Prospect was a small rural community located in southeastern Milam County four miles northwest of Milano, just off U.S. Highway 190. It was supposedly named for the good prospects of the people who first settled there. In 1903 the community had a one-teacher school with sixteen students; the school was consolidated with the Milano Independent School District in 1931. In the 1940s several scattered houses appeared on county highway maps, but by the 1980s only a cemetery marked the community's location. No population estimates were available.
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