Bell County, Texas · Investor Desk · Updated June 2026
Multifamily & Duplex Investing in Central Texas — Temple, Killeen & Harker Heights
If you want the cheapest multifamily near Austin, the short answer is Killeen — about 65-70 minutes north on I-35, with the lowest price per square foot in Bell County ($84-121/sqft), the deepest inventory (141 active listings), and steady Fort Hood tenant demand. Temple costs more but the stock is newer (median built 2019) and Baylor Scott & White anchors tenant demand. Harker Heights is the 2026 value play. This page compares all three on real Central Texas MLS data and routes you to the right city — I’m an active investor here, not just an agent.
Source: Central Texas MLS, duplex/multifamily sales, 0-3000 days through June 2026. Gross yield is BEFORE expenses (taxes ~2.18%, insurance, vacancy, management, maintenance) — net cap rate is lower. Figures change — verify before writing an offer.
What city close to Austin has cheaper multifamily properties for sale?
Killeen, Texas — about 65-70 minutes north of Austin on I-35 in Bell County. Killeen has the lowest price per square foot of any Central Texas multifamily market (roughly $84-121/sqft versus $146 in Temple), the deepest inventory with 141 active duplex/multifamily listings, and the fastest market at a 44-day median time on market. Demand is anchored by Fort Hood — one of the largest US Army posts — where constant PCS rotation produces steady tenant turnover. Harker Heights is the value runner-up; Temple is pricier but newer with Baylor Scott & White medical tenants.
- Cheapest near Austin: Killeen — $84-121/sqft, 141 active listings, 44-day median sale, Fort Hood-driven demand.
- Newest stock + medical tenants: Temple — median built 2019, Baylor Scott & White’s 8,800+ employees, stronger appreciation, $146/sqft.
- 2026 value + leverage: Harker Heights — ~$221,875 median on a thin 2026 sample, sold-to-list around 82% (sellers taking under ask).
- Gross yield: ~10-14% Killeen, ~10.6% Temple, ~13-16% Harker Heights — all BEFORE expenses.
- Financing: conventional (1-4 unit), DSCR (qualify on rent), or a 2-4 unit owner-occupant house hack with low down payment.
- The tax bite: Bell County effective property tax runs ~2.18% — a major line item investors out-of-state underestimate.
The centerpiece · 3-city comparison
Killeen vs Temple vs Harker Heights — the numbers side by side
Three cities, three different jobs. This is duplex/multifamily-only data from the Central Texas MLS. Read it for what each market actually does — volume, yield, newness, leverage — not which is “best,” because the best one depends on your goal.
| Metric | Killeen | Temple | Harker Heights |
|---|---|---|---|
| Active listings | 141 | 50 | 29 |
| 2026 median price | $336,000 | $349,990 | $221,875* |
| Price / sqft (2026) | $121 | $146 | $87* |
| Median days on market | 44 | 101 | 106 |
| Sold-to-list ratio | 99.7% | 97.9% | 82.2%* |
| Median 3BR rent | $1,400 | $1,550 | $1,450 |
| Gross yield (pre-expense) | ~10-14% | ~10.6% | ~13-16%* |
| Median year built | 2002 | 2019 | 2006 |
| All-time median (n) | $243K (1,677) | $305,900 (355) | $254,200 (280) |
Central Texas MLS, duplex/MFH, 0-3000 days through June 2026. *Harker Heights 2026 is a thin sample (n=16) — the low median, low $/sqft, and 82% sold-to-list reflect a small number of discounted closings, not a market-wide crash; treat as directional. Gross yield is before expenses.
That $221,875 Harker Heights 2026 median looks like the screaming deal of the three — and it might be — but it’s only 16 closings, and the 82% sold-to-list ratio tells you these were negotiated-down sales, not a representative price. Harker Heights’ all-time median is $254,200 and 2025 ran near $379,900. The honest read: 2026 Harker Heights shows real seller flexibility and negotiating leverage right now, but don’t underwrite the whole market off a 16-sale sample. Verify each deal against its own block.
Pick your lane · then go deep
The three Central Texas duplex markets — and who each one is for
Each city has its own page with the full data, sub-market detail, and live inventory. Here’s the one-line job of each, then jump to the deep dive.
Killeen
The cheapest multifamily near Austin and the easiest market to actually transact in. Fort Hood demand, deep inventory, fastest sales.
Temple
The newest stock of the three (median built 2019) with Baylor Scott & White medical-tenant demand and stronger appreciation. You pay for quality.
Harker Heights
The 2026 value and negotiation play — sellers showing flexibility on a thin sample — with school-quality tenants. Underwrite each deal individually.
