Acreage:                  232.93 +/-

Address:                  End of Smith Road Victoria,TX 77901

Location:                  This property is located at the end of Smith Road with a short deeded easement to the property. It is located on one side of the Guadalupe River, and is directly across from the City of Victoria Riverside Park. (Smith Road turns off of FM 1685).

Terrain:                    The property consists mainly of flatter country covered in native grasses and dense brush.

Vegetation:               The entire tract is covered in native trees and brush providing an excellent habitat for deer, hogs, turkey and other small game. There are small areas on the property that hold water providing habitat for wood ducks, except during drought periods.

Recreation:               The Guadalupe River fronts the property for approximately 2.5 miles.

Utilities:                    Electricity is available on the property.

Water:                      There is one water well with electricity located on the property. Other sources of water include the Guadalupe River and periodic water inlets on other parts of the property during wet periods.

Improvements:        One open-sided shed (approximately 25' x 40') is located on the property and has been used for parking travel trailers. There are a number of unimproved roads that traverse the property.

Taxes:                      Taxes paid in 2004 amounted to approximately $373.52.

Minerals:                 None to be conveyed.

Flood Plain:             This property lies within the flood plain of the Guadalupe River.

Additional:              Seller may elect to enact a 1031 Exchange upon the sale of this property with the cooperation of the Buyer.

Price:                       $1,975 per acre