,890

Break-even live

Break-even rent $3,140

Max offer price $330,368

Occupancy floor —

Sensitivity live

Price	-10% $50	-5% $-74	+0% $-198	+5% $-322	+10% $-446
Rent	-10% $-426	-5% $-312	+0% $-198	+5% $-84	+10% $30
Rate	-1.0pp $-17	-0.5pp $-107	base $-198	+0.5pp $-291	+1.0pp $-386

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: $89,750
• Closing costs: $10,770
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1309 Monte Vista Dr Lockhart, TX	3.0	2.0	1349	$1,550	$1.15	93d	1	0.08mi
1100 Monte Vista Dr Lockhart, TX	3.0	2.0	1154	$1,800	$1.56	34d	1	0.23mi
606 Guadalimar St Lockhart, TX	4.0	2.0	1036	$1,700	$1.64	93d	1	0.32mi
1012 Bois D Arc St Lockhart, TX	3.0	2.0	1050	$1,200	$1.14	35d	1	0.54mi
1015 Fir Ln Lockhart, TX	2.0	1.0	900	$1,100	$1.22	60d	1	0.56mi
1015 Fir Ln Lockhart, TX	2.0	1.0	900	$1,100	$1.22	53d	1	0.56mi
1207 Camden Ln Lockhart, TX	4.0	2.0	1544	$1,799	$1.17	64d	1	0.57mi
150 Tonkawa Trl Unit 150 Lockhart, TX	3.0	2.0	1216	$1,499	$1.23	93d	1	0.58mi
314 N Richland Dr Lockhart, TX	4.0	2.5	1816	$2,150	$1.18	20d	1	0.60mi
326 N Richland Dr Lockhart, TX	4.0	2.0	1801	$1,775	$0.99	31d	1	0.60mi
210 Addison Pl Lockhart, TX	4.0	2.0	1542	$1,845	$1.20	93d	1	0.61mi
117 Quail Cv Unit A Lockhart, TX	3.0	2.0	1250	$1,495	$1.20	13d	1	0.62mi
331 N Richland Dr Lockhart, TX	3.0	2.0	1281	$1,800	$1.41	93d	1	0.64mi
1702 Miller Ter Lockhart, TX	3.0	2.0	1253	$1,895	$1.51	93d	1	0.66mi
1327 Camden Ln Lockhart, TX	4.0	2.0	1778	$1,950	$1.10	93d	1	0.66mi
1337 Camden Ln Lockhart, TX	4.0	2.0	1544	$1,800	$1.17	73d	1	0.69mi
311 Darwin Pl Lockhart, TX	4.0	2.0	1544	$1,900	$1.23	13d	1	0.69mi
305 Wirecrested Dr Lockhart, TX	4.0	2.5	1816	$2,190	$1.21	53d	1	0.70mi
221 Wirecrested Dr Lockhart, TX	4.0	2.5	1816	$2,179	$1.20	20d	1	0.70mi
1314 Prescott Pl Lockhart, TX	4.0	2.0	1780	$2,190	$1.23	93d	1	0.79mi
401 Abbey Ln Lockhart, TX	4.0	2.0	1779	$2,100	$1.18	42d	1	0.81mi
728 W San Antonio St Apt A Lockhart, TX	2.0	1.0	944	$1,000	$1.06	38d	1	0.82mi
728 W San Antonio St Unit 730 A Lockhart, TX	2.0	1.0	944	$1,000	$1.06	53d	1	0.82mi
728 W San Antonio St Lockhart, TX	2.0	1.0	944	$1,125	$1.19	53d	1	0.82mi
728 W San Antonio St Lockhart, TX	2.0	1.0	944	$1,230	$1.30	17d	1	0.82mi
728 W San Antonio St Unit 108 A Lockhart, TX	2.0	1.0	944	$1,000	$1.06	17d	1	0.82mi
139 Elm St Lockhart, TX	1.0–2.0	1.0–1.5	738	$1,050	$1.42	9d	2	0.84mi
1712 W San Antonio St Lockhart, TX	3.0	2.5	1575	$1,858	$1.18	9d	6	0.86mi
413 Abbey Ln Lockhart, TX	3.0	2.0	1297	$1,750	$1.35	73d	1	0.86mi
115 S Frio St Unit H Lockhart, TX	2.0	1.5	959	$1,125	$1.17	93d	1	0.91mi
115 S Frio St Unit A Lockhart, TX	2.0	1.5	959	$1,125	$1.17	53d	1	0.91mi
2115 Windsor Blvd Unit 5304 Lockhart, TX	2.0	2.0	1052	$1,565	$1.49	13d	1	1.04mi
2115 Windsor Blvd Lockhart, TX	1.0–3.0	1.0–2.0	929	$1,625	$1.75	9d	31	1.07mi
543 Christopher Cv Lockhart, TX	3.0	2.5	1830	$2,000	$1.09	20d	1	1.11mi
543 Christopher Cv Lockhart, TX	3.0	2.0	1830	$2,000	$1.09	59d	1	1.11mi
211 Pitkin Dr Lockhart, TX	3.0	2.0	1555	$1,850	$1.19	9d	1	1.22mi
329 Flores St Lockhart, TX	2.0	1.0	1116	$1,400	$1.25	16d	1	1.24mi
217 Summit Dr Lockhart, TX	3.0	2.0	1341	$1,795	$1.34	93d	1	1.28mi
417 S Commerce St Unit B Lockhart, TX	2.0	1.5	1789	$1,000	$0.56	53d	1	1.39mi
100 N Brazos St Lockhart, TX	3.0	1.0	1299	$1,600	$1.23	73d	1	1.40mi

