VY32684E Plan · Conroe, TX 77301

$145,900

4 bd · 2.0 ba · 2,085 sqft · Manufactured · 604 Days on market

Poor condition

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 Bedroom 2 Bathrooms, Over 2100 Sq Ft. Beautiful open farmhouse floor plan. Delivered/Set & A/C ONLY - LAND NOT INCLUDED IN THE PRICE.

Key facts

• Listed 604 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $146k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.1% in Conroe — 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 74/100 on livability (#169 in TX, #4,447 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, amenities B; Watch: schools D+, commute F, health & safety F.
• Conroe ISD (other): math 57% / reading 57% proficiency, ranked #69 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 486 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 13,259 units permitted in Montgomery County in 2024 (1,402 in 5+ unit buildings).
• This rent runs 37% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montgomery County population projected at +65% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 604 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $128,392 (12.0% below list)

Questions for the listing agent

1. It's been on market 604 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.42% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.42%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.43% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.32×
• Total profit: $13,109
• Equity at exit: $21,754

10-year hold

• IRR: 16.2%
• Equity multiple: 2.23×
• Total profit: $50,170
• Equity at exit: $12,615

Cash invested: $40,852 (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 77301

• Home prices YoY: -8.4%
• Rents YoY: 1.4%
• Active inventory: 486
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,070 medium
• Mortgage (P&I): −$765
• Tax est. 1.5%: −$182 /mo · $2,188/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $627

Break-even live

Break-even rent $1,276

Max offer price $145,900

Occupancy floor 65%

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Mount Blanc Path Conroe, TX	3.0	2.5	2094	$1,800	$0.86	44d	1	0.94mi
719 Long Cedar Dr Conroe, TX	4.0	2.0	1459	$1,595	$1.09	44d	1	1.25mi
1307 Vincente Ct Conroe, TX	4.0	3.0	1860	$2,300	$1.24	44d	1	1.44mi

Listing history 14 events

1. 2026-06-18
   days on market $145,900 Active 604 DOM
2. 2026-06-17
   days on market $145,900 Active 603 DOM
3. 2026-06-16
   days on market $145,900 Active 602 DOM
4. 2026-06-15
   days on market $145,900 Active 601 DOM
5. 2026-06-13
   days on market $145,900 Active 599 DOM
6. 2026-06-09
   days on market $145,900 Active 595 DOM
7. 2026-06-08
   days on market $145,900 Active 594 DOM
8. 2026-06-07
   days on market $145,900 Active 593 DOM
9. 2026-06-04
   days on market $145,900 Active 590 DOM
10. 2026-06-03
    days on market $145,900 Active 589 DOM
11. 2026-06-01
    days on market $145,900 Active 587 DOM
12. 2026-05-31
    days on market $145,900 Active 586 DOM
13. 2026-05-05
    price $145,900 141-char remark

    Show marketing remark (141 chars)

    4 Bedroom 2 Bathrooms, Over 2100 Sq Ft. Beautiful open farmhouse floor plan. Delivered/Set & A/C ONLY - LAND NOT INCLUDED IN THE PRICE.

14. 2024-10-22
    listed $133,900 Active 141-char remark

    Show marketing remark (141 chars)

    4 Bedroom 2 Bathrooms, Over 2100 Sq Ft. Beautiful open farmhouse floor plan. Delivered/Set & A/C ONLY - LAND NOT INCLUDED IN THE PRICE.

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

Taxation est. · year 1

• Rental income: $24,841
• − Mortgage interest: −$8,173
• − Property taxes: −$2,188
• − Insurance: −$730
• − Repairs & maintenance: −$1,987
• − Management: −$1,987
• − Depreciation: −$4,244
• Taxable income: $5,532
• Est. tax owed @ 24.0%: −$1,328
• After-tax cash flow: $6,198/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 · 2 photos

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates to its roof, exterior, interior, and HVAC systems. Significant investment is needed to bring it up to a livable condition.

Repairs flagged

• Major roof — No visible roof details.
• Major exterior siding — No visible siding details.
• Major exterior landscaping — No visible landscaping details.
• Major interior flooring — No visible flooring details.
• Major interior walls/paint — No visible interior walls/paint details.
• Major HVAC/mechanicals — No visible HVAC/mechanicals details.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and safety.
• Both exterior siding and landscaping — A fresh exterior would enhance curb appeal and property value.
• Both interior flooring and paint — Upgrading the flooring and paint would make the interior more appealing and functional.
• Both HVAC/mechanicals — Upgrading the HVAC system would improve comfort and energy efficiency, enhancing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roof details.	Major	$15,000–50,000
exterior siding · No visible siding details.	Major	$15,000–50,000
exterior landscaping · No visible landscaping details.	Major	$15,000–50,000
interior flooring · No visible flooring details.	Major	$15,000–50,000
interior walls/paint · No visible interior walls/paint details.	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals details.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and safety. ↑
• Both exterior siding and landscaping — A fresh exterior would enhance curb appeal and property value. ↑
• Both interior flooring and paint — Upgrading the flooring and paint would make the interior more appealing and functional. ↑
• Both HVAC/mechanicals — Upgrading the HVAC system would improve comfort and energy efficiency, enhancing both resale and rental value. ↑

ⓘ 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: Conroe ISD
• NCES district ID: 4815000
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $71,541
• Composite: 50.65/100
• National rank: #1833
• State rank: #69 of 826 in TX

Livability — Conroe

• Score: 74/100
• State rank: #169
• US rank: #4447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Conroe, TX
• County: Montgomery County · 663,713 people
• City population: 205,417
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 37,769
• Household income: $66,475
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1256.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 713,896 people
• By 2030: 805,263 · +12.8%
• By 2040: 992,708 · +39.1%
• By 2050: 1,179,590 · +65.2%
• By 2075: 1,628,084 · +128.1%
• By 2100: 1,937,880 · +171.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 52% White 31% Two or more races 19% Black 13% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 37%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 27% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 45% Other Asian/Pacific 2%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.3%
• 2008→2024 swing: +7.2pp toward D · 2008: -52.7pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+43.8 2016: R+51.4 2012: R+60.7 2008: R+52.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.51%
• Current HPI: 278.6662
• Rent YoY: ▲ 1.43%
• Metro: Houston-The Woodlands-Sugar Land, 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

+9.0% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $145,900 Zillow
• 2024-10-22 Listed $133,900 Zillow