601 Lenox St · Waco, TX 76704

$129,000

3 bd · 1.0 ba · 952 sqft · SingleFamily public records · 15 Days on market

Built 1962 7,275 sqft lot $136/sqft · 6% above area Est $122k · 6% over

---

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 +20.0/30.0
• DSCR +6.4/10.0
• 1% rule +5.7/10.0
• ARV discount +5.0/15.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Your Affordable Corner Lot Dream: Move-In Ready Starter Home in Prime Waco Location! Stop renting and start building equity with this perfectly positioned corner lot home. Boasting move-in ready status, this charming starter home offers immediate comfort and exceptional value. Essential appliances are included, featuring the refrigerator and stove, making your transition seamless. Enjoy year-round comfort with a new window unit and a ceiling fan installed in each room. 1 Location is everything! You'll be just minutes from all the best of Waco, including downtown visitor hot spots, Baylor University, area schools, shopping, the famous Magnolia Market, and countless local restaurants. This

Key facts

• New window unit
• Move in ready
• Prime location

Tags

• CORNER LOT
• MOVE IN READY
• ESSENTIAL APPLIANCES INCLUDED
• NEW WINDOW UNIT
• CEILING FAN INSTALLED
• PRIME LOCATION

Property features AI

Finance

• Other: Municipal utility district not present
• Financial info: Treat as clear loan type; No second mortgage indicated
• HOA & community: No homeowners association

Exterior

• Parking: No covered or carport spaces; No designated parking features
• Utilities: City water; City sewer; Individual gas meter
• Home design: Single-family residence; One level; Property attached
• Construction: Brick and wood construction; Built in 1962; Preowned
• Exterior features: Lot in Carver Park subdivision; Lot less than 0.5 acre

Interior

• Kitchen: Electric range; Refrigerator; Vented exhaust fan
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Window unit(s) cooling; Other heating
• Interior features: Cable TV available; Window coverings
• Laundry & utility: Washer hookup in kitchen; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Recommended offer: $127k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, commute F.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 86 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $1,386/mo this rent would consume 55% of the median local household income ($30k/yr) (locally 603% 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 $892 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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wind risk, 60% 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 $127,065 (1.5% below list)

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
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: 1.07% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• GRM: 7.8

CMA / ARV

• ARV (median comp): $122,204
• List price: $129,000
• Delta: 5.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 Dunbar St	0.08mi	2/1.0 (-1)	952 (0%)	15mo	$40,000	$42	79
1144 Faulkner Ln	0.52mi	3/1.0	972 (+2%)	8mo	$162,000	$167	66
504 Dearborn St	0.15mi	3/1.5	1,068 (+12%)	8mo	$185,000	$173	64
1016 Preston St	0.44mi	2/1.0 (-1)	989 (+4%)	6mo	$35,000	$35	63
512 Lenox St	0.10mi	2/1.0 (-1)	865 (-9%)	14mo	$72,000	$83	63
1220 Sherman St	0.33mi	3/2.0	864 (-9%)	4mo	$55,000	$64	62
604 Garrison St	0.74mi	2/1.0 (-1)	960 (+1%)	0mo	$114,900	$120	59
1111 Turner St	0.39mi	2/1.0 (-1)	1,036 (+9%)	7mo	$174,900	$169	56
1320 Hood St	0.28mi	3/2.0	1,077 (+13%)	10mo	$209,999	$195	52
1212 J J Flewellen Rd	0.44mi	3/1.0	844 (-11%)	13mo	$82,995	$98	50
1100 Sherman St	0.45mi	3/2.0	1,043 (+10%)	15mo	$199,900	$192	47
924 Hubert St	0.60mi	2/1.0 (-1)	896 (-6%)	14mo	$69,000	$77	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-10,716
• Equity at exit: $19,234

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $3,922
• Equity at exit: $11,154

Cash invested: $36,120 (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 76704

• Home prices YoY: -2.7%
• Active inventory: 86
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,386 high
• Mortgage (P&I): −$676
• Tax from tax record: −$206 /mo · $2,471/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $159

Break-even live

Break-even rent $1,185

Max offer price $129,000

Occupancy floor 84%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Dunbar St Waco, TX	3.0	1.0	852	$1,450	$1.70	13d	1	0.16mi
507 Dunbar St Waco, TX	3.0	1.0	841	$1,550	$1.84	21d	1	0.16mi
1225 Selman St Waco, TX	2.0	1.0	624	$895	$1.43	21d	1	0.34mi
1212 J J Flewellen Rd Waco, TX	2.0	1.0	844	$1,250	$1.48	44d	1	0.42mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	44d	1	0.45mi
825 Garrison St Waco, TX	3.0	2.0	1028	$1,370	$1.33	13d	1	0.59mi
932 Dawson St Waco, TX	3.0	2.0	1028	$1,449	$1.41	13d	1	0.61mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	21d	1	0.72mi
916 Olive St Waco, TX	3.0	2.0	1028	$1,475	$1.43	13d	1	0.79mi
1107 Chestnut St Waco, TX	2.0	1.0	928	$1,300	$1.40	21d	1	0.85mi
925 Burgan St Unit A Waco, TX	3.0	2.0	872	$999	$1.15	13d	1	0.87mi
923 Burgan St Unit A Waco, TX	3.0	2.0	872	$1,015	$1.16	13d	1	0.87mi
1226 Chestnut St Unit A Waco, TX	3.0	2.0	980	$925	$0.94	21d	1	0.91mi
413 Lottie St Unit B Waco, TX	3.0	2.0	872	$1,025	$1.18	13d	1	1.08mi
718 Garland Ave Unit b Waco, TX	3.0	1.0	838	$985	$1.18	13d	1	1.17mi
804 Earle Ave Unit A Waco, TX	3.0	2.0	872	$1,035	$1.19	13d	1	1.20mi
1013 Earle Ave Waco, TX	3.0	2.0	1028	$1,525	$1.48	21d	1	1.24mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,737	$1.89	21d	1	1.27mi
820 E Pecan Ave Waco, TX	2.0	1.0	672	$1,300	$1.93	13d	1	1.28mi
1216 Tennessee Ave Unit B Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	1.42mi
1216 Tennessee Ave Waco, TX	3.0	2.0	872	$1,250	$1.43	21d	1	1.42mi

Listing history 3 events

1. 2026-05-30
   status $129,000 Pending 15 DOM
2. 2026-05-14
   listed $129,000 Active 800-char remark
3. 2017-06-16
   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: $2,471 · $206/mo
• Projected year-2 tax: $2,471 · $206/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 5/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 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: $16,638
• − Mortgage interest: −$7,226
• − Property taxes: −$2,471
• − Insurance: −$645
• − Repairs & maintenance: −$1,331
• − Management: −$1,331
• − Depreciation: −$3,753
• Taxable loss: −$119
• Est. tax savings @ 24.0%: +$28
• After-tax cash flow: $1,939/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 7,018
• Household income: $30,349
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 603.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% Hispanic / Latino 19% Two or more races 11% White 10%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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: ▼ -5.09%
• Current HPI: 181.8051
• Rent YoY: —
• 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

5 events — show timeline

• 2026-05-30 Pending — NTREIS
• 2026-05-20 Contingent — NTREIS
• 2026-05-19 Listing Removed — NTREIS
• 2026-05-14 Listed $129,000 NTREIS
• 2017-06-16 Sold (Public Records) — Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,471 · +2.7% YoY. Source: county tax records.