Listing history 50 events

1. 2026-07-26
   days on market $359,000 Active 163 DOM
2. 2026-07-24
   days on market $359,000 Active 161 DOM
3. 2026-07-23
   days on market $359,000 Active 160 DOM
4. 2026-07-22
   days on market $359,000 Active 159 DOM
5. 2026-07-21
   days on market $359,000 Active 158 DOM
6. 2026-07-20
   days on market $359,000 Active 157 DOM
7. 2026-07-18
   days on market $359,000 Active 155 DOM
8. 2026-07-18
   days on market $359,000 Active 154 DOM
9. 2026-07-16
   days on market $359,000 Active 153 DOM
10. 2026-07-15
    days on market $359,000 Active 152 DOM
11. 2026-07-14
    days on market $359,000 Active 151 DOM
12. 2026-07-13
    days on market $359,000 Active 150 DOM
13. 2026-07-13
    days on market $359,000 Active 149 DOM
14. 2026-07-11
    days on market $359,000 Active 148 DOM
15. 2026-07-10
    days on market $359,000 Active 147 DOM
16. 2026-07-09
    days on market $359,000 Active 146 DOM
17. 2026-07-07
    days on market $359,000 Active 144 DOM
18. 2026-07-06
    days on market $359,000 Active 143 DOM
19. 2026-07-05
    days on market $359,000 Active 142 DOM
20. 2026-07-03
    days on market $359,000 Active 140 DOM
21. 2026-07-02
    days on market $359,000 Active 139 DOM
22. 2026-07-01
    days on market $359,000 Active 138 DOM
23. 2026-06-30
    days on market $359,000 Active 137 DOM
24. 2026-06-29
    days on market $359,000 Active 136 DOM
25. 2026-06-28
    days on market $359,000 Active 135 DOM
26. 2026-06-27
    days on market $359,000 Active 134 DOM
27. 2026-06-26
    days on market $359,000 Active 133 DOM
28. 2026-06-24
    days on market $359,000 Active 131 DOM
29. 2026-06-22
    days on market $359,000 Active 129 DOM
30. 2026-06-21
    days on market $359,000 Active 128 DOM
31. 2026-06-18
    days on market $359,000 Active 125 DOM
32. 2026-06-17
    days on market $359,000 Active 124 DOM
33. 2026-06-16
    days on market $359,000 Active 123 DOM
34. 2026-06-15
    days on market $359,000 Active 122 DOM
35. 2026-06-13
    days on market $359,000 Active 120 DOM
36. 2026-06-09
    days on market $359,000 Active 116 DOM
37. 2026-06-08
    days on market $359,000 Active 115 DOM
38. 2026-06-07
    days on market $359,000 Active 114 DOM
39. 2026-06-04
    days on market $359,000 Active 111 DOM
40. 2026-06-03
    days on market $359,000 Active 110 DOM
41. 2026-06-02
    days on market $359,000 Active 109 DOM
42. 2026-06-01
    days on market $359,000 Active 108 DOM
43. 2026-05-31
    days on market $359,000 Active 107 DOM
44. 2026-04-23
    price $359,000 55-char remark

    Show marketing remark (55 chars)

    Lockhart is a growing community 37 miles to Austin, TX.

