120 N Bermuda St · Lacy-Lakeview, TX 76705

$79,000

2 bd · 1.0 ba · 696 sqft · SingleFamily public records · 275 Days on market

Built 1946 5,227 sqft lot $114/sqft · 41% below area Est $133k · 41% 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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.8/10.0
• 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

This property offers a solid investment opportunity. Solid bones and plenty of potential, this home is ideal for those looking to maximize returns through long-term rental income. With close proximity to I-35, shopping, schools, and downtown Waco, this property offers a strong investment opportunity in a steady rental market. Must give 24-48 hours notice. Current rental rate is $895 and the current tenant is on a month-to-month lease. This property can also be purchased as a package deal with 118 N. Bermuda Street. Contact listing agent for package pricing.

Key facts

• 5,227 sq ft lot
• Built 1946
• Listed 274 days

🏷️ Possibly a rental listed for sale. The $79,000 price doesn't fit this home's estimated sale value (~$133,007) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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); 299 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 10 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

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 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 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.28% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.38%
• DSCR: 1.55
• GRM: 6.5

CMA / ARV

• ARV (median comp): $133,007
• List price: $79,000
• Delta: -40.60%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Stanfield Dr	0.28mi	2/1.0	744 (+7%)	8mo	$123,500	$166	69
315 Oak Dr	0.32mi	2/1.0	692 (-1%)	22mo	$150,000	$217	66
122 Cedar St	0.20mi	2/1.0	616 (-12%)	23mo	$49,900	$81	52

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $954
• Equity at exit: $11,779

10-year hold

• IRR: 9.9%
• Equity multiple: 1.74×
• Total profit: $16,408
• Equity at exit: $6,830

Cash invested: $22,120 (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: 299
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,009 high
• Mortgage (P&I): −$414
• Tax from tax record: −$121 /mo · $1,458/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $228

Break-even live

Break-even rent $720

Max offer price $79,000

Occupancy floor 72%

Sensitivity live

Price	-10% $273	-5% $251	+0% $228	+5% $206	+10% $183
Rent	-10% $148	-5% $188	+0% $228	+5% $268	+10% $308
Rate	-1.0pp $268	-0.5pp $248	base $228	+0.5pp $208	+1.0pp $187

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 E Craven Ave Waco, TX	1.0	1.0	521	$725	$1.39	14d	1	0.16mi
600 E Craven Ave Waco, TX	1.0	1.0	521	$725	$1.39	45d	1	0.16mi
500 E Craven Ave Waco, TX	2.0	1.0	750	$1,075	$1.43	14d	1	0.22mi
105 N Lacy Dr Waco, TX	3.0	1.0–2.0	700	$1,374	$1.96	14d	11	0.60mi
3500 Meyers Ln Waco, TX	1.0–2.0	1.0–2.0	684	$1,125	$1.64	14d	1	0.91mi
1910 E Crest Dr Unit 9 B Waco, TX	1.0	1.0	450	$950	$2.11	14d	1	1.26mi
104 Faye Dr Apt C2 Waco, TX	1.0	1.0	450	$950	$2.11	14d	1	1.26mi

Listing history 37 events

1. 2026-06-21
   days on market $79,000 Active 275 DOM
2. 2026-06-18
   days on market $79,000 Active 272 DOM
3. 2026-06-17
   days on market $79,000 Active 271 DOM
4. 2026-06-16
   days on market $79,000 Active 270 DOM
5. 2026-06-15
   days on market $79,000 Active 269 DOM
6. 2026-06-14
   days on market $79,000 Active 267 DOM
7. 2026-06-13
   days on market $79,000 Active 266 DOM
8. 2026-06-10
   days on market $79,000 Active 264 DOM
9. 2026-06-09
   days on market $79,000 Active 263 DOM
10. 2026-06-08
    days on market $79,000 Active 262 DOM
11. 2026-06-07
    days on market $79,000 Active 261 DOM
12. 2026-06-05
    days on market $79,000 Active 258 DOM
13. 2026-06-02
    days on market $79,000 Active 256 DOM
14. 2026-06-01
    days on market $79,000 Active 255 DOM
15. 2026-05-31
    days on market $79,000 Active 254 DOM
16. 2026-05-30
    days on market $79,000 Active 253 DOM
17. 2026-03-04
    listed $79,000 Active 563-char remark

    Show marketing remark (563 chars)

    This property offers a solid investment opportunity. Solid bones and plenty of potential, this home is ideal for those looking to maximize returns through long-term rental income. With close proximity to I-35, shopping, schools, and downtown Waco, this property offers a strong investment opportunity in a steady rental market. Must give 24-48 hours notice. Current rental rate is $895 and the current tenant is on a month-to-month lease. This property can also be purchased as a package deal with 118 N. Bermuda Street. Contact listing agent for package pricing.

