115 World Of Tennis Sq · Lakeway, TX 78738

$299,999

3 bd · 4.0 ba · 2,192 sqft · Condo public records · 45 Days on market

Built 1971 $137/sqft · 18% below area Est $367k · 18% under $474/mo HOA · 15% of rent ↓ 6% since listing

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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 +7.7/30.0
• Schools +5.5/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Rare end-unit opportunity in Lakeway with a spacious layout, abundant natural light, and a price that’s hard to beat. Freshly painted with new flooring throughout, this move-in-ready home features floor-to-ceiling windows, great privacy in the back, ample parking with a designated parking area, and easy in-and-out access within the complex. Generous storage space and a functional floor plan make everyday living easy. Equipped with permanent filters for low-maintenance living. Short-term rentals are allowed, and the complex is now FHA approved — creating exceptional flexibility for both owners and investors.

Key facts

• Natural light
• Functional layout
• $474 HOA

Tags

• NATURAL LIGHT
• FLOOR-TO-CEILING WINDOWS
• DESIGNATED PARKING AREA
• EASY IN-AND-OUT ACCESS
• GENEROUS STORAGE SPACE
• FUNCTIONAL LAYOUT

Property features AI

Finance

• HOA & community: Homeowners association (World of Tennis Condo); Monthly association fee of $474; Association fee covers common area maintenance, structure maintenance, and trash; Community features include community mailbox, sidewalks, tennis courts, trails/paths, and curbs

Exterior

• Parking: Parking lot with 2 total spaces
• Utilities: Cable available; Electricity connected; High-speed internet available; Sewer connected (Municipal Utility District); Water connected (Municipal Utility District); Underground utilities
• Home design: Two-story property; Faces northeast; Resale property
• Construction: HardiPlank-type exterior; Metal roof; Slab foundation; Year built from public records
• Exterior features: Balcony; Deck; Patio; Rain gutters; Tennis courts; Large trees on lot

Interior

• Kitchen: Dishwasher; Electric range / range; Microwave; Garbage disposal
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Laminate; Terrazzo; Tile
• Bathrooms: Three full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Beamed and open beam ceilings; Tray ceilings; Ceiling fans; Crown molding; Granite counters; Tile counters; Kitchen island; Pantry; Bar; Walk-in closets; Blinds; Tinted windows
• Laundry & utility: Indoor laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-340 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (20.1% below list).
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $240k (20.1% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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.

Location & tenants

• 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 soft (-1.2%/yr); 506 active listings in the ZIP; 14 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Travis County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $19k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% 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.

Recommended offer $239,848 (20.1% 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 45 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.02% ✓
• Cap rate: 4.93%
• Cash-on-cash: -4.86%
• DSCR: 0.78
• GRM: 8.2

CMA / ARV

• ARV (median comp): $366,561
• List price: $299,999
• Delta: -18.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -29.1%
• Equity multiple: 0.06×
• Total profit: $-78,818
• Equity at exit: $44,731

10-year hold

• IRR: -57.9%
• Equity multiple: -0.54×
• Total profit: $-129,386
• Equity at exit: $25,938

Cash invested: $84,000 (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 78738

• Home prices YoY: -5.5%
• Rents YoY: -1.2%
• Active inventory: 506
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,067 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$591 /mo · $7,098/yr
• Insurance: −$125
• HOA: −$474
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $-340

Break-even live

Break-even rent $3,498

Max offer price $239,848

Occupancy floor —

Sensitivity live

Price	-10% $-171	-5% $-256	+0% $-340	+5% $-425	+10% $-510
Rent	-10% $-583	-5% $-462	+0% $-340	+5% $-219	+10% $-98
Rate	-1.0pp $-189	-0.5pp $-264	base $-340	+0.5pp $-418	+1.0pp $-497