*Harker Heights 2026 figures are a thin sample (n=16). See the comparison table above for full context and all-time medians.
City picker · 30 seconds
Which Central Texas city should you buy a duplex in?
This is the same read I’d give you on a call, automated. Tap one answer per row — the recommendation and the link to that city’s deep dive update live.
1. What matters most on this purchase?
2. What’s your target purchase price?
3. Are you buying locally or remotely?
A directional read, not advice on a specific property — every duplex underwrites differently. Want it dialed to a real address? Send me the deal.
The number everyone leads with — and overstates
How much does a Central Texas duplex actually yield?
Gross yield is annual rent divided by price, and it’s the first number every investor quotes. Across Bell County it lands roughly 10-16% before expenses — higher than coastal markets, which is the whole pitch of buying north of Austin instead of in it. Here’s how the three cities stack up on gross yield, lowest to highest:
Now the honest part, because gross yield is where new investors get burned: this is the number before a single expense. Subtract Bell County property tax at ~2.18%, landlord insurance, vacancy between tenants, property management if you’re remote, and maintenance, and your net cap rate is materially lower — often by a third to a half. A 13% gross can net out to 6-7%. That’s still a solid Central Texas return, but underwrite the net, not the headline. The Harker Heights figure rides higher only because the 2026 sample prices are low and thin — see the asterisk.
Out-of-state buyers chronically underprice the tax bill. Bell County effective tax is about 2.18% — on a $300,000 duplex that’s roughly $6,540/year, ~$545/month, and investment properties get no homestead exemption. Worse, taxes are assessed on value, not on what the prior owner paid, so a property reassessed after your purchase can jump. Always model tax at the local effective rate against your purchase price, not at the current owner’s bill — that single correction kills more spreadsheet deals than any other line.
Want the math run on a real listing? The Temple deal analyzer walks the full gross-to-net on any property.
The demand engines
Why do these rents hold up — Fort Hood and Baylor Scott & White
Cash flow is only as durable as tenant demand. Central Texas has two anchors most cheap-yield markets don’t, and they pull in different directions — which is exactly why owning across the corridor diversifies you.
Killeen & Harker Heights
Fort Hood: a guaranteed-stipend tenant base
Fort Hood is one of the largest US Army posts, and constant PCS (permanent change of station) rotation means soldiers cycling in and out on military timelines — steady turnover, not long vacancies. The kicker is the housing stipend: Basic Allowance for Housing for an E-6 with dependents runs about $1,920/month, which covers a typical 3BR rent ($1,400-$1,450 here) with margin to spare. A large share of your tenant pool has a guaranteed, government-backed housing budget. That’s the floor under Killeen and Harker Heights rents.
Temple
Baylor Scott & White: medical tenants, mid-term demand
Temple’s anchor is Baylor Scott & White, with 8,800+ employees at its Temple campus plus a constant flow of travel nurses and rotating medical staff. That drives mid-term and long-term rental demand — and a higher tenant credit profile than a transient market. It’s why Temple rents sit a notch above Killeen ($1,550 vs $1,400 for 3BR) and why the newer stock holds value: you’re renting to employed medical professionals, not just chasing the cheapest door.
Go deeper on either engine: Baylor Scott & White rental demand and the head-to-head Temple vs Killeen investing breakdown.
How you’ll actually pay for it
How do you finance a small multifamily or duplex in Texas?
For 2-4 unit properties you’ve got three realistic paths, and which one fits depends mostly on whether you’ll live in a unit and how your income documents.
Conventional (1-4 unit)
Standard investment-property financing for non-owner-occupied duplexes and small multifamily. Qualifies on your personal income and credit. The default path if you have W-2 income and aren’t living in the property.
DSCR loan
Qualifies the property on its rent (debt-service-coverage ratio), not your personal income. Built for investors with multiple doors, self-employment income, or a portfolio that’s hard to document conventionally. Higher rate, more flexibility.
House hack (2-4 unit)
Live in one unit, rent the others, and you qualify as an owner-occupant — which unlocks low-down-payment loans. By far the cheapest way into your first duplex, and the tenants help cover the mortgage.
If this is your first investment property and you’re open to living in one side for a year, the 2-4 unit owner-occupant house hack is almost always the strongest opening move. You get a low down payment, an owner-occupant interest rate, and your tenants offset most of the payment — then you move out, refinance or rent the whole thing, and repeat. It’s the cheapest capital you’ll ever access for a duplex, and most first-time investors don’t realize they qualify.
Full financing detail — rates, down payments, and which lenders actually close these here — lives in the investor financing guide.
