4706 Iowa St · Bellmead, TX 76705

$135,000

3 bd · 3.0 ba · 1,834 sqft · Manufactured public records · 430 Days on market

Built 1979 0.63 ac lot ↓ 23% since listing

---

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 +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

Key facts

• Metal roof
• Covered back patio
• Fenced corner lot

Tags

• KITCHEN WITH BREAKFAST BAR
• METAL ROOF
• FENCED CORNER LOT
• TWO SHEDS
• COVERED SCREENED BACK PORCH
• COVERED BACK PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 5.1% in Bellmead — 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 63/100 on livability (#893 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• La Vega ISD (suburban): math 24% / reading 32% proficiency, ranked #680 of 826 in TX (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 297 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• This rent runs 35% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 430 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 430 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 1979 — 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. 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. 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?
7. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.16%
• DSCR: 1.72
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $280,602
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4508 Rocking K Dr	0.41mi	3/2.0	1,568 (-14%)	17mo	$239,747	$153	39

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: 6.3%
• Equity multiple: 1.24×
• Total profit: $9,153
• Equity at exit: $20,129

10-year hold

• IRR: 15.0%
• Equity multiple: 2.17×
• Total profit: $44,088
• Equity at exit: $11,672

Cash invested: $37,800 (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: 297
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,708 high
• Mortgage (P&I): −$708
• Tax from tax record: −$76 /mo · $913/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $509

Break-even live

Break-even rent $1,064

Max offer price $135,000

Occupancy floor 65%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4509 Rocking K Dr Waco, TX	3.0	2.0	1298	$1,699	$1.31	13d	1	0.42mi
326 S Barbara St Waco, TX	3.0	2.0	1722	$2,300	$1.34	13d	1	1.02mi
209 S Rita St Waco, TX	3.0	2.0	1692	$1,575	$0.93	13d	1	1.22mi
218 Avenue F Waco, TX	3.0	2.0	1332	$1,600	$1.20	44d	1	1.25mi
1009 Victoria St Waco, TX	3.0	1.5	1728	$1,250	$0.72	21d	1	1.36mi
109 E Frost St Waco, TX	3.0	2.0	1338	$2,200	$1.64	13d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $135,000 Active 430 DOM
2. 2026-06-17
   days on market $135,000 Active 429 DOM
3. 2026-06-16
   days on market $135,000 Active 428 DOM
4. 2026-06-15
   days on market $135,000 Active 427 DOM
5. 2026-06-14
   days on market $135,000 Active 425 DOM
6. 2026-06-13
   days on market $135,000 Active 424 DOM
7. 2026-06-10
   days on market $135,000 Active 422 DOM
8. 2026-06-09
   days on market $135,000 Active 421 DOM
9. 2026-06-08
   days on market $135,000 Active 420 DOM
10. 2026-06-07
    days on market $135,000 Active 419 DOM
11. 2026-06-02
    days on market $135,000 Active 414 DOM
12. 2026-06-01
    days on market $135,000 Active 413 DOM
13. 2026-05-31
    days on market $135,000 Active 412 DOM
14. 2026-05-30
    days on market $135,000 Active 411 DOM
15. 2026-05-15
    status Active 245-char remark

    Show marketing remark (245 chars)

    Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

16. 2026-04-23
    historical Active Contingent 245-char remark

    Show marketing remark (245 chars)

    Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

17. 2025-08-12
    price $135,000 245-char remark

    Show marketing remark (245 chars)

    Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

18. 2025-06-28
    price $150,000 245-char remark

    Show marketing remark (245 chars)

    Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

19. 2024-07-20
    listed $175,000 Active 245-char remark

    Show marketing remark (245 chars)

    Attention investors! This corner-lot property at 4706 Iowa Street in Waco is a diamond in the rough. It offers ample space and huge potential for a savvy buyer who’s ready to roll up their sleeves. Needs work, but the opportunity is there.

ⓘ 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: $913 · $76/mo
• Projected year-2 tax: $2,470 · $206/mo
• Expected delta: +$1,557/yr (+$130/mo · 170.5%)

ⓘ 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 · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $20,497
• − Mortgage interest: −$7,562
• − Property taxes: −$913
• − Insurance: −$675
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − Depreciation: −$3,927
• Taxable income: $4,140
• Est. tax owed @ 24.0%: −$994
• After-tax cash flow: $5,116/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: La Vega ISD
• NCES district ID: 4826280
• Math proficiency: 24% ▼ -13.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $38,539
• Composite: 23.42/100
• National rank: #7892
• State rank: #680 of 826 in TX

Livability — Bellmead

• Score: 63/100
• State rank: #893
• US rank: #16031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellmead, TX
• County: McLennan County · 213,088 people
• City population: 31,750
• 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

-22.9% since first listed

5 events — show timeline

• 2026-05-15 Relisted — NTREIS
• 2026-04-23 Contingent — NTREIS
• 2025-08-12 Price Changed $135,000 NTREIS
• 2025-06-28 Price Changed $150,000 NTREIS
• 2024-07-20 Listed $175,000 NTREIS

Property tax history

+2.0%/yr

Latest (2025): $913 · +4.7% YoY. Source: county tax records.