804 Osage Dr · Leander, TX 78641

$385,000

6 bd · 2.0 ba · 1,932 sqft · MultiFamily public records · 9 Days on market

Built 1983 0.54 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 +13.0/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Fully rented and cash flowing duplex in heart of Leander! Huge, fenced-in corner lot w/ great schools and shopping! Units are both 3 bed/ 2 bath. Updated HVAC inside & out. Updated laminate floors, newer carpet, dishwasher, fixtures, fans and lights. Unit A updated w/ metal storage bldgs in back w/ amazing yard! Unit A and B $1225 rent per side per month. $2450 total monthly rents

Key facts

• Fenced-in corner lot
• Vinyl flooring
• Water fixtures

Tags

• FENCED-IN CORNER LOT
• RECENT HVAC
• NEW CABINETS
• WATER FIXTURES
• LIGHT FIXTURES
• VINYL FLOORING

Property features AI

Finance

• Other: Pets allowed with restrictions (breed, number, and size limits; cats and dogs OK)
• Financial info: Two-unit multifamily property; Total actual rent reported: $1,575; Unit B listed deposit: $2,200; Unit B actual rent: $1,575 (unit is leased through March 31, 2027)

Exterior

• Parking: Carport; Storage; Parking for 4 vehicles total
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available; High-speed internet available
• Home design: Single-story property; Faces north; Resale condition
• Construction: Built (year from public records); HardiPlank and masonry exterior; Composition roof; Slab foundation
• Exterior features: Corner lot with many large trees; Chain link and wood fencing; Shed(s)

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator; Gas water heater
• Bedrooms: Two 3-bedroom units (Unit A and Unit B)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: Two full bathrooms in each unit
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Blinds on windows; No interior steps
• Laundry & utility: In-unit laundry on main level; Electric and gas dryer hookups

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $-21 ($-257/yr) — negative. Per door: $-11/mo.
• To cash-flow at today's rent, offer at most $381k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (7.7% below list).
• Recommended offer: $356k (7.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.2% in Leander — 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 83/100 on livability (#10 in TX, #940 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F.
• Leander ISD (suburban): math 50% / reading 54% proficiency, ranked #100 of 826 in TX (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Patricia Knowles El (math 21% / reading 31%, grade F, #2,954 of 4,322 statewide, top 69%, 654 students, 53% FRL); Running Brushy Middle (math 49% / reading 45%, grade D+, #424 of 1,662 statewide, top 27%, 1,052 students, 29% FRL); Leander H S (math 43% / reading 41%, grade F, #730 of 1,632 statewide, top 47%, 2,218 students, 25% FRL) — zoned schools average 36% FRL vs 19% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 52% district-wide (-14 pts) — the specific schools serving this property underperform the Leander ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.7%/yr); 1501 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 7,543 units permitted in Williamson County in 2024 (1,425 in 5+ unit buildings).
• This rent runs 32% of the median local income ($135k/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.
• Williamson County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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, 70% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $355,500 (7.7% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.3%
• Equity multiple: 0.31×
• Total profit: $-74,013
• Equity at exit: $57,405

10-year hold

• IRR: -22.6%
• Equity multiple: 0.02×
• Total profit: $-105,830
• Equity at exit: $33,288

Cash invested: $107,800 (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 78641

• Home prices YoY: -33.3%
• Rents YoY: -0.7%
• Active inventory: 1501
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $3,555 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$650 /mo · $7,806/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $-21

Break-even live

Break-even rent $3,582

Max offer price $381,212

Occupancy floor 96%

Sensitivity live

Price	-10% $196	-5% $88	+0% $-21	+5% $-130	+10% $-239
Rent	-10% $-302	-5% $-162	+0% $-21	+5% $119	+10% $259
Rate	-1.0pp $172	-0.5pp $76	base $-21	+0.5pp $-121	+1.0pp $-223

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,556
Total (2 units)			$3,555

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1116 Grey Back Dr Leander, TX	5.0	2.0	2174	$2,300	$1.06	19d	1	1.44mi

Listing history 6 events

1. 2026-06-07
   days on market $385,000 Active 9 DOM
2. 2026-06-05
   days on market $385,000 Active 6 DOM
3. 2026-06-03
   days on market $385,000 Active 5 DOM
4. 2026-06-02
   days on market $385,000 Active 4 DOM
5. 2026-06-01
   days on market $385,000 Active 3 DOM
6. 2026-05-31
   days on market $385,000 Active 2 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: $7,806 · $650/mo
• Projected year-2 tax: $7,806 · $650/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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,660
• − Mortgage interest: −$21,566
• − Property taxes: −$7,806
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,413
• − Management: −$3,413
• − Depreciation: −$11,200
• Taxable loss: −$6,662
• Est. tax savings @ 24.0%: +$1,599
• After-tax cash flow: $1,342/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: Leander ISD
• NCES district ID: 4827030
• Math proficiency: 50% ▼ -16.00%
• Reading proficiency: 54% ▼ -11.00%
• Median HH income: $84,527
• Composite: 47.73/100
• National rank: #2238
• State rank: #100 of 826 in TX

Livability — Leander

• Score: 83/100
• State rank: #10
• US rank: #940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leander, TX
• County: Williamson County · 680,029 people
• City population: 99,865
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 99,865
• Household income: $135,024
• Rent vs Own: 22.8% rent · 77.2% own
• Severe rent burden: 1533.0

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 699,027 people
• By 2030: 795,537 · +13.8%
• By 2040: 990,683 · +41.7%
• By 2050: 1,184,292 · +69.4%
• By 2075: 1,623,825 · +132.3%
• By 2100: 1,924,153 · +175.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 21% Two or more races 14% Asian 11% Black 6%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 3% Italian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 76% English-only · Spanish 12% Other Indo-European 4% Other Asian/Pacific 4%

Political lean MEDSL · Williamson

• 2024 margin: Toss-up / Even · D 48.0% · R 50.4% · Other 1.6%
• 2008→2024 swing: +10.6pp toward D · 2008: -13.0pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: D+1.4 2016: R+9.9 2012: R+21.5 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.33%
• Current HPI: 203.2689
• Rent YoY: ▼ -0.66%
• Metro: Austin-Round Rock-Georgetown, 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

+37.5% since first listed

18 events — show timeline

• 2026-05-29 Listed $385,000 Unlock MLS
• 2026-05-25 Rental Removed $1,650 SHOWMOJO
• 2026-03-14 Listed for Rent $1,650 SHOWMOJO
• 2026-01-01 Rental Removed $1,650 SHOWMOJO
• 2025-12-29 Listed for Rent $1,650 SHOWMOJO
• 2019-09-09 Sold (Public Records) — Public Records
• 2019-08-30 Sold (MLS) — Unlock MLS
• 2019-07-26 Pending — Unlock MLS
• 2019-07-23 Listed $315,000 Unlock MLS
• 2019-06-29 Delisted — Unlock MLS
• 2019-06-27 Listed — Unlock MLS
• 2018-06-22 Sold (Public Records) — Public Records
• 2018-06-20 Sold (MLS) — Unlock MLS
• 2018-06-01 Pending — Unlock MLS
• 2018-05-30 Listed $279,900 Unlock MLS
• 1990-04-01 Sold (Public Records) — Public Records
• 1986-12-11 Sold (Public Records) — Public Records
• 1985-09-01 Sold (Public Records) — Public Records

Property tax history

+8.2%/yr

Latest (2026): $7,806 · +1.8% YoY. Source: county tax records.