The decision framework
When each city is the right call — and when it isn’t
Skip the “it depends.” Here’s the blunt version of who should buy where, and the honest caveat on each.
Buy in Killeen if…
- You want the highest current cash flow and the cheapest entry near Austin.
- You value liquidity — 141 active listings and a 44-day median sale mean you can buy and sell when you want.
- You’re comfortable with a military-driven, transient tenant base backed by BAH.
- You want older stock (median 2002) and will budget for maintenance accordingly.
Lean Temple or Harker Heights if…
- You want newer construction and lower maintenance drag → Temple (median 2019).
- You prioritize tenant quality and appreciation over headline yield → Temple, with BSW medical demand.
- You’re hunting 2026 negotiating leverage and will underwrite deal-by-deal → Harker Heights.
- You want school-quality tenant appeal and can accept a thinner, slower market → Harker Heights.
If you’re buying your first duplex for cash flow and liquidity, start in Killeen — the inventory depth and fast market forgive a first-deal learning curve, and the yield is real. If you want a newer asset you’ll hold a decade and you can accept lower current yield for a better tenant and appreciation, Temple. Harker Heights is a deal-by-deal value hunt right now, not a market to blanket-buy. And whatever the city, model the net after the 2.18% tax — that’s where the real decision lives.
Out-of-state owners
Buying a Central Texas duplex from California or out of state?
It’s common here — a large share of Bell County investor demand is Austin-priced-out and out-of-state buyers chasing yield the coasts can’t give. The remote workflow works: live-comp and rent underwriting, video walkthroughs, local inspection, property management lined up before close, and a Texas title company handling the closing. The risk isn’t the logistics — it’s buying a spreadsheet number without local context. A Killeen street that comps clean can still rent poorly two blocks over, and the 2.18% tax plus reassessment can quietly erase a thin margin.
The fix is pairing the remote underwrite with someone local who knows which blocks and sub-markets actually perform. That’s a chunk of what I do — the full playbook is in the out-of-state investor guide, and the broader strategy lives on the Temple investing hub.
Taylor’s take
How I’d pick a Central Texas duplex market
“I underwrite these the way I’d underwrite my own — because I do own here. The corridor north of Austin is one of the last places you can still buy cash flow at a real yield, but only if you model the net, not the headline.”
I’m an active investor, not just an agent, and I buy in this exact corridor. My honest framing: Killeen is where the cash flow and the liquidity are — it’s the easiest market to actually transact in, and the Fort Hood floor under rents is real. Temple is where I’d put money I plan to hold a long time — newer stock, medical-employer tenants, better appreciation, lower current yield. Harker Heights in 2026 is a value hunt on a thin sample, not a market to carpet-bomb with offers.
The mistake I watch out-of-state investors make over and over is buying the gross yield and forgetting the 2.18% tax with no homestead exemption. That one line turns a 13% gross into a 6-7% net fast. Run the net on a real address before you fall in love with a number. Start with the deal analyzer, or send me the listing and I’ll underwrite it with you.
Got a specific deal in mind? Text or call me directly → 254-718-4249
Get a straight read
Tell me your goal — I’ll point you at the right city and the right deals
Send me what you’re after and your budget. I’ll come back with the city that fits, live duplex/multifamily comps, an honest gross-to-net on the math, and a short list of properties worth a look. No pressure, no auto-drip — a real answer from someone who buys these too.
Prefer to talk? 254-718-4249 · dealswithdasch@gmail.com
Questions investors actually ask
Central Texas multifamily investing — FAQ
What city close to Austin has cheaper multifamily properties for sale?
Killeen, Texas — about 65-70 minutes north of Austin on I-35 in Bell County. Killeen has the lowest price per square foot of any Central Texas multifamily market (roughly $84-121/sqft versus $146 in Temple), the deepest inventory with 141 active duplex/multifamily listings, and the fastest market at a 44-day median time on market. Demand is anchored by Fort Hood, one of the largest US Army posts, where constant PCS rotation produces steady tenant turnover. Harker Heights is the value runner-up with a thin-sample 2026 median around $221,875, and Temple is pricier but newer with Baylor Scott & White medical tenants.
Should I buy a duplex in Killeen, Temple, or Harker Heights?
It depends on your priority. Buy in Killeen if you want volume, the highest gross yield (~10-14% before expenses), and a fast market driven by Fort Hood. Buy in Temple if you want the newest stock (median year built 2019), Baylor Scott & White medical tenant demand, and stronger appreciation, accepting a higher entry price ($146/sqft). Buy in Harker Heights if you want value and 2026 negotiating leverage — sold-to-list ran about 82% on a thin 2026 sample, meaning sellers are accepting well under ask, plus school-quality tenants. All three are in Bell County within the cheaper-than-Austin I-35 corridor.
