2513 Conroe Rd

Celina, TX 75009

$318,829D-

3 bd · 2.0 ba · 1,822 sqft · Built 2025 · SingleFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,807/mo
• Mortgage (P&I): −$1,672
• Tax + insurance: −$531
• HOA: −$105
• Vac / Maint / Mgmt: −$589
• Net cashflow: $-91/mo
• Annual: $-1,094/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• 1% rule: 0.88%
• Cash to close: $89,272

Investor read

• This is a 3-bed/2.0-bath single-family listed at $319k.
• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (12.0% below list).
• It's been on market 98 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (12.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#450 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living C-, amenities F, commute F.
• Celina ISD (rural): math 50% / reading 61% proficiency, ranked #71 of 826 in TX (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Marcy B Lykins El (math 38% / reading 50%, grade F, #1,243 of 4,322 statewide, top 29%, 708 students, 22% FRL); Jerry & Linda Moore Middle (math 56% / reading 60%, grade B, #197 of 1,662 statewide, top 12%, 903 students, 20% FRL); Celina H S (math 44% / reading 72%, grade C, #320 of 1,632 statewide, top 20%, 1,074 students, 18% FRL).
• Market conditions: Rents falling (-4.6%/yr); 2927 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $53k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.9% vs local median 2.8% in Celina — 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.

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 98 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.