501 N Pleasant St · Hillsboro, TX 76645

$250,000

3 bd · 2.0 ba · 2,010 sqft · SingleFamily public records · 51 Days on market

Built 1923 0.75 ac lot $124/sqft · 6% above area Est $289k · 14% under

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +13.6/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Historic charm meets parkside living in this timeless 1923 home, boasting a ¾-acre corner lot that opens directly onto the city park! Enjoy privacy among towering trees, then step right from your backyard through the woods onto peaceful trails through the park. With over 2400 sqft of heated and cooled spaced, there's room for everyone! Enjoy all the charm of a 1920's home with 3 fireplaces for cozy ambiance, solid wood floors, and built in's all throughout. Downstairs you will find a remodeled kitchen with oversized sink, gas cooktop, under cabinet lighting, and dining nook. The primary suite with adjoining ensuite and walk in closet features a breezeway-style hall that leads to a bright, temperature-controlled sunroom and a private back patio. Tons of storage! Multiple dining and living areas offer spacious, open layouts that can be tailored to a variety of lifestyles and uses. Upstairs you will find a private space with bedroom and half bath. Detached garage and expansive front porch. Don’t miss the under-house basement-style room, a perfect space for hobbies, crafts, or your personal projects. Put this on your list of homes to tour!

Key facts

• Gas cooktop
• Oversized sink
• Remodeled kitchen

Tags

• CORNER LOT
• REMODELED KITCHEN
• OVERSIZED SINK
• GAS COOKTOP
• UNDER CABINET LIGHTING
• TEMPERATURE CONTROLLED SUNROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (0.6% below list).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.7% in Hillsboro — 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 64/100 on livability (#803 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Hillsboro ISD (town): math 46% / reading 39% proficiency, ranked #370 of 826 in TX (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 65 units permitted in Hill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Hill County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $289,354
• List price: $250,000
• Delta: -13.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 E Franklin St	0.25mi	3/3.0	2,046 (+2%)	1mo	$310,000	$152	80
327 E Franklin St	0.28mi	3/2.5	2,014 (+0%)	20mo	$304,900	$151	68
709 E Franklin St	0.63mi	3/2.5	2,024 (+1%)	4mo	$279,000	$138	64
314 Corsicana St	0.36mi	3/3.0	1,932 (-4%)	12mo	$139,900	$72	63
511 E Elm St	0.47mi	3/1.5	1,875 (-7%)	8mo	$150,000	$80	58
425 E Walnut St	0.54mi	4/2.0 (+1)	1,959 (-2%)	12mo	$349,900	$179	56
405 E Walnut St	0.50mi	4/3.5 (+1)	2,136 (+6%)	12mo	$245,000	$115	45
310 Craig St	0.39mi	4/2.5 (+1)	2,310 (+15%)	10mo	$279,900	$121	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.63×
• Total profit: $-26,195
• Equity at exit: $37,276

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-4,253
• Equity at exit: $21,615

Cash invested: $70,000 (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 76645

• Home prices YoY: -33.5%
• Active inventory: 156
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,485 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$324 /mo · $3,887/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $224

Break-even live

Break-even rent $2,201

Max offer price $250,000

Occupancy floor 86%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Garland Dr Hillsboro, TX	3.0	2.0	2000	$2,485	$1.24	43d	1	1.10mi

Listing history 12 events

1. 2026-06-02
   status $250,000 Pending 51 DOM
2. 2026-06-01
   days on market $250,000 Active Option Contract 51 DOM
3. 2026-05-31
   days on market $250,000 Active Option Contract 50 DOM
4. 2026-04-11
   listed $250,000 Active 1168-char remark

   Show marketing remark (1168 chars)

   Historic charm meets parkside living in this timeless 1923 home, boasting a ¾-acre corner lot that opens directly onto the city park! Enjoy privacy among towering trees, then step right from your backyard through the woods onto peaceful trails through the park. With over 2400 sqft of heated and cooled spaced, there's room for everyone! Enjoy all the charm of a 1920's home with 3 fireplaces for cozy ambiance, solid wood floors, and built in's all throughout. Downstairs you will find a remodeled kitchen with oversized sink, gas cooktop, under cabinet lighting, and dining nook. The primary suite with adjoining ensuite and walk in closet features a breezeway-style hall that leads to a bright, temperature-controlled sunroom and a private back patio. Tons of storage! Multiple dining and living areas offer spacious, open layouts that can be tailored to a variety of lifestyles and uses. Upstairs you will find a private space with bedroom and half bath. Detached garage and expansive front porch. Don’t miss the under-house basement-style room, a perfect space for hobbies, crafts, or your personal projects. Put this on your list of homes to tour!

