117 Bowie Rd #726 · Payne Springs, TX 75156

$179,900

3 bd · 2.0 ba · 1,075 sqft · SingleFamily · 17 Days on market

Built 2026 Excellent condition 5,053 sqft lot Est $161k · 12% over $38/mo HOA · 2% of rent

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Why this score? — see what drove the D- 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 +13.9/30.0
• Condition / age +5.0/5.0
• DSCR +4.2/10.0
• 1% rule +4.1/10.0
• Schools +3.2/10.0
• Livability +3.1/5.0
• ARV discount +2.3/15.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Special financing program, total move in cost may be as low as $2,000.00 for qualified buyers. Earnest money deposit only $500. Seller to pay up to $9,000.00 in buyer's closing costs to qualified buyers who opt out of special financing program. Home comes with range, dishwasher and microwave and venta hood, laminate flooring, mini blinds, granite countertops and 2 10 warranty. Stunning features include 9 ft. ceilings, vinyl plank flooring throughout, central heat and air, luxury walk in shower to name a few. Exterior features professional planned exterior colors, concrete driveway and walkway, front yard with sod and some plants and shrubbery, and a fenced back yard with gate. Buyer to sele

Key facts

• Fenced back yard
• Dishwasher
• Microwave

Tags

• DISHWASHER
• MICROWAVE
• GRANITE COUNTERTOPS
• FENCED BACK YARD
• CONCRETE DRIVEWAY
• JOGGING WALKING TRAIL

Property features AI

Finance

• Financial info: Listing accepts Cash, Conventional, and FHA financing
• HOA & community: Mandatory association (Cherokee Shores POA); Annual association fee of $450; Association fee includes maintenance of grounds

Exterior

• Parking: Attached garage; 1 covered/garage space
• Utilities: City water; Not in a municipal utility district
• Home design: Single-family residence; Residential property; One story; New construction - incomplete (2026)
• Construction: Built in 2026; New construction - incomplete
• Exterior features: Lot smaller than 0.5 acre; Will subdivide (yes)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Granite counters
• Bedrooms: 3 bedrooms (primary bedroom on main level)
• Bathrooms: 2 full bathrooms
• Interior features: Open floorplan; Granite counters; One living area; One dining area
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $18 ($222/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 $165k (8.5% below list).
• Recommended offer: $165k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.8% in Payne Springs — 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 61/100 on livability (#985 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment D-.
• Eustace ISD (rural): math 32% / reading 45% proficiency, ranked #455 of 826 in TX (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Eustace Pri (497 students, 74% FRL); Eustace Middle (math 34% / reading 44%, grade F, #690 of 1,662 statewide, top 42%, 382 students, 63% FRL); Eustace H S (math 22% / reading 57%, grade F, #821 of 1,632 statewide, top 53%, 473 students, 56% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents falling (-5.8%/yr); 699 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Recommended offer $164,520 (8.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.91% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $161,250
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
143 Kanawka Rd	0.13mi	3/2.0	1,216 (+13%)	8mo	$165,000	$136	65
115 Geronimo	0.10mi	2/1.5 (-1)	1,024 (-5%)	20mo	$160,000	$156	64
240 Geronimo Trl	0.41mi	3/2.0	1,200 (+12%)	7mo	$188,000	$157	56
208 N Cherokee Shores Dr	0.64mi	3/2.0	1,178 (+10%)	3mo	$74,415	$63	51
123 Little River Bnd	0.62mi	2/2.0 (-1)	1,168 (+9%)	9mo	$175,000	$150	44
7972 Double Bridge Rd	0.50mi	2/1.0 (-1)	1,161 (+8%)	12mo	$77,000	$66	44
135 Lake Creek Dr	0.50mi	2/1.0 (-1)	1,000 (-7%)	22mo	$50,000	$50	38
120 W Quanah Rd	0.64mi	3/2.0	960 (-11%)	24mo	$145,000	$151	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.35×
• Total profit: $-32,749
• Equity at exit: $26,824

