335 County Road 2100

Corsicana, TX 75110

$229,900D

4 bd · 2.0 ba · 2,432 sqft · Built 2005 · Manufactured · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,598/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-133/mo
• Annual: $-1,593/yr
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• 1% rule: 0.70%
• Cash to close: $64,372

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (30.5% below list).
• It's been on market 60 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (30.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 71/100 on livability (#283 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Corsicana ISD (town): math 39% / reading 37% proficiency, ranked #471 of 826 in TX (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jose Antonio Navarro El (math 24% / reading 24%, grade F, #3,221 of 4,322 statewide, top 75%, 621 students, 90% FRL); Corsicana Middle (math 35% / reading 43%, grade F, #690 of 1,662 statewide, top 42%, 928 students, 76% FRL); Corsicana H S (math 42% / reading 47%, grade F, #652 of 1,632 statewide, top 43%, 1,805 students, 73% FRL).
• Market conditions: Rents soft (-1.5%/yr); 273 active listings in the ZIP; 522 units permitted in Navarro County in 2024 (0 in 5+ unit buildings).
• Navarro County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 4.4% in Corsicana — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 33% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• 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.