102 Masonic Dr · Elgin, TX 78621

$115,000

3 bd · 1.0 ba · 792 sqft · SingleFamily public records · 288 Days on market

Built 1945 Poor condition 0.33 ac lot $145/sqft · 44% below area Est $207k · 44% under ↓ 4% since listing

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Why this score? — see what drove the B+ 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 +24.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +8.8/10.0
• DSCR +8.1/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Schools +2.0/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

This oversized R-3-zoned lot spans more than 14,000 sq ft—nearly twice the size of nearby parcels—and is approved for single-family, duplex, or manufactured home development within Elgin city limits. Situated on a quiet cul-de-sac just minutes from downtown Elgin, 102 Masonic Drive offers an exceptional opportunity for investors, builders, or homeowners seeking flexibility and location. City water and sewer are already in place, and the property sits high and dry in Flood Zone X, safely outside the 100- and 500-year floodplains. The existing 1945 structure can be removed or incorporated into a new build, offering multiple paths for redevelopment. With no HOA and duplex construction allowed by right, the property provides immediate potential for rental income, resale, or infill development. Elgin has quickly become a key player in Bastrop County’s transformation—one of Central Texas’s most dynamic growth corridors. Supported by major investments from Starlink, The Boring Company, and X, plus expanding manufacturing anchors such as Carr Lane Manufacturing and Yerico Industries, the region is attracting billions in new development. Nearby projects like Silo Ranch and Epitome at Elgin are bringing new housing, retail, and industrial space, while the county’s $43 million broadband initiative and designation as a Texas Media Production Zone are fueling long-term innovation and job creation. Combining small-town charm with direct access to US-290 and SH-130, Elgin delivers strong connectivity and steady population growth—making this property an ideal platform for investors to build now and benefit from the city’s accelerating momentum.

Key facts

• Quiet cul-de-sac
• R-3-zoned lot
• City water and sewer

Tags

• R-3-ZONED LOT
• QUIET CUL-DE-SAC
• CITY WATER AND SEWER
• HIGH AND DRY IN FLOOD ZONE X
• NO HOA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.3% in Elgin — 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 74/100 on livability (#167 in TX, #4,404 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Elgin ISD (rural): math 17% / reading 26% proficiency, ranked #741 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Booker T Washington El (math 9% / reading 17%, grade F, #4,152 of 4,322 statewide, top 96%, 750 students, 89% FRL); Elgin Middle (math 22% / reading 24%, grade F, #1,327 of 1,662 statewide, top 81%, 780 students, 82% FRL); Elgin H S (math 12% / reading 37%, grade F, #1,264 of 1,632 statewide, top 82%, 1,672 students, 74% FRL).
• Market conditions: Rents rising (+3.1%/yr); 978 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 37d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.1% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 288 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 288 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
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: 1.38% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• GRM: 6.0

CMA / ARV

• ARV (median comp): $206,624
• List price: $115,000
• Delta: -44.34%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Jackson St	0.05mi	3/1.0	912 (+15%)	5mo	$189,000	$207	68
401 S Avenue C	0.50mi	3/1.0	836 (+6%)	11mo	$199,000	$238	58
116 Carver St	0.18mi	3/1.0	960 (+21%)	35mo	$214,900	$224	47
204 N Avenue B	0.97mi	2/1.0 (-1)	750 (-5%)	8mo	$199,900	$267	45
209 E 8th St	1.22mi	2/1.0 (-1)	928 (+17%)	6mo	$249,900	$269	30
607 N Avenue H	1.28mi	2/1.5 (-1)	960 (+21%)	12mo	$174,900	$182	23
612 N Avenue Ave E	1.18mi	2/1.0 (-1)	922 (+16%)	20mo	$199,900	$217	18
523 E 2nd St	0.85mi	2/1.0 (-1)	642 (-19%)	23mo	$138,000	$215	16
603 N Main St	1.08mi	2/1.0 (-1)	975 (+23%)	25mo	$335,000	$344	15

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 3.45×
• Total profit: $78,743
• Equity at exit: $103,601

10-year hold

• IRR: 27.0%
• Equity multiple: 7.84×
• Total profit: $220,189
• Equity at exit: $223,420

Cash invested: $32,200 (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: 2 active
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $229,950 ($251/sqft)
• Median days on market: 335 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +4.1% vs current asking $/sqft

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

ZIP-level market 78621

• Home prices YoY: 7.6%
• Rents YoY: 3.1%
• Active inventory: 978
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,589 high
• Mortgage (P&I): −$603
• Tax from tax record: −$357 /mo · $4,285/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $248

