Two-Unit Income
For Sale
$200,000
297 Chaparral Dr, Bandera, TX 78003
Multi-Family (2-8 Units), Bandera, TX
Property Size882 SF
Lot Size0.23 Acres
Price / SF$226.76
Days on Market74
Property Features for 297 Chaparral Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Alkek
Middle school
Bandera
High school
Bandera
Elementary school district
Bandera Isd
Middle school district
Bandera Isd
High school district
Bandera Isd
Subdivision
2400
Standard status
Active
Size
882 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
2483
HOA Fee
$150 Annually
Building Details
Year built
2022
Listing Agency:
eXp Realty
(888) 519-7431
Listed By:
Shane Neal
(888) 519-7431
Added: Jun 13
Changed: Aug 19
Last Checked: Aug 25 at 6:06PM
MLS# 1940930
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit income property consists of two separate cabins, each featuring 1 bedroom and 1 bathroom. The total layout provides 2 bedrooms and 2 bathrooms across 882 square feet on a 0.231-acre lot. According to the current listing, one unit is already rented, creating immediate rental income, while the second unit offers flexibility for an owner-occupant or an additional rental arrangement.
The property is located at 297 Chaparral Dr in Bandera, TX 78003. The listing describes the setting as being near the heart of Bandera with Hill Country views, and close to a creek and Medina Lake.
For investors or buyers seeking a straightforward duplex-style setup, this configuration can support hands-on rental management with two independent units. The current occupancy gives one side of the property an established income stream, while the other unit can be positioned based on the next operator’s plans. The listing also notes the possibility of purchasing this property separately or together with 289 Chaparral, offering additional structuring options for an owner looking to consolidate holdings.
The property is located at 297 Chaparral Dr in Bandera, TX 78003. The listing describes the setting as being near the heart of Bandera with Hill Country views, and close to a creek and Medina Lake.
For investors or buyers seeking a straightforward duplex-style setup, this configuration can support hands-on rental management with two independent units. The current occupancy gives one side of the property an established income stream, while the other unit can be positioned based on the next operator’s plans. The listing also notes the possibility of purchasing this property separately or together with 289 Chaparral, offering additional structuring options for an owner looking to consolidate holdings.
Key Highlights
- Income‑producing 2‑unit cabin property built in 2022 near Bandera
- Each unit has 1 bedroom and 1 bathroom (total 2 beds, 2 baths)
- One unit is currently rented for immediate rental income
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,052
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$181,040
$181.0K
Cap Rate 7%
$129,314
$129.3K
Cap Rate 9%
$100,578
$100.6K
Market Conditions
NOI Build-Up for 882 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$14.3K $16.20/SF
− Vacancy
−$1.4K −$1.54/SF
EGI
$12.9K $14.66/SF
− OpEx
−$3.9K −$4.40/SF
NOI
$9.1K $10.26/SF
Area
Bandera County, TX
Vacancy
9.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$181,040
Cap Rate 7%
$129,314
Cap Rate 9%
$100,578
Alternative Uses
Best Use
Multifamily LT 5
$129.3K
$113.2K – $150.9K
NOI $9,052 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$112.3K
$98.2K – $131.0K
NOI $7,859 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$225.0K
$196.9K – $262.5K
NOI $15,749 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 78003, TX
9,595
Population
5,194
Households
1.8
Avg Household Size
53
Median Age
24%
College-Educated
91%
High-School Grad
226.7 sq mi
ZIP Area
42
Density / Sq Mi
$54,500
Median Household Income
$35,179
Median Earnings
$1,096
Median Rent
$233,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two 1-bedroom, 1-bath units near Bandera, with one currently rented and the second available for flexibility.
Where is this duplex located?
The property is located at 297 Chaparral Dr Bandera, TX.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Income‑producing 2‑unit cabin property built in 2022 near Bandera; Each unit has 1 bedroom and 1 bathroom (total 2 beds, 2 baths); One unit is currently rented for immediate rental income
