213 Lido St Unit N2

Lakeway, TX 78734

$275,000D

3 bd · 2.0 ba · 2,130 sqft · Built 1972 · Condo · Pending · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,027/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$673
• HOA: −$400
• Vac / Maint / Mgmt: −$636
• Net cashflow: $-124/mo
• Annual: $-1,484/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.93%
• DSCR: 0.91
• 1% rule: 1.10%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $275k.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (7.9% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• It's been on market 56 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (7.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#330 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lake Travis ISD (rural): math 57% / reading 61% proficiency, ranked #39 of 826 in TX (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Serene Hills El (math 56% / reading 54%, grade C, #602 of 4,322 statewide, top 14%, 627 students, 7% FRL); Hudson Bend Middle (math 57% / reading 52%, grade B-, #256 of 1,662 statewide, top 16%, 900 students, 0% FRL); Lake Travis H S (math 54% / reading 75%, grade B-, #199 of 1,632 statewide, top 14%, 3,701 students, 0% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 481 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 17,121 units permitted in Travis County in 2024 (11,963 in 5+ unit buildings).
• Travis County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 7y 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, 69% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 1.7% in Lakeway — 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.

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?
• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?