2014 S Drake Dr

Perryton, TX 79070

$82,500C-

3 bd · 1.0 ba · 975 sqft · Built 1961 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $944/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $92/mo
• Annual: $1,100/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.76%
• DSCR: 1.21
• 1% rule: 1.14%
• Cash to close: $23,100

Investor read

• This is a 3-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($944 rent vs $82k).
• It's been on market 26 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $570 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#97 in TX, #3,326 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, commute F.
• Perryton ISD (town): math 53% / reading 47% proficiency, ranked #186 of 826 in TX (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James L Wright El (math 37% / reading 42%, grade F, #1,545 of 4,322 statewide, top 38%, 471 students, 67% FRL); Perryton J H (math 53% / reading 48%, grade C, #333 of 1,662 statewide, top 21%, 436 students, 58% FRL); Perryton H S (math 62% / reading 57%, grade C+, #275 of 1,632 statewide, top 19%, 620 students, 56% FRL).
• Watch-outs: property tax is 2.7% of price.
• Market conditions: 42 active listings in the ZIP; 4 units permitted in Ochiltree County in 2024 (0 in 5+ unit buildings).
• Ochiltree County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.