302 Tower Rd

Rio Vista, TX 76093

$190,000C

3 bd · 2.0 ba · 1,234 sqft · Built 1940 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,978/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$552
• HOA: −$0
• Vac / Maint / Mgmt: −$415
• Net cashflow: $14/mo
• Annual: $174/yr
• Cap rate: 6.38%
• Cash-on-cash: 0.33%
• DSCR: 1.01
• 1% rule: 1.04%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $14 ($174/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 40 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.5% local appreciation)).
• Location reads 67/100 on livability (#524 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Rio Vista ISD (rural): math 30% / reading 30% proficiency, ranked #588 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rio Vista El (math 42% / reading 27%, grade F, #1,995 of 4,322 statewide, top 50%, 486 students, 66% FRL); Rio Vista Middle (math 18% / reading 28%, grade F, #1,327 of 1,662 statewide, top 81%, 212 students, 56% FRL); Rio Vista H S (math 64% / reading 44%, grade C-, #379 of 1,632 statewide, top 26%, 247 students, 43% FRL).
• Watch-outs: property tax is 3.0% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 73 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.