10-year hold

• IRR: -19.8%
• Equity multiple: 0.10×
• Total profit: $-45,441
• Equity at exit: $15,554

Cash invested: $50,372 (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 75156

• Rents YoY: -5.8%
• Active inventory: 699
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,645 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$38
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $18

Break-even live

Break-even rent $1,622

Max offer price $179,900

Occupancy floor 94%

Sensitivity live

Price	-10% $143	-5% $81	+0% $18	+5% $-44	+10% $-106
Rent	-10% $-112	-5% $-47	+0% $18	+5% $83	+10% $148
Rate	-1.0pp $109	-0.5pp $64	base $18	+0.5pp $-28	+1.0pp $-76

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 Bowie St Mabank, TX	3.0	2.0	1200	$1,550	$1.29	45d	1	0.01mi
102 Lynn Creek Dr Mabank, TX	3.0	1.0	1400	$995	$0.71	45d	1	1.20mi
120 Trails End St Mabank, TX	2.0	2.0	1176	$1,895	$1.61	45d	1	1.29mi

HOA detail

• Monthly dues: $38 · $456/yr

Listing history 9 events

1. 2026-06-09
   days on market $179,900 Active 17 DOM
2. 2026-06-08
   days on market $179,900 Active 16 DOM
3. 2026-06-07
   days on market $179,900 Active 15 DOM
4. 2026-06-05
   days on market $179,900 Active 12 DOM
5. 2026-06-02
   days on market $179,900 Active 10 DOM
6. 2026-06-01
   days on market $179,900 Active 9 DOM
7. 2026-05-31
   days on market $179,900 Active 8 DOM
8. 2026-05-30
   days on market $179,900 Active 7 DOM
9. 2026-05-23
   listed $179,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,742
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − HOA: −$456
• − Depreciation: −$5,233
• Taxable loss: −$2,781
• Est. tax savings @ 24.0%: +$667
• After-tax cash flow: $889/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.

Condition & rehab AI · 8 photos

Excellent 100/100 None rehab

This home is move-in ready with excellent condition and stunning features, including 9 ft. ceilings, vinyl plank flooring, and professional planned exterior colors. Minor updates to the exterior and interior paint can further enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters.
• Both Landscaping the front yard — A well-maintained front yard with sod, plants, and shrubbery can improve the home's curb appeal and add value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters. ↑
• Both Landscaping the front yard — A well-maintained front yard with sod, plants, and shrubbery can improve the home's curb appeal and add value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Eustace ISD
• NCES district ID: 4818720
• Math proficiency: 32% ▼ -18.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $42,425
• Composite: 32.48/100
• National rank: #5711
• State rank: #455 of 826 in TX

Livability — Payne Springs

• Score: 61/100
• State rank: #985
• US rank: #17539

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Henderson County · 34,977 people
• City population: 16,333
• Metro: Athens, TX
• Population (ZIP): 16,333
• Household income: $60,867
• Rent vs Own: 18.5% rent · 81.5% own
• Severe rent burden: 400.0

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 80,471 people
• By 2030: 80,608 · +0.2%
• By 2040: 80,087 · -0.5%
• By 2050: 78,208 · -2.8%
• By 2075: 72,423 · -10.0%
• By 2100: 61,012 · -24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 7% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Serbian 2% European 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Henderson

• 2024 margin: Solid R (+63.5) · D 18.0% · R 81.4%
• 2008→2024 swing: -18.8pp toward R · 2008: -44.6pp · 2024: -63.5pp
• All cycles: 2024: R+63.5 2020: R+60.2 2016: R+60.0 2012: R+54.8 2008: R+44.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -216.77%
• Current HPI: 199.8108
• Rent YoY: ▼ -5.76%
• Metro: Athens, 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

1 event — show timeline

• 2026-05-23 Listed $179,900 NTREIS