4700 Boulder Dr #710

Midland, TX 79707

$69,000C

1 bd · 1.0 ba · 846 sqft · Built 1980 · Condo · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,202/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$96
• HOA: −$380
• Vac / Maint / Mgmt: −$252
• Net cashflow: $112/mo
• Annual: $1,344/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• 1% rule: 1.74%
• Cash to close: $19,320

Investor read

• This is a 1-bed/1.0-bath condo listed at $69k.
• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 199 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parker El (math 42% / reading 36%, grade F, #1,651 of 4,322 statewide, top 39%, 567 students, 52% FRL); Alamo J H (math 23% / reading 32%, grade F, #1,156 of 1,662 statewide, top 71%, 865 students, 62% FRL); Legacy H S (math 37% / reading 3%, grade F, #1,397 of 1,632 statewide, top 87%, 2,504 students, 41% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising fast (+4.5%/yr); 324 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $19k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 4.7% in Midland — 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.
• This rent is only 14% of the median local income ($100k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.