23825 Firelight Dr · Elgin, TX 78621

$272,999

3 bd · 2.0 ba · 1,651 sqft · SingleFamily · 43 Days on market

Built 2026 4,791 sqft lot $165/sqft · 5% above area Est $260k · 5% over $55/mo HOA · 3% of rent ↓ 9% since listing

---

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).

• Appreciation +10.0/10.0
• Cash flow +7.8/30.0
• ARV discount +5.2/15.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• DSCR +1.9/10.0

Listing remarks

The Carmel - This new single-level home provides ample space to live and grow. An open-concept floorplan combines the kitchen, dining area and family room, with convenient access to a covered patio for seamless entertaining and relaxation. Two secondary bedrooms can be found off the foyer, and the luxe owner’s suite is tucked away into a private corner at the back of the home, offering direct access to an en-suite bathroom and roomy walk-in closet. Photos are for illustrative purposes only. Estimated Completion August 2026. The completion date, prices and features may vary and are subject to change. Please verify with Lennar directly.

Key facts

• Walk-in closet
• Covered patio
• Luxe owner suite

Tags

• OPEN-CONCEPT FLOORPLAN
• COVERED PATIO
• LUXE OWNER SUITE
• EN-SUITE BATHROOM
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Elm Creek HOA, $55 per month (includes common area maintenance); Community playground; Community park; Community pool

Exterior

• Parking: Attached garage; Driveway; Two total parking spaces; Two covered parking spaces
• Utilities: Electricity available; Public sewer; Public water
• Home design: Single-story; New construction; Northwest facing
• Construction: Built by Lennar; HardiPlank-type exterior; Composition/shingle roof; Slab foundation
• Exterior features: Private yard; Covered patio; Front porch; Patio; Back yard fencing; Privacy wood fencing; Corner lot; Front yard

Interior

• Kitchen: Dishwasher; Range
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds on windows; Double vanity; Eat-in kitchen; Kitchen island; Walk-in closet(s)
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $273k.

Deal economics

• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (24.0% below list).
• Recommended offer: $207k (24.0% below list) — sets the bar for 1% rule.

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: schools F, 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.
• Market conditions: Rents rising (+3.1%/yr); 807 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 17,121 units permitted in Travis County in 2024 (11,963 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Travis County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($265k) is reasonable based on typical stale-listing flexibility.

Recommended offer $207,358 (24.0% 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 43 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.76% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.76%
• DSCR: 0.79
• GRM: 11.0

CMA / ARV

• ARV (median comp): $259,583
• List price: $272,999
• Delta: 5.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23821 Glowing Embers Dr	0.12mi	4/2.0 (+1)	1,667 (+1%)	1mo	$245,999	$148	87
23829 Glowing Embers Dr	0.14mi	4/2.0 (+1)	1,667 (+1%)	2mo	$249,990	$150	85
23817 Glowing Embers Dr	0.11mi	3/2.0	1,474 (-11%)	1mo	$221,990	$151	76
13409 Trumpet Creeper Dr	0.26mi	4/2.0 (+1)	1,575 (-5%)	1mo	$248,990	$158	75
13400 Trumpet Creeper Dr	0.28mi	3/2.0	1,510 (-8%)	1mo	$257,990	$171	72
13316 Trumpet Creeper Dr	0.28mi	3/2.0	1,510 (-8%)	1mo	$250,999	$166	72
13324 Trumpet Creeper Dr	0.28mi	3/2.0	1,510 (-8%)	2mo	$252,990	$168	72
23501 Firelight Dr	0.20mi	3/2.0	1,411 (-14%)	2mo	$228,990	$162	65
13321 Trumpet Creeper Dr	0.25mi	3/2.0	1,411 (-14%)	1mo	$237,999	$169	64
23813 Glowing Embers Dr	0.10mi	4/2.5 (+1)	1,891 (+14%)	1mo	$258,999	$137	64
13405 Trumpet Creeper Dr	0.26mi	3/2.0	1,411 (-14%)	2mo	$237,990	$169	62
13413 Trumpet Creeper Dr	0.26mi	4/2.0 (+1)	1,867 (+13%)	1mo	$266,999	$143	60

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: 20.9%
• Equity multiple: 2.70×
• Total profit: $129,668
• Equity at exit: $245,939

10-year hold

• IRR: 19.0%
• Equity multiple: 6.20×
• Total profit: $397,692
• Equity at exit: $530,377

Cash invested: $76,440 (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 78621

• Home prices YoY: 7.6%
• Rents YoY: 3.1%
• Active inventory: 807
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,074 high
• Mortgage (P&I): −$1,432
• Tax est. 1.5%: −$341 /mo · $4,095/yr
• Insurance: −$114
• HOA: −$55
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $-304

Break-even live

Break-even rent $2,458

Max offer price $229,081

Occupancy floor —

Sensitivity live

Price	-10% $-115	-5% $-209	+0% $-304	+5% $-398	+10% $-492
Rent	-10% $-467	-5% $-385	+0% $-304	+5% $-222	+10% $-140
Rate	-1.0pp $-166	-0.5pp $-234	base $-304	+0.5pp $-374	+1.0pp $-446

