1608 59th St · Lubbock, TX 79412

$475,000

64 bd · 64.0 ba · 5,472 sqft · MultiFamily public records · 101 Days on market

Built 1972 0.27 ac lot

---

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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Schools +3.1/10.0
• 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: 8 units. confirmed

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

8-Unit Multifamily Investment Opportunity Excellent value-add multifamily opportunity featuring 8 apartment-style units, each offering 1 bedroom and 1 bathroom. This property provides strong cash-flow potential with room for increased rents and additional income opportunities. Current rents range from $500-$625 per month, while comparable units in the area are leasing for $700-$725 per month, creating an attractive upside for investors looking to improve revenue through modest rent adjustments and operational improvements. Each tenant pays their own electricity, helping reduce owner expenses. Water is currently paid by the property, but a water reimbursement or utility bill-back program could be implemented to further increase net operating income. With market rent adjustments and minor operational improvements, the property has the potential to generate approximately $75,000 in annual gross rental income. Property Highlights: 8 total units 1 bedroom / 1 bathroom units Current rents: $500-$625/month Market rents: $700-$725/month Tenants pay electricity Opportunity to bill back water expenses Value-add investment with income growth potential This is an excellent opportunity for investors seeking a stable multifamily asset with significant upside in rental income.

Key facts

• Value-add investment
• Cash-flow potential
• 0.27 acre lot

Tags

• CASH-FLOW POTENTIAL
• ROOM FOR INCREASED RENTS
• TENANTS PAY ELECTRICITY
• BILL BACK WATER EXPENSES
• VALUE-ADD INVESTMENT
• INCOME GROWTH POTENTIAL

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $171/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $432k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.9%/yr); 110 active listings in the ZIP; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $5,708/mo this rent would consume 140% of the median local household income ($49k/yr) (locally 676% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $133k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $432,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.20% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.36%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.87% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $15,303
• Equity at exit: $70,824

10-year hold

• IRR: 13.3%
• Equity multiple: 2.10×
• Total profit: $146,698
• Equity at exit: $41,069

Cash invested: $133,000 (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 79412

• Home prices YoY: -15.3%
• Rents YoY: 3.9%
• Active inventory: 110
• Price-to-rent: 55.5×

Monthly cashflow live

• Estimated rent: $5,708 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$451 /mo · $5,409/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,199
• Net cashflow: $1,370

Break-even live

Break-even rent $3,974

Max offer price $475,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,639	-5% $1,504	+0% $1,370	+5% $1,235	+10% $1,101
Rent	-10% $919	-5% $1,144	+0% $1,370	+5% $1,595	+10% $1,821
Rate	-1.0pp $1,609	-0.5pp $1,490	base $1,370	+0.5pp $1,247	+1.0pp $1,121

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$5,712
Total (8 units)			$5,708

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $475,000 Active 101 DOM
2. 2026-06-17
   days on market $475,000 Active 100 DOM
3. 2026-06-16
   days on market $475,000 Active 99 DOM
4. 2026-06-15
   days on market $475,000 Active 98 DOM
5. 2026-06-14
   days on market $475,000 Active 96 DOM
6. 2026-06-13
   days on market $475,000 Active 95 DOM
7. 2026-06-10
   days on market $475,000 Active 93 DOM
8. 2026-06-09
   days on market $475,000 Active 92 DOM
9. 2026-06-08
   days on market $475,000 Active 91 DOM
10. 2026-06-07
    days on market $475,000 Active 90 DOM
11. 2026-06-05
    days on market $475,000 Active 87 DOM
12. 2026-06-03
    pricedays on market $475,000 Active 86 DOM
13. 2026-06-02
    days on market $480,000 Active 85 DOM
14. 2026-06-01
    days on market $480,000 Active 84 DOM
15. 2026-05-31
    days on market $480,000 Active 83 DOM
16. 2026-05-30
    days on market $480,000 Active 82 DOM
17. 2026-03-10
    listed $480,000 Active 1291-char remark

    Show marketing remark (1291 chars)

