5100 FM 535 48 Acres with Two Homes, Pasture, Ag Exemption & Country Living Potential, acreage, versatility, and opportunity come together on this approximately 48-acre property in Bastrop County. The land is 100% fenced and approximately 60% cleared, offering a combination of open pasture and mature native trees, including live oaks, cedars, and mesquite. The front approximately 12-acre pasture has historically been used for hay and grazing, providing useful agricultural and recreational potential. The property currently carries an agricultural exemption, providing for lower property taxes. The property includes two separate residences, offering flexibility for a multi-generational setup, guest accommodations, rental income, or a place to live while making improvements to the main home. The main residence, a two story home built in 1980, offers approximately 3, 860 square feet with 4 bedrooms and 3 bathrooms, along with a detached 3-car garage. The main home will require repair work, providing an opportunity for a buyer to renovate and update the property to suit their needs and vision. The 3-bedroom, 1-bath rental home was built in 1982 and offers approximately 1, 084 square feet on its own approximately 1-acre homesite. With substantial acreage, two homes, fencing, pasture, mature trees, an existing agricultural exemption, and room to create something special, this property offers the kind of flexibility and land ownership that is increasingly difficult to find in Bastrop County.