45. 2026-03-21
    price $369,900 55-char remark

    Show marketing remark (55 chars)

    Lockhart is a growing community 37 miles to Austin, TX.

46. 2026-02-14
    listed $39,900 Active 55-char remark

    Show marketing remark (55 chars)

    Lockhart is a growing community 37 miles to Austin, TX.

47. 2026-02-14
    price $399,000 55-char remark

    Show marketing remark (55 chars)

    Lockhart is a growing community 37 miles to Austin, TX.

48. 2025-05-13
    price
49. 2025-03-06
    listed Active
50. 2023-01-09
    listed Active

ⓘ 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 3/10 Moderate
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,680
• − Mortgage interest: −$20,110
• − Property taxes: −$5,385
• − Insurance: −$1,795
• − Repairs & maintenance: −$2,774
• − Management: −$2,774
• − Depreciation: −$10,444
• Taxable loss: −$8,602
• Est. tax savings @ 24.0%: +$2,064
• After-tax cash flow: $-310/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 · 1 photo

Fair 45/100 Moderate rehab Est. rehab $59,400–$106,920 screening

This multi-family property requires significant repairs and maintenance, including a new roof and windows, to improve its condition and value.

Repairs flagged

• Major roof — No photos of the roof
• Major exterior siding — No photos of the exterior siding
• Major windows — No photos of the windows

Value-add opportunities

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair and replace roof — A new roof is essential for long-term durability and value ↑
• Both repair and replace windows — New windows improve energy efficiency and curb appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 27/100

Zoned Schools

Elementary George W Carver Early Education Center High Lockhart H S F TX #1,204/1,632 Nat'l #11,887/17,239

Schools (NCES district)

• District: Lockhart ISD
• NCES district ID: 4827870
• Math proficiency: 27% ▼ -12.00%
• Reading proficiency: 29% ▼ -2.00%
• Median HH income: $48,868
• Composite: 24.44/100
• National rank: #7674
• State rank: #657 of 826 in TX

C Composite livability gradescore 67/100

Livability — Lockhart

• Score: 67/100
• State rank: #535
• US rank: #10453

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockhart, TX
• County: Caldwell County · 46,557 people
• City population: 22,348
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 22,348
• Household income: $74,709
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 20% of renters

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Population outlook (Caldwell County) Hauer SSP2

• Today (2025): 46,557 people
• By 2030: 49,673 · +6.7%
• By 2040: 55,827 · +19.9%
• By 2050: 61,832 · +32.8%
• By 2075: 77,212 · +65.8%
• By 2100: 89,225 · +91.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 52% White 39% Two or more races 23% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 45% Puerto Rican 2%
• Common ancestry: Italian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 9% · Canada
• Languages at home: 67% English-only · Spanish 32%

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Political lean MEDSL · Caldwell

• 2024 margin: R (+14.4) · D 42.2% · R 56.6% · Other 1.2%
• 2008→2024 swing: -8.4pp toward R · 2008: -6.0pp · 2024: -14.4pp
• All cycles: 2024: R+14.4 2020: R+9.1 2016: R+15.8 2012: R+11.1 2008: R+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.62%
• Current HPI: 239.7906
• Rent YoY: —
• Metro: —
• 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

Price history

-10.0% since first listed

7 events — show timeline

• 2026-04-23 Price Changed $359,000 Unlock MLS
• 2026-03-21 Price Changed $369,900 Unlock MLS
• 2026-02-14 Listed $39,900 Unlock MLS
• 2026-02-14 Price Changed $399,000 Unlock MLS
• 2025-05-13 Price Changed — Unlock MLS
• 2025-03-06 Listed — Unlock MLS
• 2023-01-09 Listed — Unlock MLS