1307 Melrose Drive
About This Property
Step inside to a light-filled interior with an open, functional layout designed for everyday living and entertaining. The spacious living area features warm wood flooring and flows seamlessly into the kitchen and dining space, where you'll find a great size island, updated finishes, and a cozy wood-burning fireplace that adds character and charm. French doors lead directly to the backyard, creating effortless indoor-outdoor flow.
The primary bedroom includes a walk-in shower, while the additional bedrooms are generously sized.
Outdoors is where this home truly shines-featuring a large fenced backyard and an impressive extended covered patio with vaulted ceilings, exposed beams, and multiple ceiling fans. This space is perfect for hosting, complete with room for dining, lounging, and grilling-ideal for enjoying Texas evenings year-round.
This move-in ready home combines charm, functionality, and an exceptional outdoor living experience-all in a prime Waco location.
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| May 25, 2026 | Sold | ||
| Sold | |||
| May 5, 2026 | In contract | - | |
| In contract | |||
| Apr 29, 2026 | Listed by Texas Luxury and Land | $225,000 | |
| Listed by Texas Luxury and Land | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017