228 Bendecido Loop · Elgin, TX 78621

$273,370

3 bd · 2.0 ba · 1,388 sqft · Land · 114 Days on market

Built 2026 4,791 sqft lot $52/mo HOA · 3% of rent ↓ 4% 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).

• Cash flow +11.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +2.0/10.0

Listing remarks

MLS# 3418609 - Built by Century Communities - Apr 2026 completion! ~ The aptly named Maverick floor plan is a standout in both style and functionality. A charming porch entry leads to a spacious open kitchen, showcasing both a walk-in pantry and a center island that’s ideal for everything from food prep to entertaining. A dining room is steps away, leading into an inviting great room. The primary bedroom is off of the great room, showcasing a walk-in closet and an attached bath. Two additional bedrooms and another bath round out this attractive floor plan, which also includes a 2-bay garage.

Key facts

• Porch entry
• Dining room
• Great room

Tags

• PORCH ENTRY
• OPEN KITCHEN
• WALK-IN PANTRY
• CENTER ISLAND
• DINING ROOM
• GREAT ROOM

Property features AI

Finance

• HOA & community: Homeowners association managed by Neighborhood Management; Annual HOA fee of $625; HOA covers common area maintenance and grounds maintenance; Community amenities: common grounds, community mailbox, courtyard, playground, park, planned social activities, sport courts, tennis courts, sidewalks, trails/paths, street lights, curbs

Exterior

• Parking: Attached garage; Garage faces front; Driveway; Lighted parking; Private parking; Two covered parking spaces (2 total)
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water (Municipal Utility District); Public sewer (Municipal Utility District); Electricity available; Natural gas available; Cable available; Fiber optic available; High speed internet available; Phone service available; Underground utilities
• Home design: Single-story (1 story); New construction by Century Communities; Faces northwest; Slab foundation; Has a view
• Construction: Built with frame construction and HardiPlank siding; Stone veneer accents; Blown-in insulation; Composition shingle roof
• Exterior features: Private yard; Outdoor lighting; Rear porch; Front porch; Patio; Porch; Backs to greenbelt/park; Landscaped yard; Native plants; Automatic sprinklers; Rain sensor for sprinklers; Few small trees

Interior

• Kitchen: Kitchen island; Pantry; Dishwasher; Disposal; Free-standing gas oven; Gas cooktop / gas range; Microwave; Stainless steel appliances; Vented exhaust fan / exhaust fan
• Bedrooms: Three main-level bedrooms; Primary bedroom on main level; Walk-in closet(s) in at least one bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms; Double vanity in bathroom(s)
• Heating & cooling: Central heating; Central air conditioning; Exhaust fan
• Interior features: Ceiling fans; Double vanity; Open floor plan; Recessed lighting; Storage; Smart home features; Smart thermostat; Wired for data; High speed internet; Low-flow plumbing fixtures; Walk-in closet(s); Pantry; Kitchen island
• Laundry & utility: Dedicated laundry room; Washer hookup; Electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (27.2% below list).
• Recommended offer: $199k (27.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: 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.
• Zoned schools: Elgin El (math 8% / reading 17%, grade F, #4,180 of 4,322 statewide, top 97%, 847 students, 84% FRL); Elgin Middle (math 22% / reading 24%, grade F, #1,327 of 1,662 statewide, top 81%, 780 students, 82% FRL); Elgin H S (math 12% / reading 37%, grade F, #1,264 of 1,632 statewide, top 82%, 1,672 students, 74% FRL).
• Market conditions: Rents rising (+3.1%/yr); 814 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,841 units permitted in Bastrop County in 2024 (150 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Bastrop County population projected at +37% 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 114 days — a 9% lower offer ($249k) is reasonable based on typical stale-listing flexibility.

Recommended offer $199,016 (27.2% 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 114 days. Have you received any prior offers? Is the seller open to a 27% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.73% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.85×
• Total profit: $141,910
• Equity at exit: $246,273

10-year hold

• IRR: 20.6%
• Equity multiple: 6.54×
• Total profit: $423,799
• Equity at exit: $531,098

Cash invested: $76,544 (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: 814
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,990 high
• Mortgage (P&I): −$1,434
• Tax from tax record: −$85 /mo · $1,014/yr
• Insurance: −$114
• HOA: −$52
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $-112

Break-even live

Break-even rent $2,132

Max offer price $253,623

Occupancy floor —

Sensitivity live

Price	-10% $43	-5% $-34	+0% $-112	+5% $-189	+10% $-267
Rent	-10% $-269	-5% $-190	+0% $-112	+5% $-33	+10% $45
Rate	-1.0pp $26	-0.5pp $-42	base $-112	+0.5pp $-183	+1.0pp $-255

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: $68,342
• Closing costs: $8,201
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Bendecido Loop Elgin, TX	3.0	2.0	1300	$1,950	$1.50	19d	1	0.23mi
110 S Main St #104 Elgin, TX	3.0	2.0	1061	$1,700	$1.60	45d	1	1.17mi
204 Hall St Unit A Elgin, TX	2.0	1.0	910	$1,195	$1.31	0d	1	1.23mi
120 Jim Dandy Dr Elgin, TX	4.0	2.0	1650	$1,923	$1.17	6d	1	1.29mi
212 Lake Placid Run Elgin, TX	3.0	2.5	1681	$1,895	$1.13	0d	1	1.30mi
102 Schuylerville Dr Elgin, TX	3.0	2.0	1479	$1,800	$1.22	45d	1	1.43mi
200 Maple Ln Elgin, TX	2.0	2.0	891	$1,400	$1.57	45d	1	1.43mi

HOA detail

• Monthly dues: $52 · $624/yr

Listing history 5 events

1. 2026-05-01
   status Pending
2. 2026-04-24
   price $273,370
3. 2026-04-01
   price $283,370
4. 2026-03-10
   price $274,990
5. 2026-01-07
   listed $283,370 Active

ⓘ 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: $1,014 · $85/mo
• Projected year-2 tax: $5,003 · $417/mo
• Expected delta: +$3,988/yr (+$332/mo · 393.2%)

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

Taxation est. · year 1

• Rental income: $23,882
• − Mortgage interest: −$15,313
• − Property taxes: −$1,014
• − Insurance: −$1,367
• − Repairs & maintenance: −$1,911
• − Management: −$1,911
• − HOA: −$624
• − Depreciation: −$7,953
• Taxable loss: −$6,210
• Est. tax savings @ 24.0%: +$1,490
• After-tax cash flow: $149/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 (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 0.64)
• 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 · 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: ▲ 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

-3.5% since first listed

5 events — show timeline

• 2026-05-01 Pending — Unlock MLS
• 2026-04-24 Price Changed $273,370 Unlock MLS
• 2026-04-01 Price Changed $283,370 Unlock MLS
• 2026-03-10 Price Changed $274,990 Unlock MLS
• 2026-01-07 Listed $283,370 Unlock MLS