601 George Ave #92 · Midland, TX 79705

$47,500

2 bd · 2.5 ba · 1,550 sqft · Townhouse public records · 13 Days on market

Built 1963 $200/mo HOA · 10% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Offered at $47,500 with a 2025 tax value over $133k+. Full renovation required, but the numbers create an interesting opportunity for the right buyer! 2 beds and 2 full baths upstairs. Living area, kitchen and dining area downstairs with additional half bath. Tons of potential but needs work. HOA amenities include pool and cover exterior insurance and maintenance. Water & heat possibly included with HOA. Buyer to verify HOA fees and inclusions.

Key facts

• $200 HOA
• Parking
• Pool

Property features AI

Finance

• HOA & community: Homeowners association with a $200 monthly fee

Exterior

• Parking: 1-space carport
• Utilities: Public water; Public sewer
• Home design: Townhouse (residential); 2 stories; Single-family subtype
• Construction: Wood siding; Slab foundation; Composition roof; Built with wood siding
• Exterior features: Patio; Wood fencing; Corner lot; Private pool

Interior

• Kitchen: Oven; Dishwasher
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Pantry; Living room fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $48k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Cap rate 30.4% 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.

Location & tenants

• 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: Sam Houston Collegiate Preparatory El (math 37% / reading 42%, grade F, #1,545 of 4,322 statewide, top 38%, 469 students, 64% FRL, charter); San Jacinto J H (math 26% / reading 35%, grade F, #1,036 of 1,662 statewide, top 63%, 829 students, 54% FRL); Midland H S (math 37% / reading 7%, grade F, #1,366 of 1,632 statewide, top 84%, 2,492 students, 44% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 452 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,500

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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.

Investment metrics

• 1% rule: 4.23% ✓
• Cap rate: 30.43%
• Cash-on-cash: 86.19%
• DSCR: 4.83
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 86.2%
• Equity multiple: 4.95×
• Total profit: $52,476
• Equity at exit: $7,082

10-year hold

• IRR: 89.2%
• Equity multiple: 10.12×
• Total profit: $121,318
• Equity at exit: $4,107

Cash invested: $13,300 (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 79705

• Rents YoY: 2.6%
• Active inventory: 452
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $2,010 high
• Mortgage (P&I): −$249
• Tax from tax record: −$164 /mo · $1,964/yr
• Insurance: −$20
• HOA: −$200
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $955

Break-even live

Break-even rent $801

Max offer price $47,500

Occupancy floor 47%

Sensitivity live

Price	-10% $982	-5% $969	+0% $955	+5% $942	+10% $928
Rent	-10% $796	-5% $876	+0% $955	+5% $1,035	+10% $1,114
Rate	-1.0pp $979	-0.5pp $967	base $955	+0.5pp $943	+1.0pp $930

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2301 N Pecos St Midland, TX	2.0	1.0–2.0	1053	$1,562	$1.48	21d	3	0.29mi
2301 N Pecos St Midland, TX	2.0	2.0	1082	$1,612	$1.49	44d	2	0.29mi
1710 N Weatherford St Midland, TX	3.0	1.0	1165	$1,950	$1.67	21d	1	0.44mi
1513 Club Dr Midland, TX	2.0	2.0	1502	$2,300	$1.53	21d	1	0.46mi
2602 N Pecos St Unit B Midland, TX	2.0	2.0	1663	$2,300	$1.38	14d	1	0.47mi
410 W Pine Ave Unit B Midland, TX	2.0	1.0	1140	$1,850	$1.62	21d	1	0.50mi
407 W Spruce Ave Unit A-1 Midland, TX	2.0	2.0	1078	$1,600	$1.48	21d	1	0.54mi
2800 N Pecos St Unit B Midland, TX	3.0	2.5	2148	$2,100	$0.98	21d	1	0.57mi
2800 N Pecos St Midland, TX	3.0	3.0	2148	$2,100	$0.98	21d	1	0.57mi
711 W Dormard Ave Midland, TX	3.0	2.0	1427	$2,150	$1.51	44d	1	0.59mi
1100 N Colorado St Unit NA Midland, TX	3.0	2.0	1768	$2,500	$1.41	21d	1	0.67mi
416 Maple Ave Midland, TX	3.0	2.0	1107	$1,750	$1.58	21d	1	0.71mi
1305 Lawson Ave Midland, TX	3.0	2.0	2065	$2,450	$1.19	44d	1	0.75mi
1500 N Terrell St Midland, TX	3.0	2.0	2027	$2,600	$1.28	14d	1	0.76mi
202 E Shandon Ave Midland, TX	3.0	2.0	1231	$2,400	$1.95	21d	1	0.85mi
1902 N I St Midland, TX	3.0	2.5	2178	$2,400	$1.10	44d	1	0.86mi
930 Edwards St Midland, TX	3.0	2.0	1170	$1,750	$1.50	14d	1	0.89mi
1002 W Louisiana Ave Midland, TX	2.0	1.5	1472	$2,500	$1.70	44d	1	1.00mi
1511 Bedford Dr Midland, TX	3.0	2.0	1732	$2,500	$1.44	44d	1	1.01mi
3600 Edwards St Midland, TX	1.0–3.0	1.0–2.0	980	$2,164	$2.21	14d	19	1.11mi
2204 Boyd Ave Midland, TX	3.0	2.0	2068	$3,000	$1.45	44d	1	1.23mi
3700 N A St Midland, TX	1.0–2.0	1.0–2.0	971	$2,039	$2.10	14d	1	1.24mi
3214 Carver St Midland, TX	3.0	2.0	1286	$2,300	$1.79	44d	1	1.26mi
1402 W Tennessee Ave Midland, TX	2.0	1.0	1050	$2,500	$2.38	44d	1	1.27mi
3700 N Edwards St Midland, TX	1.0–2.0	1.0–2.0	957	$1,911	$2.00	14d	18	1.32mi
2100 W Wadley Ave Unit L1 Midland, TX	3.0	3.0	1854	$2,300	$1.24	44d	1	1.47mi

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: waterpool

Listing history 3 events

1. 2026-05-18
   historical Active Under Contract 454-char remark
2. 2026-05-13
   listed $47,500 Active 454-char remark
3. 2010-09-03
   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: $1,964 · $164/mo
• Projected year-2 tax: $1,964 · $164/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 · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $24,119
• − Mortgage interest: −$2,661
• − Property taxes: −$1,964
• − Insurance: −$238
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − HOA: −$2,400
• − Depreciation: −$1,382
• Taxable income: $11,616
• Est. tax owed @ 24.0%: −$2,788
• After-tax cash flow: $8,675/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 46,653
• Household income: $105,310
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1557.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 46% Hispanic / Latino 43% Two or more races 20% Black 8%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 72% English-only · Spanish 24% Arabic 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.44%
• Current HPI: 207.2904
• Rent YoY: ▲ 2.56%
• Metro: Midland, 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

4 events — show timeline

• 2026-05-26 Pending — PBBOR
• 2026-05-18 Contingent — PBBOR
• 2026-05-13 Listed $47,500 PBBOR
• 2010-09-03 Sold (Public Records) — Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,964 · -6.6% YoY. Source: county tax records.