804 Osage Dr

Leander, TX 78641

$385,000D

6 bd · 2.0 ba · 1,932 sqft · Built 1983 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,555/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$811
• HOA: −$0
• Vac / Maint / Mgmt: −$747
• Net cashflow: $-21/mo
• Annual: $-257/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 0.92%
• Cash to close: $107,800

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $385k.
• 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).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $356k (7.7% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Williamson County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• This rent runs 32% of the median local income ($135k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.