Keep six 78704 apartments affordable now, and study what MF-4 zoning allows later

Overview

A development idea, not an investment. It shows the proposer's sources, assumptions and open questions. Investing is not available on Realtix.

Six 1960 units (four 1-bed, two 2-bed) in Galindo, 78704, listed at $1.4M on a third of an acre zoned MF-4. The idea: improve and hold the units now, and commission a study of what the zoning would allow in the future.

The plan

2411 S 5th St is a six-unit building from 1960 on about 0.35 acres in the Galindo area of 78704, listed at $1,400,000. The listing describes four 1-bed and two 2-bed units and MF-4 zoning with a 60-foot height limit, which is rare for a lot this size in South Austin. The near-term plan is simple: fix deferred maintenance, upgrade units as they turn over and keep them as rentals close to South Lamar and downtown. The longer-term question is what MF-4 actually allows here once compatibility rules and setbacks are applied. That needs a zoning and feasibility study before anyone assumes redevelopment value. The listing page shows $1.4M, while a search page showed $1.25M, so the real asking price needs confirming with the broker first.

Key assumptions

Purchase at the $1,400,000 shown on the listing page. About $120,000 of unit and building work over time (a Realtix assumption). Rents near Realtix's market estimate of about $8,200 a month for all six units. Closing about 3% of price.

Risks

Today's rents likely do not cover the price at current interest rates, so this is a long-term hold. The 1960 building may need major systems. Building sizes conflict on the listing (4,482 vs 4,760 sq ft). Redevelopment value is unproven until a zoning study is done. City map facts: zoned MF-4, not in a mapped floodplain, mapped lot about 14,800 sq ft (0.34 acres). The listing's 60-foot height claim is not confirmed: compatibility rules near single-family homes can lower it.

Open questions

Is the asking price $1.4M or $1.25M? What is the actual rent roll? Building size (4,482 vs 4,760 sq ft). What height and unit count MF-4 really allows here after compatibility and setbacks. Condition of 1960 systems. Seller has not been contacted.

Numbers

These are the proposer's own estimates. They are not a valuation, an appraisal or offering terms.

Realtix does not show projected returns on proposals.

Evidence

• ○Comparable sales or rents · not yet
• ○Contractor bid or written estimate · not yet
• ○Zoning or permit check with the city · not yet
• ○Inspection or condition report · not yet
• ○Financing quote or lender conversation · not yet
• ○Contact with the owner or listing agent · not yet

Sources

• Listing: cityfeet.com (Christie's International Real Estate, checked Oct 8, 2026).
• Realtix analysis on realtix.us.
• Zoning and overlays: City of Austin GIS (maps.austintexas.gov: COA address locator, zoning, floodplain, environmental and lot line layers), checked Oct 8, 2026.
• Map data is not a zoning verification letter or a survey; lot area is measured from the mapped lot line and is approximate.

Evidence is self-reported by the proposer unless a Realtix reviewer notes otherwise. Supporting documents stay private to the project team.

Proposed by

Published by its proposer, a Realtix founder. It was self-reviewed against Realtix's proposal rules, not reviewed by an independent second person.

Project group

A private group chat for people who want to work on this project. The proposer decides who joins. Messages are visible only to members. Discuss the plan, costs and risks; no fundraising or promises of returns. Realtix staff see a message only if a member reports it.

Funding

There is no offering for this project and no way to invest. Projects only become investable after Realtix selects them, an accountable operator and acquisition path are in place, the legal structure and offering documents are complete, and a registered partner runs the offering. Follow the project to hear about every step.