Break-even live

Break-even rent $1,276

Max offer price $115,000

Occupancy floor 79%

Sensitivity live

Price	-10% $313	-5% $280	+0% $248	+5% $215	+10% $182
Rent	-10% $122	-5% $185	+0% $248	+5% $310	+10% $373
Rate	-1.0pp $305	-0.5pp $277	base $248	+0.5pp $218	+1.0pp $187

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: $28,750
• Closing costs: $3,450
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Hall St Unit B Elgin, TX	2.0	1.0	910	$1,295	$1.42	9d	1	0.36mi
204 Hall St Unit A Elgin, TX	2.0	1.0	910	$1,195	$1.31	36d	1	0.37mi
112 Hillside Cv Unit A Elgin, TX	2.0	1.5	896	$1,175	$1.31	9d	1	0.64mi
200 Maple Ln Elgin, TX	2.0	2.0	891	$1,400	$1.57	93d	1	0.65mi
110 S Main St Apt 103 Elgin, TX	3.0	2.0	1061	$1,745	$1.64	18d	1	0.70mi
110 S Main St #206 Elgin, TX	2.0	1.0	710	$1,500	$2.11	62d	1	0.70mi
110 S Main St #104 Elgin, TX	3.0	2.0	1061	$1,700	$1.60	93d	1	0.70mi
314 Williams St Elgin, TX	3.0	2.0	1032	$1,575	$1.53	46d	1	0.76mi
707 N Main St Elgin, TX	2.0	1.0	944	$1,495	$1.58	18d	1	1.18mi
805 Lexington Rd Unit A Elgin, TX	2.0	2.0	889	$1,400	$1.57	52d	1	1.40mi
805 Lexington Rd Unit B Elgin, TX	2.0	2.0	889	$1,350	$1.52	22d	1	1.40mi
817 Lloyd Ln Unit A Elgin, TX	2.0	2.0	838	$1,260	$1.50	9d	1	1.42mi

Listing history 50 events

1. 2026-08-08
   days on market $115,000 Active 288 DOM
2. 2026-08-06
   days on market $115,000 Active 286 DOM
3. 2026-08-05
   days on market $115,000 Active 285 DOM
4. 2026-08-04
   days on market $115,000 Active 284 DOM
5. 2026-08-03
   days on market $115,000 Active 283 DOM
6. 2026-07-31
   days on market $115,000 Active 280 DOM
7. 2026-07-30
   days on market $115,000 Active 278 DOM
8. 2026-07-28
   days on market $115,000 Active 277 DOM
9. 2026-07-26
   days on market $115,000 Active 275 DOM
10. 2026-07-24
    days on market $115,000 Active 273 DOM
11. 2026-07-23
    days on market $115,000 Active 272 DOM
12. 2026-07-22
    days on market $115,000 Active 271 DOM
13. 2026-07-21
    days on market $115,000 Active 270 DOM
14. 2026-07-20
    days on market $115,000 Active 269 DOM
15. 2026-07-18
    days on market $115,000 Active 267 DOM
16. 2026-07-18
    days on market $115,000 Active 266 DOM
17. 2026-07-16
    days on market $115,000 Active 265 DOM
18. 2026-07-15
    days on market $115,000 Active 264 DOM
19. 2026-07-14
    days on market $115,000 Active 263 DOM
20. 2026-07-13
    days on market $115,000 Active 262 DOM
21. 2026-07-13
    days on market $115,000 Active 261 DOM
22. 2026-07-12
    price $115,000 Active 260 DOM
23. 2026-07-11
    days on market $135,000 Active 260 DOM
24. 2026-07-10
    days on market $135,000 Active 259 DOM
25. 2026-07-09
    days on market $135,000 Active 258 DOM
26. 2026-07-07
    days on market $135,000 Active 256 DOM
27. 2026-07-06
    days on market $135,000 Active 255 DOM
28. 2026-07-05
    days on market $135,000 Active 254 DOM
29. 2026-07-03
    days on market $135,000 Active 252 DOM
30. 2026-07-02
    days on market $135,000 Active 251 DOM
31. 2026-07-01
    days on market $135,000 Active 250 DOM
32. 2026-06-30
    days on market $135,000 Active 249 DOM
33. 2026-06-29
    days on market $135,000 Active 248 DOM
34. 2026-06-28
    days on market $135,000 Active 247 DOM
35. 2026-06-27
    days on market $135,000 Active 246 DOM
36. 2026-06-26
    days on market $135,000 Active 245 DOM
37. 2026-06-24
    days on market $135,000 Active 243 DOM
38. 2026-06-22
    days on market $135,000 Active 241 DOM
39. 2026-06-21
    days on market $135,000 Active 240 DOM
40. 2026-06-18
    days on market $135,000 Active 237 DOM
41. 2026-06-17
    days on market $135,000 Active 236 DOM
42. 2026-06-16
    days on market $135,000 Active 235 DOM
43. 2026-06-15
    days on market $135,000 Active 234 DOM
44. 2026-06-13
    days on market $135,000 Active 232 DOM
45. 2026-06-09
    days on market $135,000 Active 228 DOM
46. 2026-06-08
    days on market $135,000 Active 227 DOM
47. 2026-06-07
    days on market $135,000 Active 226 DOM
48. 2026-06-04
    days on market $135,000 Active 223 DOM
49. 2026-06-03
    days on market $135,000 Active 222 DOM
50. 2026-06-02
    days on market $135,000 Active 221 DOM

