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$680,000

For Sale - Active
232 Spring Rd, Fredericksburg, TX 78624
2 Beds
2 Baths
1,588 Square Feet
0.00 Acres Lot
Built in 2019
For Sale - Active
Units n/a
Checked: 9 hours ago
Updated: Aug 19, 2025 at 10:50AM

Investment Summary


Monthly Cash Flow
-$1,711
Cap Rate
2.7%
Cash-on-Cash Return
-13.1%
Debt Coverage Ratio
0.47
Internal Rate of Return (5 years)
-8.7%

Property Description


0.00 Acres Lot
Built in 2019
For Sale - Active
Units n/a

This one-of-a-kind industrial-chic retreat on 5.6 acres offers both a stunning Hill Country lifestyle and an established income-generating opportunity just minutes from Fredericksburg. Currently operating as a successful Airbnb, the property features two rentable units-the striking main residence and a fully finished 400 sq. ft. apartment-ideal for guests or short-term rental income. Custom-built metal doors, cinder block walls, reclaimed wood shelving, and exposed metal beams set the tone for its modern industrial aesthetic, while the chef's kitchen boasts Sub-Zero, Wolf, and Cove appliances, MetroQuartz counters, custom Kingwood cabinets, a farmhouse sink, and a pass-through window to the patio. The loft-like primary suite offers floor-to-ceiling views, a private patio, and a spa-inspired bath with a Badeloft soaking tub, walk-in shower, double vanity, and dual laundry chutes. Pivoting floor-to-ceiling glass doors seamlessly connect indoor and outdoor spaces, complemented by a Stuv wood-burning fireplace and a serene built-in office. Outdoor living shines with covered patios, a firepit, a majestic willow tree, custom fencing, sidewalks leading to a large fenced garden, five raised beds, a chicken coop with electric and a self-closing door, and ample space for seasonal crops. Additional features include an oversized metal carport, open workshop, separate container gym (equipment negotiable), and the potential to expand into an 18+ acre compound with an adjacent 12.565 acres available for purchase. All set in a peaceful Hill Country location with quick access to Fredericksburg's shops, wineries, and dining. Imagine the possibilities-232 Spring Rd isn't just a home, it's a launchpad for your vision. With the optional purchase of the adjacent 12.565 acres for a total of 18+ acres, you could create your own private Hill Country compound tailored to your lifestyle. For a private owner or second-home buyer, it's the perfect weekend escape or seasonal retreat just minutes from Fredericksburg's wineries and dining, offering space to host family gatherings, holidays, and special occasions under the willow tree or around the firepit, all with lock-and-leave peace of mind thanks to durable, low-maintenance finishes. Outdoor enthusiasts and hunters could expand the property into a wildlife-rich haven, adding a game processing station, ATV storage, and blinds while enjoying the existing garden, chicken coop, and natural landscape for a self-sustaining lifestyle. Boutique hospitality investors can continue the proven Airbnb income from both the main home and apartment, with room to add guest cottages, an event pavilion, or a pool to create a Hill Country destination, complete with wine-country packages or intimate wedding hosting. For wellness and creative visionaries, the serene setting is ideal for developing artist or writers' retreats, yoga and meditation spaces, or farm-to-table experiences, with opportunities to host seasonal workshops and private events in a truly one-of-a-kind environment.

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Location


Property Details


Parking

  • Description: None/Not Applicable
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 2

Exterior Features

  • Exterior Walls Materials: Combination
  • Foundation: Slab
  • Roof Type: Flat
  • Roof Material: Metal

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: R19212
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Two Story, Split Level, Contemporary, Other
  • Year Built: 2019

Tax Information

  • Annual Tax: $5,097

Utilities

  • Water & Sewer: Private, Well
  • Heating: Wood Stove, Central, Electric
  • Cooling: Central Air

Location

  • County: Kendall

Listing Details


Listed by:
Michelle Buchanan
Magnolia Realty
(214) 681-3880

Source:
San Antonio Board of REALTORS
MLS#: 1819700
San Antonio Board of REALTORS

Investment Summary


Monthly Cash Flow
-$1,711
Cap Rate
2.7%
Cash-on-Cash Return
-13.1%
Debt Coverage Ratio
0.47
Internal Rate of Return (5 years)
-8.7%

Purchase Details

Find an Agent

Purchase price:
$680,000
Amount financed:
-$544,000
Down payment:
$136,000
Closing costs:
$20,400
Rehab costs:
$0
Initial cash invested:
$156,400
Square feet:
1,588
Cost per square foot:
$428
Monthly rent per square foot:
$1.76

Financing Details

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Loan amount:
$544,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$3,218
Property tax:
$425
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,839

Operating Income

Find a Property Manager

% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (15%)
15%-$425-$5,097
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (40%)
40%-$1,125-$13,497

Cash Flow


Monthly Yearly
Net operating income:
$1,507 $18,084
Mortgage payments:
-$3,218 -$38,616
Cash flow:
$1,711 $20,532