409 Park St · Burkburnett, TX 76354

$399,500

8 bd · None ba · 5,212 sqft · MultiFamily public records · 274 Days on market

Built 1961

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Opportunity awaits in this multi-unit apartment complex located in the center of Burkburnett. Eight (8) individual units, efficiently updated & each with their own electric meter. Tenant pays their own electric bill. Rent includes water & gas. Parking provided in front of the complex. Each unit has a small porch area which looks onto the front yard. Updated gas meter (2024), newly installed central water heater, recent interior painting, kitchen remodels & bath remodels. A solid investment.

Key facts

• Individual units
• Electric meter
• Small porch area

Tags

• MULTI-UNIT APARTMENT COMPLEX
• INDIVIDUAL UNITS
• ELECTRIC METER
• SMALL PORCH AREA
• FRONT YARD
• UPDATED GAS METER

What this means for you Summary

Snapshot

• This is a 8-bed/?-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $400k).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#345 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, employment D+, schools D.
• Burkburnett ISD (town): math 35% / reading 32% proficiency, ranked #529 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 71 active listings in the ZIP; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 274 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask is 57382% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.53%
• DSCR: 1.87
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.46×
• Total profit: $51,388
• Equity at exit: $59,567

10-year hold

• IRR: 20.6%
• Equity multiple: 2.74×
• Total profit: $194,798
• Equity at exit: $34,541

Cash invested: $111,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76354

• Home prices YoY: -34.5%
• Active inventory: 71
• Price-to-rent: 44.4×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$2,095
• Tax from tax record: −$658 /mo · $7,899/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $1,820

Break-even live

Break-even rent $3,696

Max offer price $399,500

Occupancy floor 65%

Sensitivity live

Price	-10% $2,046	-5% $1,933	+0% $1,820	+5% $1,707	+10% $1,594
Rent	-10% $1,346	-5% $1,583	+0% $1,820	+5% $2,057	+10% $2,294
Rate	-1.0pp $2,021	-0.5pp $1,922	base $1,820	+0.5pp $1,717	+1.0pp $1,611

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$6,000
Total (8 units)			$6,000

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,875
• Closing costs: $11,985
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $399,500 Active 274 DOM
2. 2026-06-18
   days on market $399,500 Active 273 DOM
3. 2026-06-17
   days on market $399,500 Active 272 DOM
4. 2026-06-16
   days on market $399,500 Active 271 DOM
5. 2026-06-15
   days on market $399,500 Active 270 DOM
6. 2026-06-14
   days on market $399,500 Active 268 DOM
7. 2026-06-13
   days on market $399,500 Active 267 DOM
8. 2026-06-10
   days on market $399,500 Active 265 DOM
9. 2026-06-09
   days on market $399,500 Active 264 DOM
10. 2026-06-08
    days on market $399,500 Active 263 DOM
11. 2026-06-07
    days on market $399,500 Active 262 DOM
12. 2026-06-05
    days on market $399,500 Active 259 DOM
13. 2026-06-03
    days on market $399,500 Active 258 DOM
14. 2026-06-02
    days on market $399,500 Active 257 DOM
15. 2026-06-01
    days on market $399,500 Active 256 DOM
16. 2026-05-31
    days on market $399,500 Active 255 DOM
17. 2026-05-30
    days on market $399,500 Active 254 DOM
18. 2026-01-28
    price $399,500 513-char remark

    Show marketing remark (513 chars)

    Opportunity awaits in this multi-unit apartment complex located in the center of Burkburnett. Eight (8) individual units, efficiently updated & each with their own electric meter. Tenant pays their own electric bill. Rent includes water & gas. Parking provided in front of the complex. Each unit has a small porch area which looks onto the front yard. Updated gas meter (2024), newly installed central water heater, recent interior painting, kitchen remodels & bath remodels. A solid investment.

19. 2026-01-20
    status Active 513-char remark

    Show marketing remark (513 chars)

    Opportunity awaits in this multi-unit apartment complex located in the center of Burkburnett. Eight (8) individual units, efficiently updated & each with their own electric meter. Tenant pays their own electric bill. Rent includes water & gas. Parking provided in front of the complex. Each unit has a small porch area which looks onto the front yard. Updated gas meter (2024), newly installed central water heater, recent interior painting, kitchen remodels & bath remodels. A solid investment.

20. 2026-01-19
    historical 513-char remark

    Show marketing remark (513 chars)

    Opportunity awaits in this multi-unit apartment complex located in the center of Burkburnett. Eight (8) individual units, efficiently updated & each with their own electric meter. Tenant pays their own electric bill. Rent includes water & gas. Parking provided in front of the complex. Each unit has a small porch area which looks onto the front yard. Updated gas meter (2024), newly installed central water heater, recent interior painting, kitchen remodels & bath remodels. A solid investment.

