350 County Road 4905

Trenton, TX 75490

$199,000C

4 bd · 2.0 ba · 1,456 sqft · Built 2021 · Manufactured · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$359
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $177/mo
• Annual: $2,129/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.82%
• DSCR: 1.17
• 1% rule: 1.01%
• Cash to close: $55,720

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 157 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,108 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, employment B+; Watch: schools C-, crime D, amenities F.
• Trenton ISD (rural): math 27% / reading 43% proficiency, ranked #483 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 82 units permitted in Fannin County in 2024 (0 in 5+ unit buildings).
• Fannin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 2.7% in Trenton — 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.

Questions for listing agent

• It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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?
• 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.
• 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.