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 World of Tennis Sq Lakeway, TX	3.0	3.0	2192	$2,500	$1.14	26d	1	0.03mi
120 World of Tennis Sq Lakeway, TX	4.0	4.0	2192	$3,495	$1.59	6d	1	0.05mi
204 World of Tennis Sq Lakeway, TX	4.0	4.0	2192	$2,950	$1.35	45d	1	0.18mi
208 Maxwell Way Lakeway, TX	4.0	3.0	2146	$4,100	$1.91	19d	1	0.23mi
4 Muirfield Greens Cv Lakeway, TX	4.0	2.5	2188	$2,800	$1.28	6d	1	0.47mi
1 Crystal Springs Ct The Hills, TX	4.0	4.0	2789	$2,999	$1.08	26d	1	0.53mi
611 Lido St Lakeway, TX	3.0	2.5	2155	$3,150	$1.46	0d	1	0.55mi
126 Lido St Lakeway, TX	3.0	2.0	2472	$3,400	$1.38	6d	1	0.56mi
100 Lido Cir Lakeway, TX	2.0–3.0	1.5–3.0	1637	$2,300	$1.41	6d	1	0.85mi
110 Pennybacker Ln Austin, TX	4.0	3.5	2872	$4,500	$1.57	16d	1	0.89mi
112 Highlander Cv Lakeway, TX	3.0	3.0	2480	$2,900	$1.17	12d	1	1.04mi
1 Madrone Estates CV Lakeway, TX	1.0–3.0	1.0–2.5	1114	$1,953	$1.75	0d	1	1.13mi
6 Sunview Rd The Hills, TX	3.0	3.5	2590	$3,495	$1.35	6d	1	1.19mi
103 Comet Lakeway, TX	3.0	2.0	2359	$2,750	$1.17	45d	1	1.27mi

HOA detail condo

• Monthly dues: $474 · $5,688/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $299,999 Active 45 DOM
2. 2026-06-18
   days on market $299,999 Active 42 DOM
3. 2026-06-17
   days on market $299,999 Active 41 DOM
4. 2026-06-16
   days on market $299,999 Active 40 DOM
5. 2026-06-15
   days on market $299,999 Active 39 DOM
6. 2026-06-13
   pricedays on market $299,999 Active 37 DOM
7. 2026-06-09
   days on market $319,000 Active 33 DOM
8. 2026-06-08
   days on market $319,000 Active 32 DOM
9. 2026-06-07
   days on market $319,000 Active 31 DOM
10. 2026-06-04
    days on market $319,000 Active 28 DOM
11. 2026-06-03
    days on market $319,000 Active 27 DOM
12. 2026-06-02
    days on market $319,000 Active 26 DOM
13. 2026-06-01
    days on market $319,000 Active 25 DOM
14. 2026-05-31
    days on market $319,000 Active 24 DOM
15. 2026-05-07
    listed $319,000 Active 626-char remark
16. 2025-11-20
    price
17. 2025-10-10
    listed Active
18. 2025-09-08
    price
19. 2025-08-02
    listed Active
20. 2025-06-02
    price
21. 2025-02-13
    price
22. 2025-01-28
    listed Active
23. 1999-07-07
    soldstatus
24. 1984-05-16
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $7,098 · $591/mo
• Projected year-2 tax: $7,098 · $591/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 7 d/yr ≥107°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $36,808
• − Mortgage interest: −$16,805
• − Property taxes: −$7,098
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,945
• − Management: −$2,945
• − HOA: −$5,688
• − Depreciation: −$8,727
• Taxable loss: −$8,899
• Est. tax savings @ 24.0%: +$2,136
• After-tax cash flow: $-1,950/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: Lake Travis ISD
• NCES district ID: 4826470
• Math proficiency: 57% ▼ -12.00%
• Reading proficiency: 61% ▼ -9.00%
• Median HH income: $101,194
• Composite: 55.13/100
• National rank: #1283
• State rank: #39 of 826 in TX

Livability — Lakeway

• Score: 71/100
• State rank: #330
• US rank: #7227

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeway, TX
• County: Travis County · 1,299,254 people
• City population: 22,145
• Metro: Austin-Round Rock-Georgetown, TX
• Population (ZIP): 31,019
• Household income: $183,048
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 611.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 14% Hispanic / Latino 12% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 10% Romanian 3% Slovak 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 81% English-only · Spanish 7% Other Indo-European 6% Chinese 3%

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: ▼ -30.28%
• Current HPI: 518.22
• Rent YoY: ▼ -1.22%
• 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

-6.0% since first listed

11 events — show timeline

• 2026-06-12 Price Changed $299,999 Unlock MLS
• 2026-05-07 Listed $319,000 Unlock MLS
• 2025-11-20 Price Changed — Unlock MLS
• 2025-10-10 Listed — Unlock MLS
• 2025-09-08 Price Changed — Unlock MLS
• 2025-08-02 Listed — Unlock MLS
• 2025-06-02 Price Changed — Unlock MLS
• 2025-02-13 Price Changed — Unlock MLS
• 2025-01-28 Listed — Unlock MLS
• 1999-07-07 Sold (Public Records) — Public Records
• 1984-05-16 Sold (Public Records) — Public Records

Property tax history

+3.4%/yr

Latest (2026): $7,098 · -6.4% YoY. Source: county tax records.