18. 2025-12-08
    price $79,000 563-char remark

    Show marketing remark (563 chars)

    This property offers a solid investment opportunity. Solid bones and plenty of potential, this home is ideal for those looking to maximize returns through long-term rental income. With close proximity to I-35, shopping, schools, and downtown Waco, this property offers a strong investment opportunity in a steady rental market. Must give 24-48 hours notice. Current rental rate is $895 and the current tenant is on a month-to-month lease. This property can also be purchased as a package deal with 118 N. Bermuda Street. Contact listing agent for package pricing.

19. 2025-09-18
    listed $90,000 Active 563-char remark

    Show marketing remark (563 chars)

    This property offers a solid investment opportunity. Solid bones and plenty of potential, this home is ideal for those looking to maximize returns through long-term rental income. With close proximity to I-35, shopping, schools, and downtown Waco, this property offers a strong investment opportunity in a steady rental market. Must give 24-48 hours notice. Current rental rate is $895 and the current tenant is on a month-to-month lease. This property can also be purchased as a package deal with 118 N. Bermuda Street. Contact listing agent for package pricing.

20. 2023-11-17
    soldstatus
21. 2023-09-13
    listed $70,000
22. 2023-08-29
    historical $895
23. 2023-08-04
    listed $895
24. 2021-04-14
    historical
25. 2021-01-07
    listed $76,500
26. 2020-07-28
    historical
27. 2020-05-19
    listed $74,900
28. 2020-02-07
    historical
29. 2019-06-26
    listed $64,997
30. 2019-05-24
    historical
31. 2019-04-05
    listed $70,000
32. 2017-12-31
    historical
33. 2017-11-01
    listed $65,300
34. 2017-10-24
    historical
35. 2017-09-06
    listed $68,450
36. 2014-03-24
    soldstatus
37. 1982-05-06
    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: $1,458 · $121/mo
• Projected year-2 tax: $1,458 · $121/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $12,104
• − Mortgage interest: −$4,425
• − Property taxes: −$1,458
• − Insurance: −$395
• − Repairs & maintenance: −$968
• − Management: −$968
• − Depreciation: −$2,298
• Taxable income: $1,591
• Est. tax owed @ 24.0%: −$382
• After-tax cash flow: $2,356/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

+15.4% since first listed

21 events — show timeline

• 2026-03-04 Listed $79,000 CTXMLS
• 2025-12-08 Price Changed $79,000 NTREIS
• 2025-09-18 Listed $90,000 NTREIS
• 2023-11-17 Sold (MLS) — NTREIS
• 2023-09-13 Listed $70,000 NTREIS
• 2023-08-29 Rental Removed $895 APPFOLIO
• 2023-08-04 Listed for Rent $895 APPFOLIO
• 2021-04-14 Listing Removed — NTREIS
• 2021-01-07 Listed $76,500 NTREIS
• 2020-07-28 Listing Removed — NTREIS
• 2020-05-19 Listed $74,900 NTREIS
• 2020-02-07 Listing Removed — NTREIS
• 2019-06-26 Listed $64,997 NTREIS
• 2019-05-24 Listing Removed — NTREIS
• 2019-04-05 Listed $70,000 NTREIS
• 2017-12-31 Listing Removed — NTREIS
• 2017-11-01 Listed $65,300 NTREIS
• 2017-10-24 Listing Removed — NTREIS
• 2017-09-06 Listed $68,450 NTREIS
• 2014-03-24 Sold (Public Records) — Public Records
• 1982-05-06 Sold (Public Records) — Public Records

Property tax history

+11.1%/yr

Latest (2025): $1,458 · +9.3% YoY. Source: county tax records.