23501 Flickering Sky Dr · Elgin, TX 78621

$236,999

4 bd · 2.0 ba · 1,600 sqft · SingleFamily · 31 Days on market

Built 2026 Excellent condition 6,642 sqft lot Est $266k · 11% under $55/mo HOA · 3% of rent ↓ 8% since listing

---

Why this score? — see what drove the C 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 +13.6/30.0
• ARV discount +12.3/15.0
• Appreciation +10.0/10.0
• Condition / age +4.8/5.0
• 1% rule +4.1/10.0
• DSCR +4.1/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Schools +2.0/10.0

Listing remarks MLS

This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are three secondary bedrooms along the side of the home, which are comfortable spaces for household members and overnight guests.

Key facts

• Walk-in closet
• Open floorplan
• Secondary bedrooms

Tags

• OPEN FLOORPLAN
• OWNER'S SUITE
• EN-SUITE BATHROOM
• WALK-IN CLOSET
• SECONDARY BEDROOMS

Property features AI

Finance

• HOA & community: Homeowners association (Elm Creek HOA) with $55 monthly fee covering common area maintenance; Community features: playground, park, pool, trails/paths

Exterior

• Parking: Attached garage; 2 covered parking spaces (2 total)
• Utilities: Electricity available; Public water; Public sewer (connected)
• Home design: Single-story; New construction by Lennar; Faces northeast; Slab foundation
• Construction: Brick, cement siding, and stone exterior; Composition roof
• Exterior features: Private yard; Porch; Privacy fencing; Back yard; Front yard; Interior lot; Community pool

Interior

• Kitchen: Dishwasher; Range
• Bedrooms: 4 main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan; Walk-in closet(s)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $237k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $14 ($174/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (8.8% below list).
• Recommended offer: $216k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.4% 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: 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 20d 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 $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Travis County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.1% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $216,117 (8.8% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $265,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13409 Trumpet Creeper Dr	0.04mi	4/2.0	1,575 (-2%)	1mo	$248,990	$158	95
13400 Trumpet Creeper Dr	0.08mi	3/2.0 (-1)	1,510 (-6%)	1mo	$257,990	$171	81
13324 Trumpet Creeper Dr	0.09mi	3/2.0 (-1)	1,510 (-6%)	2mo	$252,990	$168	80
13316 Trumpet Creeper Dr	0.11mi	3/2.0 (-1)	1,510 (-6%)	1mo	$250,999	$166	80
23821 Glowing Embers Dr	0.35mi	4/2.0	1,667 (+4%)	1mo	$245,999	$148	76
23829 Glowing Embers Dr	0.37mi	4/2.0	1,667 (+4%)	2mo	$249,990	$150	74
13421 Trumpet Creeper Dr	0.04mi	3/2.0 (-1)	1,402 (-12%)	1mo	$241,999	$173	72
13405 Trumpet Creeper Dr	0.05mi	3/2.0 (-1)	1,411 (-12%)	2mo	$237,990	$169	72
13321 Trumpet Creeper Dr	0.08mi	3/2.0 (-1)	1,411 (-12%)	1mo	$237,999	$169	71
13309 Trumpet Creeper Dr	0.10mi	3/2.0 (-1)	1,402 (-12%)	2mo	$226,990	$162	68
23501 Firelight Dr	0.13mi	3/2.0 (-1)	1,411 (-12%)	2mo	$228,990	$162	68
23817 Glowing Embers Dr	0.34mi	3/2.0 (-1)	1,474 (-8%)	1mo	$221,990	$151	65

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: 24.5%
• Equity multiple: 2.96×
• Total profit: $130,326
• Equity at exit: $213,507

10-year hold

• IRR: 21.7%
• Equity multiple: 6.78×
• Total profit: $383,728
• Equity at exit: $460,437

Cash invested: $66,360 (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: 9.1×

Monthly cashflow live

• Estimated rent: $2,161 high
• Mortgage (P&I): −$1,243
• Tax est. 1.5%: −$296 /mo · $3,555/yr
• Insurance: −$99
• HOA: −$55
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $14

