209 CR 190

Streetman, TX 75859

$118,500D+

2 bd · 2.0 ba · 1,008 sqft · Built 1980 · Manufactured · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,109/mo
• Mortgage (P&I): −$621
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $57/mo
• Annual: $688/yr
• Cap rate: 6.87%
• Cash-on-cash: 2.07%
• DSCR: 1.09
• 1% rule: 0.94%
• Cash to close: $33,180

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $118k.
• At list price, monthly cash flow is $57 ($688/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 $111k (6.4% below list).
• It's been on market 71 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (6.4% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($819 loan paydown + $2k appreciation (1.9% local appreciation)).
• Location reads 52/100 on livability (#1,456 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Fairfield ISD (town): math 33% / reading 41% proficiency, ranked #475 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairfield El (391 students, 71% FRL); Fairfield J H (math 28% / reading 36%, grade F, #971 of 1,662 statewide, top 60%, 409 students, 59% FRL); Fairfield H S (math 42% / reading 57%, grade D, #509 of 1,632 statewide, top 34%, 489 students, 52% FRL).
• Market conditions: 102 active listings in the ZIP; 2 units permitted in Freestone County in 2024 (0 in 5+ unit buildings).
• Freestone County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $11k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→27/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 71 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.