21. 2025-11-23
    historical $695
22. 2025-09-19
    listed $695
23. 2025-09-16
    listed $424,500 Active 513-char remark

    Show marketing remark (513 chars)

    Opportunity awaits in this multi-unit apartment complex located in the center of Burkburnett. Eight (8) individual units, efficiently updated & each with their own electric meter. Tenant pays their own electric bill. Rent includes water & gas. Parking provided in front of the complex. Each unit has a small porch area which looks onto the front yard. Updated gas meter (2024), newly installed central water heater, recent interior painting, kitchen remodels & bath remodels. A solid investment.

24. 2024-05-06
    soldstatus
25. 2024-05-03
    soldstatus Closed 452-char remark

    Show marketing remark (452 chars)

    Eight Unit apartment complex located in the heart of Burkburnett. This complex has received extensive updating over the past 2 years. Electrical was updated in 2023 and all units are on separate meters. Water and Gas are metered together and included in rent. The gas meter was upgraded in March 2024. Flooring, Paint, Restroom and Kitchen remodels have taken place in 6 of the 8 units. Of the remaining 2 units one of them has had a bathroom remodel.

26. 2024-03-26
    historical 452-char remark

    Show marketing remark (452 chars)

    Eight Unit apartment complex located in the heart of Burkburnett. This complex has received extensive updating over the past 2 years. Electrical was updated in 2023 and all units are on separate meters. Water and Gas are metered together and included in rent. The gas meter was upgraded in March 2024. Flooring, Paint, Restroom and Kitchen remodels have taken place in 6 of the 8 units. Of the remaining 2 units one of them has had a bathroom remodel.

27. 2024-03-12
    status Active 452-char remark

    Show marketing remark (452 chars)

    Eight Unit apartment complex located in the heart of Burkburnett. This complex has received extensive updating over the past 2 years. Electrical was updated in 2023 and all units are on separate meters. Water and Gas are metered together and included in rent. The gas meter was upgraded in March 2024. Flooring, Paint, Restroom and Kitchen remodels have taken place in 6 of the 8 units. Of the remaining 2 units one of them has had a bathroom remodel.

28. 2024-03-10
    historical 452-char remark

    Show marketing remark (452 chars)

    Eight Unit apartment complex located in the heart of Burkburnett. This complex has received extensive updating over the past 2 years. Electrical was updated in 2023 and all units are on separate meters. Water and Gas are metered together and included in rent. The gas meter was upgraded in March 2024. Flooring, Paint, Restroom and Kitchen remodels have taken place in 6 of the 8 units. Of the remaining 2 units one of them has had a bathroom remodel.

29. 2024-03-08
    listed $399,900 Active 452-char remark

    Show marketing remark (452 chars)

    Eight Unit apartment complex located in the heart of Burkburnett. This complex has received extensive updating over the past 2 years. Electrical was updated in 2023 and all units are on separate meters. Water and Gas are metered together and included in rent. The gas meter was upgraded in March 2024. Flooring, Paint, Restroom and Kitchen remodels have taken place in 6 of the 8 units. Of the remaining 2 units one of them has had a bathroom remodel.

30. 2022-05-23
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $7,899 · $658/mo
• Projected year-2 tax: $7,899 · $658/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 6 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,000
• − Mortgage interest: −$22,378
• − Property taxes: −$7,899
• − Insurance: −$1,998
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − Depreciation: −$11,622
• Taxable income: $16,584
• Est. tax owed @ 24.0%: −$3,980
• After-tax cash flow: $17,863/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Burkburnett ISD
• NCES district ID: 4812120
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $53,346
• Composite: 29.44/100
• National rank: #6519
• State rank: #529 of 826 in TX

Livability — Burkburnett

• Score: 70/100
• State rank: #345
• US rank: #7548

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D+ Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burkburnett, TX
• Population (ZIP): 11,822

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 8% Black 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Slovak 5% Iranian 4% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.48%
• Current HPI: 166.3827
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-0.1% since first listed

13 events — show timeline

• 2026-01-28 Price Changed $399,500 WFAOR
• 2026-01-20 Relisted — WFAOR
• 2026-01-19 Delisted — WFAOR
• 2025-11-23 Rental Removed $695 RENTEC
• 2025-09-19 Listed for Rent $695 RENTEC
• 2025-09-16 Listed $424,500 WFAOR
• 2024-05-06 Sold (Public Records) — Public Records
• 2024-05-03 Sold (MLS) — WFAOR
• 2024-03-26 Delisted — WFAOR
• 2024-03-12 Relisted — WFAOR
• 2024-03-10 Delisted — WFAOR
• 2024-03-08 Listed $399,900 WFAOR
• 2022-05-23 Sold (Public Records) — Public Records

Property tax history

+9.9%/yr

Latest (2025): $7,899 · +24.2% YoY. Source: county tax records.