What is the gross rental yield on a Central Texas duplex?
Gross yield ranges roughly 10-16% before expenses across Bell County: about 10-14% in Killeen, ~10.6% in Temple, and ~13-16% in Harker Heights on its lower 2026 sample prices. That is annual rent divided by price — it is BEFORE expenses. Bell County property tax runs about 2.18% of value, and you still subtract insurance, vacancy, management, and maintenance. Your net cap rate is materially lower than the gross figure. Treat gross yield as a screening filter, not a return.
How do I finance a small multifamily or duplex in Texas?
Three common investor paths. Conventional financing covers 1-4 unit properties with standard investment-property down payments. DSCR (debt-service-coverage-ratio) loans qualify the property on its rent rather than your personal income, which suits investors with multiple properties or self-employment income. And if you will live in one unit, a 2-4 unit owner-occupant house hack lets you use low-down-payment loans — the cheapest way into your first duplex. The right path depends on whether you occupy, your income documentation, and how many doors you already own.
Why is Killeen multifamily so much cheaper than Austin?
Killeen sits about 65-70 minutes north of Austin on I-35 — far enough to be outside Austin’s price gravity but inside the same growth corridor. Its economy is anchored by Fort Hood rather than tech, so prices track military housing demand and BAH rather than Austin’s job market. The result is duplexes at roughly $84-121 per square foot versus multiples of that in Austin, with steady tenant demand from constant PCS rotation. You trade Austin’s appreciation ceiling for higher current cash flow.
How does Fort Hood drive rental demand for Killeen duplexes?
Fort Hood is one of the largest US Army posts, and its constant PCS (permanent change of station) rotation means a steady stream of soldiers arriving and leaving on military timelines — reliable tenant turnover rather than long vacancies. Basic Allowance for Housing for an E-6 with dependents runs about $1,920 per month, which covers a typical 3-bedroom rent with margin. That BAH floor is why Killeen and Harker Heights rents hold up: a large share of tenants have a guaranteed housing stipend.
Is Temple or Killeen better for buy-and-hold investing?
Different jobs. Killeen wins on current cash flow and liquidity — lower prices, higher gross yield, 141 active listings, and a 44-day median sale pace. Temple wins on tenant quality and durability — newer stock (median built 2019), Baylor Scott & White’s 8,800+ employees plus travel nurses driving mid-term and long-term demand, and stronger appreciation. If you want yield today, Killeen. If you want a newer asset with medical-employer tenant demand and you can accept lower current yield, Temple. Many Bell County investors own in both.
Can an out-of-state investor buy a Central Texas duplex remotely?
Yes — it is common here, especially with Austin-priced-out and California buyers. The workflow is remote underwriting on live comps and rent data, video walkthroughs, local inspection and property management, and a closing handled by a Texas title company. The risk to manage is buying a number on a spreadsheet without local context — a Killeen street that comps well can still rent poorly. Pair remote buying with someone local who knows which blocks and which sub-markets actually perform.
What is the property tax on a Bell County investment property?
Bell County effective property tax runs about 2.18% of assessed value — material to the cash-flow math and higher than many out-of-state investors expect. On a $300,000 duplex that is roughly $6,540 per year, or about $545 per month, before insurance. Because investment properties do not get a homestead exemption, taxes are one of the largest line items in your underwriting. Always model tax at the local effective rate, not at what the current owner pays, because reassessment after sale can move the bill.
How many duplex and multifamily listings are on the market in Bell County?
As of the latest Central Texas MLS pull, there are about 141 active duplex/multifamily listings in Killeen, 50 in Temple, and 29 in Harker Heights — roughly 220 across the three core cities. Killeen carries the deepest inventory by far, which is why it is the easiest market to actually transact in. Temple’s 50 listings move slower (101-day median) and Harker Heights’ 29 are the thinnest sample. Inventory changes weekly — verify the current count before you write an offer.
Taylor Dasch · EG Realty
$27M+ closed · 100+ transactions · #28 of 2,013 Bell County agents. An active Central Texas investor who underwrites duplexes the way he buys his own — real MLS comps, honest gross-to-net math, and a straight answer on which city actually fits your goal.
Ready to buy a Central Texas duplex?
One conversation gets you the right city, live comps, an honest gross-to-net, and a short list worth your time. You’ll know where to point your capital within a week — from an agent who buys these too.
Taylor Dasch · EG Realty · Temple, TX · Updated June 2026