15 N Monroe St

San Angelo, TX 76901

$585,000D+

None bd · None ba · 1,696 sqft · Built 1972 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,864/mo
• Mortgage (P&I): −$3,068
• Tax + insurance: −$975
• HOA: −$0
• Vac / Maint / Mgmt: −$1,021
• Net cashflow: $-200/mo
• Annual: $-2,403/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.47%
• DSCR: 0.93
• 1% rule: 0.83%
• Cash to close: $163,800

Investor read

• This is a 1×3bd/2.0ba + 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $585k.
• At list price, monthly cash flow is $-200 ($-2k/yr) — negative. Per door: $-50/mo.
• To cash-flow at today's rent, offer at most $556k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $486k (16.9% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $486k (16.9% below list) — sets the bar for 1% rule.
• In year one you build about $63k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#199 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• San Angelo ISD (urban): math 27% / reading 33% proficiency, ranked #627 of 826 in TX (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcgill El (math 42% / reading 42%, grade F, #1,335 of 4,322 statewide, top 33%, 306 students, 79% FRL); Glenn Middle (math 25% / reading 29%, grade F, #1,177 of 1,662 statewide, top 72%, 1,258 students, 53% FRL); Central H S (math 22% / reading 43%, grade F, #1,029 of 1,632 statewide, top 64%, 3,065 students, 48% FRL).
• Market conditions: Rents rising fast (+5.8%/yr); 334 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 233 units permitted in Tom Green County in 2024 (0 in 5+ unit buildings).
• Tom Green County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 19y 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.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.8% in San Angelo — 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.
• At $4,864/mo this rent would consume 84% of the median local household income ($69k/yr) (locally 1034% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.