ⓘ 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: $4,285 · $357/mo
• Projected year-2 tax: $4,285 · $357/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥109°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: $19,072
• − Mortgage interest: −$6,442
• − Property taxes: −$4,285
• − Insurance: −$575
• − Repairs & maintenance: −$1,526
• − Management: −$1,526
• − Depreciation: −$3,345
• Taxable income: $1,373
• Est. tax owed @ 24.0%: −$330
• After-tax cash flow: $2,640/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 · 9 photos

Poor 20/100 Extensive rehab Est. rehab $39,600–$71,280 screening

This property requires extensive repairs and maintenance, including a new roof and exterior paint, to become move-in ready and increase its resale value.

Repairs flagged

• Major roof — Significant damage and potential leaks are visible.
• Major exterior walls/siding — Severe wear and tear, peeling paint, and possible structural issues.

Value-add opportunities

• Resale repair and replace roof — A new roof will significantly improve the home's appearance and reduce potential maintenance costs. ↑
• Resale repair and paint exterior walls — A fresh coat of paint will improve the home's curb appeal and make it more attractive to potential buyers. ↑

ⓘ Rehab cost is a screening estimate — Extensive 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 20/100

Zoned Schools

Elementary Booker T Washington El F TX #4,152/4,322 Nat'l #37,536/41,679 Middle Elgin Middle F TX #1,327/1,662 Nat'l #11,007/14,009 High Elgin H S F TX #1,264/1,632 Nat'l #12,478/17,239

Schools (NCES district)

• District: Elgin ISD
• NCES district ID: 4818360
• Math proficiency: 17% ▼ -9.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $55,176
• Composite: 19.62/100
• National rank: #8749
• State rank: #741 of 826 in TX

B Composite livability gradescore 74/100

Livability — Elgin

• Score: 74/100
• State rank: #167
• US rank: #4404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elgin, TX
• County: Bastrop County · 94,260 people
• City population: 27,860
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 30,411
• Household income: $98,534
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 8% of renters

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Population outlook (Bastrop County) Hauer SSP2

• Today (2025): 94,260 people
• By 2030: 101,355 · +7.5%
• By 2040: 115,578 · +22.6%
• By 2050: 129,464 · +37.3%
• By 2075: 168,068 · +78.3%
• By 2100: 194,857 · +106.7%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 38% Two or more races 19% Black 11% Native American 1%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 36%

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Political lean MEDSL · Bastrop

• 2024 margin: R (+18.4) · D 40.2% · R 58.6% · Other 1.2%
• 2008→2024 swing: -10.2pp toward R · 2008: -8.2pp · 2024: -18.4pp
• All cycles: 2024: R+18.4 2020: R+13.8 2016: R+20.4 2012: R+17.0 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.47%
• Current HPI: 416.87
• Rent YoY: ▲ 3.12%
• Metro: Austin-Round Rock-Georgetown, 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

Price history

-3.6% since first listed

13 events — show timeline

• 2026-03-10 Price Changed $135,000 Unlock MLS
• 2026-03-10 Price Changed $135,000 Unlock MLS
• 2025-10-24 Listed $140,000 Unlock MLS
• 2025-10-24 Listed $140,000 Unlock MLS
• 2025-09-11 Price Changed — Unlock MLS
• 2025-09-11 Price Changed — Unlock MLS
• 2025-09-10 Price Changed — Unlock MLS
• 2025-09-10 Price Changed — Unlock MLS
• 2025-08-27 Price Changed — Unlock MLS
• 2025-08-26 Listed — Unlock MLS
• 2025-07-09 Price Changed — Unlock MLS
• 2025-04-15 Price Changed — Unlock MLS
• 2025-03-12 Listed — Unlock MLS

Property tax history

+10.5%/yr

Latest (2025): $4,285 · +0.7% YoY. Source: county tax records.