    8-Unit Multifamily Investment Opportunity Excellent value-add multifamily opportunity featuring 8 apartment-style units, each offering 1 bedroom and 1 bathroom. This property provides strong cash-flow potential with room for increased rents and additional income opportunities. Current rents range from $500-$625 per month, while comparable units in the area are leasing for $700-$725 per month, creating an attractive upside for investors looking to improve revenue through modest rent adjustments and operational improvements. Each tenant pays their own electricity, helping reduce owner expenses. Water is currently paid by the property, but a water reimbursement or utility bill-back program could be implemented to further increase net operating income. With market rent adjustments and minor operational improvements, the property has the potential to generate approximately $75,000 in annual gross rental income. Property Highlights: 8 total units 1 bedroom / 1 bathroom units Current rents: $500-$625/month Market rents: $700-$725/month Tenants pay electricity Opportunity to bill back water expenses Value-add investment with income growth potential This is an excellent opportunity for investors seeking a stable multifamily asset with significant upside in rental income.

18. 2024-05-03
    historical $600
19. 2024-04-27
    listed $600
20. 2024-04-10
    historical $525
21. 2024-03-29
    listed $525
22. 2023-12-04
    soldstatus
23. 2023-09-15
    historical $525
24. 2023-08-16
    listed $525
25. 2022-07-11
    price $580
26. 2021-10-08
    soldstatus
27. 2021-10-07
    soldstatus 244-char remark

    Show marketing remark (244 chars)

    Don't miss this great income property. 8 PLEX - all 1 bedroom- 1 bathroom units, 4 units downstairs, 4 units upstairs. $4,290 per month income coming in. Property is currently at 100% occupancy. Call LA for more information or to view property.

28. 2021-06-16
    listed $349,900 244-char remark

    Show marketing remark (244 chars)

    Don't miss this great income property. 8 PLEX - all 1 bedroom- 1 bathroom units, 4 units downstairs, 4 units upstairs. $4,290 per month income coming in. Property is currently at 100% occupancy. Call LA for more information or to view property.

29. 2020-03-18
    listed $280,000
30. 2018-04-24
    soldstatus
31. 2018-04-20
    soldstatus
32. 2017-07-03
    listed $234,500
33. 2000-03-31
    soldstatus
34. 1985-07-01
    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: $5,409 · $451/mo
• Projected year-2 tax: $8,692 · $724/mo
• Expected delta: +$3,283/yr (+$274/mo · 60.7%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 7% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,496
• − Mortgage interest: −$26,607
• − Property taxes: −$5,409
• − Insurance: −$2,375
• − Repairs & maintenance: −$5,480
• − Management: −$5,480
• − Depreciation: −$13,818
• Taxable income: $9,327
• Est. tax owed @ 24.0%: −$2,238
• After-tax cash flow: $14,198/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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 15,018
• Household income: $48,878
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 676.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 25% White 25% Black 10%
• Hispanic origin (detail): Mexican 51% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Serbian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 67% English-only · Spanish 32% Arabic 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.95%
• Current HPI: 188.4033
• Rent YoY: ▲ 3.87%
• Metro: Lubbock, 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

+104.7% since first listed

18 events — show timeline

• 2026-03-10 Listed $480,000 LARMLS
• 2024-05-03 Rental Removed $600 APPFOLIO
• 2024-04-27 Listed for Rent $600 APPFOLIO
• 2024-04-10 Rental Removed $525 APPFOLIO
• 2024-03-29 Listed for Rent $525 APPFOLIO
• 2023-12-04 Sold (Public Records) — Public Records
• 2023-09-15 Rental Removed $525 APPFOLIO
• 2023-08-16 Listed for Rent $525 APPFOLIO
• 2022-07-11 Price Changed $580 APPFOLIO
• 2021-10-08 Sold (Public Records) — Public Records
• 2021-10-07 Sold (MLS) — LARMLS
• 2021-06-16 Listed $349,900 LARMLS
• 2020-03-18 Listed $280,000 LARMLS
• 2018-04-24 Sold (Public Records) — Public Records
• 2018-04-20 Sold (MLS) — LARMLS
• 2017-07-03 Listed $234,500 LARMLS
• 2000-03-31 Sold (Public Records) — Public Records
• 1985-07-01 Sold (Public Records) — Public Records

Property tax history

+5.9%/yr

Latest (2025): $5,409 · -2.6% YoY. Source: county tax records.