119 N Kanaio Dr · Bastrop, TX 78602

$495,000

6 bd · 4.0 ba · 3,600 sqft · MultiFamily · 81 Days on market

Built 2018 Good condition 0.30 ac lot $138/sqft · 19% below area Est $611k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.2/30.0
• Condition / age +4.0/5.0
• Livability +3.1/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Schools +2.4/10.0
• Rent growth +2.0/5.0
• 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

This is a rare opportunity to own an income-producing duplex in Tahitian Village, one of Bastrop’s most unique and sought-after communities surrounded by pine trees and natural beauty. Live in one side and rent the other, or add a strong asset to your portfolio with built-in income already in place. • Full duplex with 3,600 sqft total, 1,800 sqft per unit • Each unit offers 3 bedrooms and 2 bathrooms • Unit A is tenant occupied at $1,650/month • Unit B is vacant and ready for owner occupant or new tenant • Open layouts with functional, comfortable living spaces • Unit A features carpet upstairs, Unit B upgraded with LVP upstairs • Bedroom and full bath on main level in each unit • Spacious kitchens and living areas • Large, tree-covered lot with natural privacy • Located in Tahitian Village known for its peaceful setting and unique homes Perfect setup for someone looking to offset their mortgage, house hack, or hold as a long-term investment in a rapidly growing area. Located just minutes from downtown Bastrop, the Colorado River, and a short drive to SpaceX and The Boring Company.

Key facts

• Tree covered lot
• Natural privacy
• Open layouts

Tags

• INCOME PRODUCING DUPLEX
• TREE COVERED LOT
• NATURAL PRIVACY
• PEACEFUL SETTING
• OPEN LAYOUTS
• SPACIOUS KITCHENS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $495k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-278 ($-3k/yr) — negative. Per door: $-139/mo.
• To cash-flow at today's rent, offer at most $455k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $398k (19.6% below list).
• Recommended offer: $398k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.2% in Bastrop — 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 62/100 on livability (#947 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: amenities D, employment D, crime F.
• Bastrop ISD (rural): math 25% / reading 28% proficiency, ranked #670 of 826 in TX (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Emile El (math 23% / reading 27%, grade F, #3,013 of 4,322 statewide, top 70%, 803 students, 66% FRL); Bastrop Middle (math 28% / reading 36%, grade F, #971 of 1,662 statewide, top 60%, 929 students, 80% FRL); Bastrop H S (math 23% / reading 33%, grade F, #1,170 of 1,632 statewide, top 72%, 1,621 students, 62% FRL).
• Market conditions: Rents soft (-2.0%/yr); 1072 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).
• At $3,978/mo this rent would consume 53% of the median local household income ($90k/yr) (locally 775% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Bastrop County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($465k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $397,800 (19.6% 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 81 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 0.80% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.41%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $610,700
• List price: $495,000
• Delta: -18.95%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.7%
• Equity multiple: 0.21×
• Total profit: $-109,529
• Equity at exit: $73,806

10-year hold

• IRR: -29.9%
• Equity multiple: -0.18×
• Total profit: $-163,002
• Equity at exit: $42,799

Cash invested: $138,600 (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 78602

• Home prices YoY: -23.0%
• Rents YoY: -2.0%
• Active inventory: 1072
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $3,978 high
• Mortgage (P&I): −$2,596
• Tax est. 1.5%: −$619 /mo · $7,425/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$835
• Net cashflow: $-278

Break-even live

Break-even rent $4,330

Max offer price $454,742

Occupancy floor —

Sensitivity live

Price	-10% $64	-5% $-107	+0% $-278	+5% $-449	+10% $-620
Rent	-10% $-592	-5% $-435	+0% $-278	+5% $-121	+10% $36
Rate	-1.0pp $-29	-0.5pp $-152	base $-278	+0.5pp $-406	+1.0pp $-537

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,978
Total (2 units)			$3,978

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Upolu Ct Bastrop, TX	5.0	3.0	3078	$2,695	$0.88	25d	1	0.53mi

