1306 Covey Ln · Killeen, TX 76542

$229,900

8 bd · 1.0 ba · 4,150 sqft · MultiFamily public records · 41 Days on market

Built 1979 7,784 sqft lot $55/sqft · 41% below area Est $393k · 41% under

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Why this score? — see what drove the B 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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +8.6/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Fantastic value add opportunity! Property does need some TLC like roof and siding work. Priced to sell fast with plenty of meat on the bone for a savvy investor to grab some equity. 1 long term tenant currently paying 700/month. Other units are currently vacant and ready to show. MOTIVATED SELLER! All reasonable offers to be considered.

Key facts

• Built 1979
• Listed 40 days

🏷️ Possibly a rental listed for sale. The $229,900 price doesn't fit this home's estimated sale value (~$392,890) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 8-bed/1.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.9% in Killeen — 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 63/100 on livability (#853 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, amenities D, employment D.
• Killeen ISD (urban): math 31% / reading 38% proficiency, ranked #524 of 826 in TX (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.9%/yr); 643 active listings in the ZIP; 3,222 units permitted in Bell County in 2024 (246 in 5+ unit buildings).
• At $3,123/mo this rent would consume 51% of the median local household income ($74k/yr) (locally 1167% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Bell County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $19k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $223,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 6.1

CMA / ARV

• ARV (median comp): $392,890
• List price: $229,900
• Delta: -41.48%
• Verdict: UNDERPRICED
• Comps: 12 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-5,641
• Equity at exit: $34,279

10-year hold

• IRR: 3.2%
• Equity multiple: 1.20×
• Total profit: $12,752
• Equity at exit: $19,878

Cash invested: $64,372 (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 76542

• Home prices YoY: -21.7%
• Rents YoY: -1.9%
• Active inventory: 643
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,123 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$529 /mo · $6,345/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $637

Break-even live

Break-even rent $2,317

Max offer price $229,900

Occupancy floor 75%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,124
Total (2 units)			$3,123

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-04
   price $229,900 338-char remark

   Show marketing remark (338 chars)

   Fantastic value add opportunity! Property does need some TLC like roof and siding work. Priced to sell fast with plenty of meat on the bone for a savvy investor to grab some equity. 1 long term tenant currently paying 700/month. Other units are currently vacant and ready to show. MOTIVATED SELLER! All reasonable offers to be considered.

2. 2026-05-01
   price $233,500 338-char remark

   Show marketing remark (338 chars)

   Fantastic value add opportunity! Property does need some TLC like roof and siding work. Priced to sell fast with plenty of meat on the bone for a savvy investor to grab some equity. 1 long term tenant currently paying 700/month. Other units are currently vacant and ready to show. MOTIVATED SELLER! All reasonable offers to be considered.

3. 2026-04-28
   price $239,000 338-char remark

   Show marketing remark (338 chars)

   Fantastic value add opportunity! Property does need some TLC like roof and siding work. Priced to sell fast with plenty of meat on the bone for a savvy investor to grab some equity. 1 long term tenant currently paying 700/month. Other units are currently vacant and ready to show. MOTIVATED SELLER! All reasonable offers to be considered.

4. 2026-04-16
   listed $249,000 Active 338-char remark

   Show marketing remark (338 chars)

   Fantastic value add opportunity! Property does need some TLC like roof and siding work. Priced to sell fast with plenty of meat on the bone for a savvy investor to grab some equity. 1 long term tenant currently paying 700/month. Other units are currently vacant and ready to show. MOTIVATED SELLER! All reasonable offers to be considered.

5. 2025-04-03
   historical $850
6. 2025-03-30
   listed $850
7. 2025-03-08
   historical $850
8. 2025-03-02
   listed $850
9. 2025-02-06
   historical $850
10. 2025-01-31
    listed $850
11. 2024-12-11
    historical $850
12. 2024-09-28
    listed $850
13. 2024-09-28
    historical $850
14. 2024-09-28
    listed $850
15. 2006-08-01
    soldstatus $180,000 29-char remark

    Show marketing remark (29 chars)

    Great investment opportunity.

16. 2006-07-27
    soldstatus
17. 2006-03-23
    listed $175,000 29-char remark

    Show marketing remark (29 chars)

    Great investment opportunity.

18. 1979-02-22
    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: $6,345 · $529/mo
• Projected year-2 tax: $6,345 · $529/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,476
• − Mortgage interest: −$12,878
• − Property taxes: −$6,345
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,998
• − Management: −$2,998
• − Depreciation: −$6,688
• Taxable income: $4,419
• Est. tax owed @ 24.0%: −$1,061
• After-tax cash flow: $6,583/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: Killeen ISD
• NCES district ID: 4825660
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $47,665
• Composite: 29.69/100
• National rank: #6458
• State rank: #524 of 826 in TX

Livability — Killeen

• Score: 63/100
• State rank: #853
• US rank: #15359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Killeen, TX
• County: Bell County · 345,090 people
• City population: 163,398
• Metro: Killeen-Temple, TX
• Population (ZIP): 53,892
• Household income: $74,055
• Rent vs Own: 34.7% rent · 65.3% own
• Severe rent burden: 1167.0

Population outlook (Bell County) Hauer SSP2

• Today (2025): 371,114 people
• By 2030: 389,104 · +4.8%
• By 2040: 420,592 · +13.3%
• By 2050: 447,779 · +20.7%
• By 2075: 499,130 · +34.5%
• By 2100: 505,680 · +36.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Black 34% White 27% Hispanic / Latino 26% Two or more races 17% Asian 5%
• Hispanic origin (detail): Mexican 13% Puerto Rican 9%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 79% English-only · Spanish 15% Korean 1% German/W. Germanic 1%

Political lean MEDSL · Bell

• 2024 margin: R (+16.2) · D 41.3% · R 57.6% · Other 1.1%
• 2008→2024 swing: -6.5pp toward R · 2008: -9.8pp · 2024: -16.2pp
• All cycles: 2024: R+16.2 2020: R+8.5 2016: R+15.1 2012: R+16.4 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.94%
• Current HPI: 158.4385
• Rent YoY: ▼ -1.85%
• Metro: Killeen-Temple, 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

+31.4% since first listed

18 events — show timeline

• 2026-05-04 Price Changed $229,900 CTXMLS
• 2026-05-01 Price Changed $233,500 CTXMLS
• 2026-04-28 Price Changed $239,000 CTXMLS
• 2026-04-16 Listed $249,000 CTXMLS
• 2025-04-03 Rental Removed $850 RENTALBEAST
• 2025-03-30 Listed for Rent $850 RENTALBEAST
• 2025-03-08 Rental Removed $850 PROPERTYWARE
• 2025-03-02 Listed for Rent $850 PROPERTYWARE
• 2025-02-06 Rental Removed $850 PROPERTYWARE
• 2025-01-31 Listed for Rent $850 PROPERTYWARE
• 2024-12-11 Rental Removed $850 RENTALBEAST
• 2024-09-28 Listed for Rent $850 RENTALBEAST
• 2024-09-28 Rental Removed $850 RENTALBEAST
• 2024-09-28 Listed for Rent $850 RENTALBEAST
• 2006-08-01 Sold (MLS) $180,000 CTXMLS
• 2006-07-27 Sold (Public Records) — Public Records
• 2006-03-23 Listed $175,000 CTXMLS
• 1979-02-22 Sold (Public Records) — Public Records

Property tax history

+6.3%/yr

Latest (2025): $6,345 · +8.4% YoY. Source: county tax records.