208 N Church St · Hillsboro, TX 76645

$1,395,000

40 bd · 30.0 ba · 15,120 sqft · MultiFamily public records · 33 Days on market

Built 1984 0.65 ac lot ↓ 13% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 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

The Hillsboro Oaks Apartments. Located in downtown Hillsboro, TX just two city blocks from the Hill County courthouse with easy access to I-35, and less than a 1 hour drive from Fort Worth. Acquisition of this 20 unit apartment complex presents a value add opportunity for multi family investors. All 2 bed, 1.5 bath units range from approximately 750-1,000 SqFt and rent for an average of one dollar per SqFt plus utilities. Units were renovated in 2021 with new higher grade materials, systems and features including carpet, countertops, paint, LVP flooring, appliances, HVAC units, resurfaced parking lot and new metal roofing and siding. Please contact listing agent for rent roll & expens

Key facts

• Renovated in 2021
• New metal roofing
• 0.65 acre lot

Tags

• RENOVATED IN 2021
• NEW HIGHER GRADE MATERIALS
• NEW METAL ROOFING
• RESURFACED PARKING LOT

Property features AI

Finance

• Other: Property type: Residential income, multi family; Building area (appraiser): 15,250; Parcel number: 106908; County: Hill; Directions: Please use GPS
• Financial info: Gross annual income: $174,209; Gross annual expenses: $51,620; Insurance expense: $15,487; Net operating income: $122,589; Occupancy rate: 85%; Capitalization rate: 8.79%
• HOA & community: No association

Exterior

• Parking: 31 parking spaces
• Utilities: City water; City sewer; Electricity connected; Cable available; Phone available
• Home design: Multi-family residential income property; Two levels; Built in 1984; Complex: Hillsboro Oaks Apartments
• Construction: Frame, wood and metal siding construction; Metal roof; Pillar/post/pier foundation; 5 buildings totaling 20 units (this listing is 1 unit)
• Exterior features: Asphalt common parking; Lot approximately 0.65 acres; Will not subdivide; Subdivision: Harden

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Luxury vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fans; Electric heating
• Interior features: Open floor plan; Cable TV available
• Laundry & utility: Master water meter

What this means for you Summary

Snapshot

• This is a 20 × 2.0-bed/1.5-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $6k ($73k/yr) — positive. Per door: $305/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.40M).
• Recommended offer: $1.35M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Hillsboro El (704 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: 156 active listings in the ZIP; 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 $10k of loan paydown is wiped out by about $42k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $391k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($1.35M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y 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: major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,353,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.37% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.76%
• DSCR: 1.83
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $162,803
• Equity at exit: $207,999

10-year hold

• IRR: 19.6%
• Equity multiple: 2.64×
• Total profit: $642,232
• Equity at exit: $120,614

Cash invested: $390,600 (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: 121.4×

Monthly cashflow live

• Estimated rent: $19,156 medium
• Mortgage (P&I): −$7,316
• Tax from tax record: −$1,130 /mo · $13,557/yr
• Insurance: −$581
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,023
• Net cashflow: $6,107

Break-even live

Break-even rent $11,426

Max offer price $1,395,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 20× units	2.0	1.5	$19,160
Total (20 units)			$19,156

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: $348,750
• Closing costs: $41,850
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $1,395,000 Active 33 DOM
2. 2026-06-17
   days on market $1,395,000 Active 32 DOM
3. 2026-06-16
   days on market $1,395,000 Active 31 DOM
4. 2026-06-15
   days on market $1,395,000 Active 30 DOM
5. 2026-06-13
   days on market $1,395,000 Active 28 DOM
6. 2026-06-12
   days on market $1,395,000 Active 27 DOM
7. 2026-06-10
   days on market $1,395,000 Active 24 DOM
8. 2026-06-08
   days on market $1,395,000 Active 23 DOM
9. 2026-06-08
   days on market $1,395,000 Active 22 DOM
10. 2026-06-07
    days on market $1,395,000 Active 21 DOM
11. 2026-06-03
    days on market $1,395,000 Active 18 DOM
12. 2026-06-02
    days on market $1,395,000 Active 17 DOM
13. 2026-06-01
    days on market $1,395,000 Active 16 DOM
14. 2026-05-31
    days on market $1,395,000 Active 15 DOM
15. 2026-05-15
    listed $1,395,000 Active
16. 2026-01-23
    historical
17. 2025-10-31
    historical Active Option Contract
18. 2025-04-16
    price $1,395,000
19. 2025-04-15
    status Active
20. 2025-03-21
    historical Active Option Contract
21. 2025-01-24
    price $1,495,000
22. 2025-01-23
    price $1,500,000
23. 2024-09-23
    status Active
24. 2024-08-23
    status Pending
25. 2024-03-23
    historical $850
26. 2024-03-20
    listed $850
27. 2024-03-14
    historical $850
28. 2024-01-29
    listed $850
29. 2024-01-29
    historical $850
30. 2024-01-26
    listed $1,600,000 Active
31. 2023-12-24
    listed $850
32. 2023-08-20
    historical $975
33. 2023-08-19
    listed $975
34. 2022-12-03
    historical
35. 2021-06-18
    soldstatus
36. 2006-10-06
    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: $13,557 · $1,130/mo
• Projected year-2 tax: $25,528 · $2,127/mo
• Expected delta: +$11,972/yr (+$998/mo · 88.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 23 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: $229,872
• − Mortgage interest: −$78,142
• − Property taxes: −$13,557
• − Insurance: −$6,975
• − Repairs & maintenance: −$18,390
• − Management: −$18,390
• − Depreciation: −$40,582
• Taxable income: $53,837
• Est. tax owed @ 24.0%: −$12,921
• After-tax cash flow: $60,360/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

-12.8% since first listed

22 events — show timeline

• 2026-05-15 Listed $1,395,000 NTREIS
• 2026-01-23 Listing Removed — NTREIS
• 2025-10-31 Contingent — NTREIS
• 2025-04-16 Price Changed $1,395,000 NTREIS
• 2025-04-15 Relisted — NTREIS
• 2025-03-21 Contingent — NTREIS
• 2025-01-24 Price Changed $1,495,000 NTREIS
• 2025-01-23 Price Changed $1,500,000 NTREIS
• 2024-09-23 Relisted — NTREIS
• 2024-08-23 Pending — NTREIS
• 2024-03-23 Rental Removed $850 APPFOLIO
• 2024-03-20 Listed for Rent $850 APPFOLIO
• 2024-03-14 Rental Removed $850 APPFOLIO
• 2024-01-29 Listed for Rent $850 APPFOLIO
• 2024-01-29 Rental Removed $850 APPFOLIO
• 2024-01-26 Listed $1,600,000 NTREIS
• 2023-12-24 Listed for Rent $850 APPFOLIO
• 2023-08-20 Rental Removed $975 APPFOLIO
• 2023-08-19 Listed for Rent $975 APPFOLIO
• 2022-12-03 Rental Removed — APPFOLIO
• 2021-06-18 Sold (Public Records) — Public Records
• 2006-10-06 Sold (Public Records) — Public Records

Property tax history

+5.3%/yr

Latest (2025): $13,557 · +24.2% YoY. Source: county tax records.