218 Virginia Dr · Lacy-Lakeview, TX 76705

$120,000

3 bd · 1.5 ba · 1,098 sqft · SingleFamily public records · 132 Days on market

Built 1962 0.25 ac lot $109/sqft · 42% below area Est $208k · 42% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

Key facts

• Solid cabinetry
• Private bath
• Well lit dining area

Tags

• TWO BRIGHT OPEN LIVING AREAS
• AMPLE COUNTERSPACE
• SOLID CABINETRY
• WELL LIT DINING AREA
• LARGE BACKYARD
• PRIVATE BATH

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 5.1% in Lacy-Lakeview — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Connally ISD (suburban): math 16% / reading 25% proficiency, ranked #781 of 826 in TX (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 297 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $2,313/mo this rent would consume 48% of the median local household income ($58k/yr) (locally 668% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $45k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.
• Climate carrying-cost: major wind risk, 50% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 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 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 14.83%
• Cash-on-cash: 30.49%
• DSCR: 2.36
• GRM: 4.3

CMA / ARV

• ARV (median comp): $207,752
• List price: $120,000
• Delta: -42.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Shirley Dr	0.14mi	3/1.0	1,121 (+2%)	10mo	$200,000	$178	80
705 N Joyce St	0.57mi	3/1.0	1,092 (-0%)	7mo	$165,000	$151	65
202 Wildcat Dr	0.35mi	3/2.0	1,215 (+11%)	1mo	$195,000	$160	63
211 Broken Arrow Dr	0.45mi	3/2.0	1,145 (+4%)	9mo	$235,000	$205	62
113 Bobcat Dr	0.46mi	3/2.0	1,206 (+10%)	2mo	$225,000	$187	59
204 Hawk Rdg	0.58mi	3/2.0	1,216 (+11%)	1mo	$225,000	$185	53
705 N Scarlett Ln	0.52mi	3/1.0	1,238 (+13%)	2mo	$184,900	$149	51
605 N Rita St	0.66mi	3/1.5	1,056 (-4%)	20mo	$174,900	$166	46
613 N Rita St	0.64mi	3/1.0	952 (-13%)	3mo	$187,000	$196	43
403 Broken Arrow Ct	0.58mi	3/2.0	1,178 (+7%)	19mo	$229,900	$195	42
132 Tomahawk Dr	0.61mi	3/2.0	1,257 (+14%)	10mo	$237,000	$189	37
201 S Joyce St	0.70mi	3/1.5	1,193 (+9%)	19mo	$179,500	$150	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 1.99×
• Total profit: $33,197
• Equity at exit: $17,892

10-year hold

• IRR: 31.6%
• Equity multiple: 3.74×
• Total profit: $91,956
• Equity at exit: $10,375

Cash invested: $33,600 (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 76705

• Home prices YoY: -29.6%
• Rents YoY: 2.2%
• Active inventory: 297
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,313 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$294 /mo · $3,529/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $854

Break-even live

Break-even rent $1,232

Max offer price $120,000

Occupancy floor 58%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 Shirley Dr Lacy Lakeview, TX	3.0	2.0	1100	$1,525	$1.39	13d	1	0.13mi
1180 Mesquite Tree Rd Waco, TX	2.0	2.0	1000	$2,950	$2.95	13d	1	0.83mi
320 S Rita St Waco, TX	3.0	1.0	1040	$1,600	$1.54	13d	1	0.89mi
129 N Lakeview Dr Waco, TX	3.0	2.0	1207	$3,750	$3.11	43d	1	1.38mi

Listing history 13 events

1. 2026-05-15
   status Pending 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

2. 2026-05-04
   price $120,000 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

3. 2026-04-18
   price $139,000 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

4. 2026-03-20
   price $149,000 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

5. 2026-03-02
   status Active 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

6. 2026-02-13
   status Pending 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

7. 2026-01-22
   price $159,000 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

8. 2025-12-16
   listed $165,000 Active 1005-char remark

   Show marketing remark (1005 chars)

   Looking for an affordable home in within a short distance of Texas State Technical College? This home is so close, it might as well be on campus! Welcome to this spacious and inviting 3 bedroom, 2 bath brick ranch nestled on a quiet street! This well-maintained home offers a perfect blend of comfort, convenience, and value. Step inside to find two bright, open living areas with plenty of room to relax or entertain. The kitchen features ample counterspace, solid cabinetry, and a well lit dining area that opens to the backyard. All three bedrooms offer generous closet space, and the primary suite includes a private bath with a tiled shower. Enjoy Texas evenings in your large backyard - perfect for barbecues, pets, or playtime. With its durable brick exterior and a peaceful neighborhood vibe, this home checks all the boxes. Located just minutes from TSTC, schools, shopping and transportation, this home delivers small-town charm with big-time value. Don’t miss your chance to own this gem!

9. 2021-08-31
   soldstatus 103-char remark

   Show marketing remark (103 chars)

   Cute 3 bedroom ready for your finishing touches! Very close to TSTC with easy access to Interstate 35.

10. 2021-08-31
    soldstatus

    Show marketing remark (103 chars)

    Cute 3 bedroom ready for your finishing touches! Very close to TSTC with easy access to Interstate 35.

11. 2021-06-10
    listed $135,000 103-char remark

    Show marketing remark (103 chars)

    Cute 3 bedroom ready for your finishing touches! Very close to TSTC with easy access to Interstate 35.

12. 2013-04-08
    listed $39,900
13. 2004-02-01
    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: $3,529 · $294/mo
• Projected year-2 tax: $3,529 · $294/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 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,751
• − Mortgage interest: −$6,722
• − Property taxes: −$3,529
• − Insurance: −$600
• − Repairs & maintenance: −$2,220
• − Management: −$2,220
• − Depreciation: −$3,491
• Taxable income: $8,969
• Est. tax owed @ 24.0%: −$2,153
• After-tax cash flow: $8,090/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: Connally ISD
• NCES district ID: 4814970
• Math proficiency: 16% ▼ -10.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $35,388
• Composite: 16.9/100
• National rank: #9141
• State rank: #781 of 826 in TX

Livability — Lacy-Lakeview

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lacy-Lakeview, TX
• County: McLennan County · 213,088 people
• City population: 31,616
• Metro: Waco, TX
• Population (ZIP): 31,616
• Household income: $58,236
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 668.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 32% Two or more races 20% Black 18% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 24% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.45%
• Current HPI: 217.9429
• Rent YoY: ▲ 2.20%
• Metro: Waco, TX
• 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

+200.8% since first listed

13 events — show timeline

• 2026-05-15 Pending — NTREIS
• 2026-05-04 Price Changed $120,000 NTREIS
• 2026-04-18 Price Changed $139,000 NTREIS
• 2026-03-20 Price Changed $149,000 NTREIS
• 2026-03-02 Relisted — NTREIS
• 2026-02-13 Pending — NTREIS
• 2026-01-22 Price Changed $159,000 NTREIS
• 2025-12-16 Listed $165,000 NTREIS
• 2021-08-31 Sold (Public Records) — Public Records
• 2021-08-31 Sold (MLS) — NTREIS
• 2021-06-10 Listed $135,000 NTREIS
• 2013-04-08 Listed $39,900 CTXMLS
• 2004-02-01 Sold (Public Records) — Public Records

Property tax history

+8.1%/yr

Latest (2025): $3,529 · -2.5% YoY. Source: county tax records.