203 Gandy St · Lipan, TX 76462

$174,900

3 bd · 2.0 ba · 1,151 sqft · SingleFamily public records · 60 Days on market

Built 1970 1,742 sqft lot $152/sqft · at area comps Est $175k · at est.

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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 +13.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.6/15.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Move-in ready 3-bedroom, 2-bathroom home on an easy-to-maintain lot in the heart of Lipan! This home is in great shape and perfectly situated within walking distance of the highly sought-after Lipan ISD, local churches, the bank, post office, bakeries, and restaurants. Located in a wonderful, kid-friendly neighborhood, the property features a spacious fenced backyard with lush grass, a fire pit, raised flower beds, and several mature pecan trees providing excellent shade and beauty.

Key facts

• Mature pecan trees
• Fire pit
• Fenced backyard

Tags

• FENCED BACKYARD
• FIRE PIT
• RAISED FLOWER BEDS
• MATURE PECAN TREES
• WALKING DISTANCE LIPAN ISD
• KID FRIENDLY NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $16 ($186/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (20.0% below list).
• Recommended offer: $140k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 0.4% in Lipan — 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 62/100 on livability (#974 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety D+, employment D.
• Lipan ISD (rural): math 46% / reading 48% proficiency, ranked #211 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 125 units permitted in Hood County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Hood County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,000 (20.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.80% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.38%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (median comp): $175,474
• List price: $174,900
• Delta: -0.33%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Gandy St	0.02mi	3/2.0	1,210 (+5%)	2mo	$215,000	$178	89
244 S Caddo St	0.61mi	3/2.0	1,146 (-0%)	0mo	$199,000	$174	71
107 Yuma St	0.09mi	3/1.0	1,280 (+11%)	6mo	$239,000	$187	68
202 Gandy St	0.03mi	2/2.0 (-1)	1,288 (+12%)	16mo	$119,999	$93	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 24.5%
• Equity multiple: 2.96×
• Total profit: $96,191
• Equity at exit: $157,564

10-year hold

• IRR: 21.7%
• Equity multiple: 6.77×
• Total profit: $282,388
• Equity at exit: $339,792

Cash invested: $48,972 (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 76462

• Home prices YoY: 6.2%
• Active inventory: 102
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$100 /mo · $1,205/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $16

Break-even live

Break-even rent $1,380

Max offer price $174,900

Occupancy floor 94%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Sears St Lipan, TX	2.0	2.0	1000	$1,400	$1.40	3d	1	0.44mi

Listing history 32 events

1. 2026-06-18
   days on market $174,900 Active 60 DOM
2. 2026-06-17
   days on market $174,900 Active 59 DOM
3. 2026-06-16
   days on market $174,900 Active 58 DOM
4. 2026-06-15
   days on market $174,900 Active 57 DOM
5. 2026-06-13
   pricedays on market $174,900 Active 55 DOM
6. 2026-06-13
   days on market $189,900 Active 54 DOM
7. 2026-06-09
   days on market $189,900 Active 51 DOM
8. 2026-06-08
   days on market $189,900 Active 50 DOM
9. 2026-06-07
   days on market $189,900 Active 49 DOM
10. 2026-06-04
    days on market $189,900 Active 46 DOM
11. 2026-06-03
    days on market $189,900 Active 45 DOM
12. 2026-06-02
    days on market $189,900 Active 44 DOM
13. 2026-06-01
    days on market $189,900 Active 43 DOM
14. 2026-05-31
    days on market $189,900 Active 42 DOM
15. 2026-04-19
    listed $189,900 Active 487-char remark

    Show marketing remark (487 chars)

    Move-in ready 3-bedroom, 2-bathroom home on an easy-to-maintain lot in the heart of Lipan! This home is in great shape and perfectly situated within walking distance of the highly sought-after Lipan ISD, local churches, the bank, post office, bakeries, and restaurants. Located in a wonderful, kid-friendly neighborhood, the property features a spacious fenced backyard with lush grass, a fire pit, raised flower beds, and several mature pecan trees providing excellent shade and beauty.

