4008 County Road 407 S · Henderson, TX 75654

$360,000

9 bd · 3.9 ba · 100,000 sqft · MultiFamily · 15 Days on market

Built 2022 Good condition

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Why this score? — see what drove the C 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 +17.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.6/10.0
• Condition / age +4.0/5.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Great investment opportunity with immediate income potential! Situated on 3.41 wooded acres, this unique property features four tiny homes built between 2022 and 2025. Each home is currently leased, providing instant rental income for the next owner. The homes offer modern construction with efficient layouts that appeal to tenants seeking low-maintenance living in a peaceful setting. Nestled among mature trees, the property provides privacy and a quiet, country feel while still being conveniently located to nearby amenities. The acreage allows room for expansion or additional improvements, making it an attractive option for investors looking to grow their rental portfolio. With newer const

Key facts

• Modern construction
• Privacy
• Efficient layouts

Tags

• WOODED ACRES
• MODERN CONSTRUCTION
• EFFICIENT LAYOUTS
• LOW-MAINTENANCE LIVING
• PEACEFUL SETTING
• PRIVACY

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: Has garage
• Home design: Residential income property; Fourplex (quadruplex)
• Exterior features: Zoned for multi-family dwelling (Multi Fam Dwelling 1 St)

Interior

• Heating & cooling: Window Unit(s)
• Interior features: Window unit cooling

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $360k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive. Per door: $85/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (3.6% below list).
• Recommended offer: $347k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 2.9% in Henderson — 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 69/100 on livability (#408 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools D-, crime F.
• West Rusk County Consolidated ISD (rural): math 41% / reading 43% proficiency, ranked #351 of 826 in TX (top 42%) — 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.
• Market conditions: 177 active listings in the ZIP; 4 units permitted in Rusk County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Rusk County population projected to shrink 5% 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 $101k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,200 (3.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.96% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.04%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 3.11×
• Total profit: $212,359
• Equity at exit: $324,317

10-year hold

• IRR: 23.2%
• Equity multiple: 7.08×
• Total profit: $612,695
• Equity at exit: $699,401

Cash invested: $100,800 (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 75654

• Home prices YoY: 7.8%
• Active inventory: 177
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $3,472 medium
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $255

Break-even live

Break-even rent $3,149

Max offer price $360,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,471
Total (3 units)			$3,472

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $360,000 Active 15 DOM
2. 2026-06-17
   days on market $360,000 Active 14 DOM
3. 2026-06-16
   days on market $360,000 Active 13 DOM
4. 2026-06-15
   days on market $360,000 Active 12 DOM
5. 2026-06-15
   days on market $360,000 Active 11 DOM
6. 2026-06-13
   days on market $360,000 Active 10 DOM
7. 2026-06-12
   days on market $360,000 Active 9 DOM
8. 2026-06-09
   days on market $360,000 Active 6 DOM
9. 2026-06-08
   days on market $360,000 Active 5 DOM
10. 2026-06-08
    days on market $360,000 Active 4 DOM
11. 2026-06-07
    days on market $360,000 Active 3 DOM
12. 2026-06-04
    remarks 699-char remark
13. 2026-06-04
    listed $360,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $41,664
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,333
• − Management: −$3,333
• − Depreciation: −$10,473
• Taxable loss: −$2,841
• Est. tax savings @ 24.0%: +$682
• After-tax cash flow: $3,742/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 · 9 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. The homes are currently leased, providing immediate rental income. Landscaping and debris removal would significantly enhance the property's curb appeal and value.

Repairs flagged

• Minor Landscaping — Some overgrown areas and debris near the property.

Value-add opportunities

• Both Landscaping and debris removal — Improves curb appeal and makes the property more presentable for potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Some overgrown areas and debris near the property.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Landscaping and debris removal — Improves curb appeal and makes the property more presentable for potential buyers or renters. ↑

ⓘ 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: West Rusk County Consolidated ISD
• NCES district ID: 4845150
• Math proficiency: 41% ▲ 1.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $43,896
• Composite: 35.57/100
• National rank: #4902
• State rank: #351 of 826 in TX

Livability — Henderson

• Score: 69/100
• State rank: #408
• US rank: #8434

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,184

Population outlook (Rusk County) Hauer SSP2

• Today (2025): 52,498 people
• By 2030: 52,093 · -0.8%
• By 2040: 50,866 · -3.1%
• By 2050: 49,696 · -5.3%
• By 2075: 48,583 · -7.5%
• By 2100: 43,265 · -17.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 24% Two or more races 16% Black 7%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada
• Languages at home: 81% English-only · Spanish 18%

Political lean MEDSL · Rusk

• 2024 margin: Solid R (+59.4) · D 20.0% · R 79.4%
• 2008→2024 swing: -13.2pp toward R · 2008: -46.3pp · 2024: -59.4pp
• All cycles: 2024: R+59.4 2020: R+55.7 2016: R+56.5 2012: R+51.1 2008: R+46.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 28.83%
• Current HPI: 397.5
• Rent YoY: —
• Metro: —
• 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

• 2026-06-04 Listed $360,000 GTAR