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: $68,250
• Closing costs: $8,190
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23408 Tiny Moons Way Elgin, TX	4.0	2.5	2000	$1,960	$0.98	21d	1	0.25mi
13249 Illumination Rd Unit R3 Elgin, TX	4.0	3.0	2000	$560	$0.28	22d	1	0.29mi
13249 Illumination Rd Unit R2 Elgin, TX	4.0	3.0	2000	$600	$0.30	18d	1	0.29mi
13249 Illumination Rd Unit R4 Elgin, TX	4.0	3.0	2000	$589	$0.29	44d	1	0.37mi
13501 Mussel Run Elgin, TX	4.0	2.0	1667	$1,800	$1.08	17d	1	0.47mi
13305 Banquete St Elgin, TX	4.0	2.0	1707	$1,995	$1.17	44d	1	0.47mi
13124 Maidenhair Trl Elgin, TX	4.0	2.0	1448	$1,775	$1.23	17d	1	0.54mi
13124 Maidenhair Trl Elgin, TX	4.0	2.0	1448	$1,775	$1.23	24d	1	0.54mi
17812 Prairie Verbena Ln Elgin, TX	3.0	2.5	2049	$2,199	$1.07	44d	1	0.59mi
13520 Knights Branch Dr Elgin, TX	3.0	2.5	1600	$1,850	$1.16	2d	1	0.61mi
13604 Menard Way Elgin, TX	3.0	2.0	1474	$1,875	$1.27	24d	1	0.62mi
13725 Knights Branch Dr Elgin, TX	4.0	2.5	1800	$2,100	$1.17	24d	1	0.72mi
13804 Knights Branch Dr Elgin, TX	3.0	2.5	1427	$1,900	$1.33	5d	1	0.73mi
13121 Blackeyed Susan Trl Elgin, TX	4.0	2.0	1586	$1,800	$1.13	18d	1	0.77mi
14129 Tordillo Dr Elgin, TX	4.0	2.5	1874	$2,675	$1.43	24d	1	0.86mi
14129 Tordillo Dr Unit NA Elgin, TX	4.0	2.5	1874	$2,595	$1.38	5d	1	0.86mi
13501 Sierra Wind Ln Elgin, TX	4.0	2.5	2066	$2,500	$1.21	20d	1	1.23mi

HOA detail

• Monthly dues: $55 · $660/yr

Listing history 15 events

1. 2026-06-18
   days on market $272,999 Active 43 DOM
2. 2026-06-17
   days on market $272,999 Active 42 DOM
3. 2026-06-16
   days on market $272,999 Active 41 DOM
4. 2026-06-15
   days on market $272,999 Active 40 DOM
5. 2026-06-13
   days on market $272,999 Active 38 DOM
6. 2026-06-09
   days on market $272,999 Active 34 DOM
7. 2026-06-08
   days on market $272,999 Active 33 DOM
8. 2026-06-07
   days on market $272,999 Active 32 DOM
9. 2026-06-04
   days on market $272,999 Active 29 DOM
10. 2026-06-03
    pricedays on market $272,999 Active 28 DOM
11. 2026-06-02
    days on market $274,999 Active 27 DOM
12. 2026-06-01
    days on market $274,999 Active 26 DOM
13. 2026-05-31
    days on market $274,999 Active 25 DOM
14. 2026-05-08
    price $296,999 648-char remark
15. 2026-05-06
    listed $300,999 Active 648-char remark

ⓘ 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: $24,883
• − Mortgage interest: −$15,292
• − Property taxes: −$4,095
• − Insurance: −$1,365
• − Repairs & maintenance: −$1,991
• − Management: −$1,991
• − HOA: −$660
• − Depreciation: −$7,942
• Taxable loss: −$8,452
• Est. tax savings @ 24.0%: +$2,029
• After-tax cash flow: $-1,614/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: 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

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

• County: Bastrop County · 68,601 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: 235.0

Population outlook (Travis County) Hauer SSP2

• Today (2025): 1,545,133 people
• By 2030: 1,729,269 · +11.9%
• By 2040: 2,097,596 · +35.8%
• By 2050: 2,463,890 · +59.5%
• By 2075: 3,249,374 · +110.3%
• By 2100: 3,801,868 · +146.1%

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%

Political lean MEDSL · Travis

• 2024 margin: Solid D (+39.3) · D 68.8% · R 29.4% · Other 1.8%
• 2008→2024 swing: +9.9pp toward D · 2008: 29.4pp · 2024: 39.3pp
• All cycles: 2024: D+39.3 2020: D+45.0 2016: D+38.9 2012: D+23.9 2008: D+29.4

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

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

-9.3% since first listed

5 events — show timeline

• 2026-06-02 Price Changed $272,999 Unlock MLS
• 2026-05-29 Price Changed $274,999 Unlock MLS
• 2026-05-26 Price Changed $280,999 Unlock MLS
• 2026-05-08 Price Changed $296,999 Unlock MLS
• 2026-05-06 Listed $300,999 Unlock MLS