16. 2018-03-02
    soldstatus Sold 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

17. 2018-03-02
    soldstatus

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

18. 2018-02-28
    status Pending 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

19. 2018-02-22
    historical Active Option Contract 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

20. 2018-02-17
    status Active 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

21. 2018-02-15
    historical Active Option Contract 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

22. 2018-02-06
    price $58,900 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

23. 2018-01-03
    price $59,000 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

24. 2017-11-17
    price $67,000 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

25. 2017-10-27
    listed $67,500 Active 547-char remark

    Show marketing remark (547 chars)

    Investors take note, this house has rented at 750.00 per month consistently over the last 8 years, which is head and shoulders above the coveted 10 percent cap rate most rentals properties will yield. This one is a money maker. Three Bedroom two Bath home in established neighborhood, Fenced Backyard with shade trees on a quiet street in Lipan, TX. Close to schools and shopping. Home has great potential for anyone wanting to be the next world famous House Flipper. .. .at this price the profit margin, even after updates, should be exceptional.

26. 2009-02-20
    soldstatus
27. 2004-02-02
    soldstatus
28. 2003-11-12
    historical
29. 2003-07-22
    listed $21,500
30. 2002-08-01
    soldstatus
31. 2001-03-19
    soldstatus
32. 1991-03-25
    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: $1,205 · $100/mo
• Projected year-2 tax: $3,201 · $267/mo
• Expected delta: +$1,996/yr (+$166/mo · 165.6%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,800
• − Mortgage interest: −$9,797
• − Property taxes: −$1,205
• − Insurance: −$874
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$5,088
• Taxable loss: −$2,853
• Est. tax savings @ 24.0%: +$685
• After-tax cash flow: $871/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: Lipan ISD
• NCES district ID: 4827630
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $56,744
• Composite: 40.94/100
• National rank: #3608
• State rank: #211 of 826 in TX

Livability — Lipan

• Score: 62/100
• State rank: #974
• US rank: #17249

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lipan, TX
• Population (ZIP): 4,920

Population outlook (Hood County) Hauer SSP2

• Today (2025): 63,502 people
• By 2030: 67,459 · +6.2%
• By 2040: 74,958 · +18.0%
• By 2050: 81,922 · +29.0%
• By 2075: 98,872 · +55.7%
• By 2100: 107,796 · +69.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 17% Two or more races 4%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 5% Portuguese 5% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Hood

• 2024 margin: Solid R (+66.0) · D 16.6% · R 82.6%
• 2008→2024 swing: -11.9pp toward R · 2008: -54.0pp · 2024: -66.0pp
• All cycles: 2024: R+66.0 2020: R+64.1 2016: R+66.5 2012: R+64.7 2008: R+54.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.20%
• Current HPI: 347.1688
• 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

+783.3% since first listed

18 events — show timeline

• 2026-04-19 Listed $189,900 NTREIS
• 2018-03-02 Sold (Public Records) — Public Records
• 2018-03-02 Sold (MLS) — NTREIS
• 2018-02-28 Pending — NTREIS
• 2018-02-22 Contingent — NTREIS
• 2018-02-17 Relisted — NTREIS
• 2018-02-15 Contingent — NTREIS
• 2018-02-06 Price Changed $58,900 NTREIS
• 2018-01-03 Price Changed $59,000 NTREIS
• 2017-11-17 Price Changed $67,000 NTREIS
• 2017-10-27 Listed $67,500 NTREIS
• 2009-02-20 Sold (Public Records) — Public Records
• 2004-02-02 Sold (Public Records) — Public Records
• 2003-11-12 Listing Removed — NTREIS
• 2003-07-22 Listed $21,500 NTREIS
• 2002-08-01 Sold (Public Records) — Public Records
• 2001-03-19 Sold (Public Records) — Public Records
• 1991-03-25 Sold (Public Records) — Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,205 · -1.8% YoY. Source: county tax records.