5. 2017-03-31
   soldstatus Sold 442-char remark

   Show marketing remark (442 chars)

   Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

6. 2017-03-13
   status Pending 442-char remark

   Show marketing remark (442 chars)

   Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

7. 2017-02-27
   historical Active Option Contract 442-char remark

   Show marketing remark (442 chars)

   Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

8. 2017-02-24
   price $89,900 442-char remark

   Show marketing remark (442 chars)

   Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

9. 2017-02-24
   status Active 442-char remark

   Show marketing remark (442 chars)

   Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

10. 2017-02-21
    historical Active Option Contract 442-char remark

    Show marketing remark (442 chars)

    Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

11. 2016-11-01
    listed $109,900 Active 442-char remark

    Show marketing remark (442 chars)

    Cute older pier and beam home built in 1923 with 2002 sq. feet. Located on a corner lot, it overlooks the Old City Park. Backyard is a nature's paradise with various plants and trees in between rock retaining walls. Home has 2 bedrooms, 2 and half baths, with upstairs office or 3rd bedroom. Formal living room with 2 fireplaces. Front bedroom has fireplace and built-in's. Home is very unique. Sunroom, patio area, and lots of possibilities.

12. 2000-01-03
    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: $3,887 · $324/mo
• Projected year-2 tax: $4,575 · $381/mo
• Expected delta: +$688/yr (+$57/mo · 17.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 6 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,820
• − Mortgage interest: −$14,004
• − Property taxes: −$3,887
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − Depreciation: −$7,273
• Taxable loss: −$1,364
• Est. tax savings @ 24.0%: +$327
• After-tax cash flow: $3,016/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: Hillsboro ISD
• NCES district ID: 4823280
• Math proficiency: 46% ▲ 4.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $34,483
• Composite: 35.12/100
• National rank: #5016
• State rank: #370 of 826 in TX

Livability — Hillsboro

• Score: 64/100
• State rank: #803
• US rank: #14657

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, TX
• City population: 11,321
• Population (ZIP): 11,321

Population outlook (Hill County) Hauer SSP2

• Today (2025): 34,013 people
• By 2030: 33,289 · -2.1%
• By 2040: 31,688 · -6.8%
• By 2050: 30,100 · -11.5%
• By 2075: 26,818 · -21.2%
• By 2100: 22,918 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 52% Hispanic / Latino 34% Black 10% Two or more races 8% Native American 1%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 11% · Canada
• Languages at home: 73% English-only · Spanish 26%

Political lean MEDSL · Hill

• 2024 margin: Solid R (+64.4) · D 17.5% · R 81.8%
• 2008→2024 swing: -23.0pp toward R · 2008: -41.4pp · 2024: -64.4pp
• All cycles: 2024: R+64.4 2020: R+60.7 2016: R+58.4 2012: R+53.0 2008: R+41.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.83%
• Current HPI: 248.3182
• 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

+127.5% since first listed

9 events — show timeline

• 2026-04-11 Listed $250,000 NTREIS
• 2017-03-31 Sold (MLS) — NTREIS
• 2017-03-13 Pending — NTREIS
• 2017-02-27 Contingent — NTREIS
• 2017-02-24 Price Changed $89,900 NTREIS
• 2017-02-24 Relisted — NTREIS
• 2017-02-21 Contingent — NTREIS
• 2016-11-01 Listed $109,900 NTREIS
• 2000-01-03 Sold (Public Records) — Public Records

Property tax history

+4.5%/yr

Latest (2025): $3,887 · +13.8% YoY. Source: county tax records.