305 S Brown St

Richland Springs, TX 76871

$114,900C

3 bd · 2.0 ba · 1,216 sqft · Built 1993 · Manufactured · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,131/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$99
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $192/mo
• Annual: $2,308/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.17%
• DSCR: 1.32
• 1% rule: 0.98%
• Cash to close: $32,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $192 ($2k/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 $113k (1.6% below list).
• It's been on market 161 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($794 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#993 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime F, amenities F.
• Richland Springs ISD (rural): math 30% / reading 30% proficiency, ranked #996 of 1,141 in TX (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP.
• San Saba County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 4y 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 (3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k 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 6→18/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 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.