Listing history 17 events

1. 2026-06-21
   days on market $495,000 Active 81 DOM
2. 2026-06-18
   days on market $495,000 Active 78 DOM
3. 2026-06-17
   days on market $495,000 Active 77 DOM
4. 2026-06-16
   days on market $495,000 Active 76 DOM
5. 2026-06-15
   days on market $495,000 Active 75 DOM
6. 2026-06-13
   days on market $495,000 Active 73 DOM
7. 2026-06-09
   days on market $495,000 Active 69 DOM
8. 2026-06-08
   days on market $495,000 Active 68 DOM
9. 2026-06-07
   days on market $495,000 Active 67 DOM
10. 2026-06-04
    pricedays on market $495,000 Active 64 DOM
11. 2026-06-03
    days on market $500,000 Active 63 DOM
12. 2026-06-02
    days on market $500,000 Active 62 DOM
13. 2026-06-01
    days on market $500,000 Active 61 DOM
14. 2026-05-31
    days on market $500,000 Active 60 DOM
15. 2026-04-02
    listed $500,000 Active 1170-char remark

    Show marketing remark (1170 chars)

    This is a rare opportunity to own an income-producing duplex in Tahitian Village, one of Bastrop’s most unique and sought-after communities surrounded by pine trees and natural beauty. Live in one side and rent the other, or add a strong asset to your portfolio with built-in income already in place. • Full duplex with 3,600 sqft total, 1,800 sqft per unit • Each unit offers 3 bedrooms and 2 bathrooms • Unit A is tenant occupied at $1,650/month • Unit B is vacant and ready for owner occupant or new tenant • Open layouts with functional, comfortable living spaces • Unit A features carpet upstairs, Unit B upgraded with LVP upstairs • Bedroom and full bath on main level in each unit • Spacious kitchens and living areas • Large, tree-covered lot with natural privacy • Located in Tahitian Village known for its peaceful setting and unique homes Perfect setup for someone looking to offset their mortgage, house hack, or hold as a long-term investment in a rapidly growing area. Located just minutes from downtown Bastrop, the Colorado River, and a short drive to SpaceX and The Boring Company.

16. 2026-04-01
    listed $500,000 Active 1155-char remark

    Show marketing remark (1155 chars)

    This is a rare opportunity to own an income-producing duplex in Tahitian Village, one of Bastrop’s most unique and sought-after communities surrounded by pine trees and natural beauty. Live in one side and rent the other, or add a strong asset to your portfolio with built-in income already in place. • Full duplex with 3,600 sqft total, 1,800 sqft per unit • Each unit offers 3 bedrooms and 2 bathrooms • Unit A is tenant occupied at $1,650/month • Unit B is vacant and ready for owner occupant or new tenant • Open layouts with functional, comfortable living spaces • Unit A features carpet upstairs, Unit B upgraded with LVP upstairs • Bedroom and full bath on main level in each unit • Spacious kitchens and living areas • Large, tree-covered lot with natural privacy • Located in Tahitian Village known for its peaceful setting and unique homes Perfect setup for someone looking to offset their mortgage, house hack, or hold as a long-term investment in a rapidly growing area. Located just minutes from downtown Bastrop, the Colorado River, and a short drive to SpaceX and The Boring Company.

17. 2024-02-07
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 6 d/yr ≥110°F today · 18 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: $47,736
• − Mortgage interest: −$27,728
• − Property taxes: −$7,425
• − Insurance: −$2,475
• − Repairs & maintenance: −$3,819
• − Management: −$3,819
• − Depreciation: −$14,400
• Taxable loss: −$11,929
• Est. tax savings @ 24.0%: +$2,863
• After-tax cash flow: $-475/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready duplex in a sought-after community offers a rare opportunity for investors. The property is in good condition with modern finishes and ample natural light.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both paint exterior — improves curb appeal and adds value
• Rental replace air filters — keeps HVAC system running efficiently

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both paint exterior — improves curb appeal and adds value ↑
• Rental replace air filters — keeps HVAC system running efficiently ↑

ⓘ 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: Bastrop ISD
• NCES district ID: 4809570
• Math proficiency: 25% ▼ -13.00%
• Reading proficiency: 28% ▼ -4.00%
• Median HH income: $56,010
• Composite: 23.87/100
• National rank: #7799
• State rank: #670 of 826 in TX

Livability — Bastrop

• Score: 62/100
• State rank: #947
• US rank: #16846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bastrop County · 68,601 people
• City population: 38,190
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 38,190
• Household income: $89,968
• Rent vs Own: 29.2% rent · 70.8% own
• Severe rent burden: 775.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 54% Hispanic / Latino 36% Two or more races 17% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 28% Puerto Rican 2%
• Common ancestry: Italian 3% Serbian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 75% English-only · Spanish 23% German/W. Germanic 1%

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: ▼ -73.68%
• Current HPI: 247.1145
• Rent YoY: ▼ -2.04%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-02 Listed $500,000 CTXMLS
• 2026-04-01 Listed $500,000 Unlock MLS
• 2024-02-07 Listed — Unlock MLS