Break-even live

Break-even rent $2,143

Max offer price $236,999

Occupancy floor 94%

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: $59,250
• Closing costs: $7,110
• 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	20d	1	0.16mi
13249 Illumination Rd Unit R3 Elgin, TX	4.0	3.0	2000	$560	$0.28	21d	1	0.26mi
13249 Illumination Rd Unit R2 Elgin, TX	4.0	3.0	2000	$600	$0.30	17d	1	0.26mi
13249 Illumination Rd Unit R4 Elgin, TX	4.0	3.0	2000	$589	$0.29	43d	1	0.36mi
13501 Mussel Run Elgin, TX	4.0	2.0	1667	$1,800	$1.08	16d	1	0.60mi
13305 Banquete St Elgin, TX	4.0	2.0	1707	$1,995	$1.17	43d	1	0.62mi
13124 Maidenhair Trl Elgin, TX	4.0	2.0	1448	$1,775	$1.23	16d	1	0.70mi
13124 Maidenhair Trl Elgin, TX	4.0	2.0	1448	$1,775	$1.23	23d	1	0.70mi
13520 Knights Branch Dr Elgin, TX	3.0	2.5	1600	$1,850	$1.16	2d	1	0.75mi
13604 Menard Way Elgin, TX	3.0	2.0	1474	$1,875	$1.27	23d	1	0.76mi
17812 Prairie Verbena Ln Elgin, TX	3.0	2.5	2049	$2,199	$1.07	43d	1	0.77mi
13725 Knights Branch Dr Elgin, TX	4.0	2.5	1800	$2,100	$1.17	23d	1	0.86mi
13804 Knights Branch Dr Elgin, TX	3.0	2.5	1427	$1,900	$1.33	4d	1	0.87mi
13121 Blackeyed Susan Trl Elgin, TX	4.0	2.0	1586	$1,800	$1.13	17d	1	0.93mi
14129 Tordillo Dr Elgin, TX	4.0	2.5	1874	$2,675	$1.43	23d	1	0.99mi
14129 Tordillo Dr Unit NA Elgin, TX	4.0	2.5	1874	$2,595	$1.38	4d	1	0.99mi
13501 Sierra Wind Ln Elgin, TX	4.0	2.5	2066	$2,500	$1.21	20d	1	1.35mi

HOA detail

• Monthly dues: $55 · $660/yr

Listing history 17 events

1. 2026-06-18
   days on market $236,999 Active 31 DOM
2. 2026-06-17
   days on market $236,999 Active 30 DOM
3. 2026-06-16
   days on market $236,999 Active 29 DOM
4. 2026-06-15
   days on market $236,999 Active 28 DOM
5. 2026-06-13
   days on market $236,999 Active 26 DOM
6. 2026-06-09
   days on market $236,999 Active 22 DOM
7. 2026-06-08
   days on market $236,999 Active 21 DOM
8. 2026-06-07
   days on market $236,999 Active 20 DOM
9. 2026-06-04
   days on market $236,999 Active 17 DOM
10. 2026-06-03
    days on market $236,999 Active 16 DOM
11. 2026-06-02
    days on market $236,999 Active 15 DOM
12. 2026-06-01
    days on market $236,999 Active 14 DOM
13. 2026-05-31
    days on market $236,999 Active 13 DOM
14. 2026-05-20
    price $236,999
15. 2026-05-19
    price $236,999 403-char remark

    Show marketing remark (403 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are three secondary bedrooms along the side of the home, which are comfortable spaces for household members and overnight guests.

16. 2026-05-18
    listed $256,999 Active 403-char remark

    Show marketing remark (403 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are three secondary bedrooms along the side of the home, which are comfortable spaces for household members and overnight guests.

17. 2026-05-18
    listed $256,999 Active

    Show marketing remark (403 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are three secondary bedrooms along the side of the home, which are comfortable spaces for household members and overnight guests.

ⓘ 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: $25,934
• − Mortgage interest: −$13,276
• − Property taxes: −$3,555
• − Insurance: −$1,185
• − Repairs & maintenance: −$2,075
• − Management: −$2,075
• − HOA: −$660
• − Depreciation: −$6,895
• Taxable loss: −$3,785
• Est. tax savings @ 24.0%: +$909
• After-tax cash flow: $1,082/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 · 19 photos

Excellent 95/100 None rehab

This single-level home showcases a spacious open floorplan with modern finishes and excellent condition. It is move-in ready with minimal maintenance required.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Add smart home features — Improves convenience and adds modern appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Add smart home features — Improves convenience and adds modern appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-7.8% since first listed

4 events — show timeline

• 2026-05-20 Price Changed $236,999 Unlock MLS
• 2026-05-19 Price Changed $236,999 Zillow
• 2026-05-18 Listed $256,999 Zillow
• 2026-05-18 Listed $256,999 Unlock MLS