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421 Rice Avenue
About This Property
The home features a formal living room, family room, den, formal and informal dining areas and two dedicated offices. One office is lined with beautiful floor-to-ceiling bookcases, creating an ideal library or executive workspace. The spacious family room is highlighted by a grand stone fireplace that creates a dramatic focal point.
The large kitchen features abundant cabinetry, an island, informal dining space, electric appliances and three ovens, providing exceptional capacity for entertaining and large gatherings. An oversized laundry room adds valuable workspace and storage.
Upstairs, the expansive primary suite incorporates two separate bedroom spaces, an ensuite bath with separate tub and shower and dual vanities. Six closets serve the primary suite, including a dedicated shoe closet. Three additional bedrooms feature private ensuite baths, providing excellent accommodations for family and guests.
Additional storage is found throughout the home, including three dedicated storage rooms. Three HVAC systems are less than five years old, and new roofs were installed in 2026 on both the main residence and historic cabin.
Also located on the property is the historic Hoyle Cabin, relocated to the site in 1955, adding a distinctive piece of Texas history to this exceptional Waco property.
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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 |
|---|---|---|---|
| Sep 1, 2026 | Listed by UCRE Heart of Texas Land & Hom | $1,500,000 | |
| Listed by UCRE Heart of Texas Land & Hom | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017