422 W Burleson St · Wharton, TX 77488

$140,000

2 bd · 2.0 ba · 1,144 sqft · MultiFamily public records · 137 Days on market

Built 1950 7,610 sqft lot $122/sqft · 49% above area Est $94k · 49% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This duplex is situated on a residential lot within the city limits of Wharton and features two separate units under one roof. The structure is a single-story building with a traditional layout, each unit offering its own private entry. The exterior includes a combination of siding materials, a pitched roofline, and a standard driveway approach from W Burleson Street. The lot provides a front yard area with additional open space toward the rear of the property. The surrounding neighborhood consists of single-family homes and small multifamily structures with convenient access to local schools, parks, and community amenities.

Key facts

• Front yard area
• Two separate units
• Private entry

Tags

• TWO SEPARATE UNITS
• SINGLE-STORY BUILDING
• PRIVATE ENTRY
• PITCHED ROOFLINE
• STANDARD DRIVEWAY
• FRONT YARD AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.2% in Wharton — 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 65/100 on livability (#693 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: crime C-, schools F, amenities F.
• Wharton ISD (town): math 28% / reading 31% proficiency, ranked #651 of 826 in TX (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 164 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 191 units permitted in Wharton County in 2024 (45 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask is 17400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.53%
• DSCR: 1.74
• GRM: 5.9

CMA / ARV

• ARV (median comp): $93,753
• List price: $140,000
• Delta: 49.33%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $11,767
• Equity at exit: $20,874

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $54,773
• Equity at exit: $12,105

Cash invested: $39,200 (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 77488

• Home prices YoY: -25.3%
• Active inventory: 164
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,968 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$222 /mo · $2,666/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $540

Break-even live

Break-even rent $1,284

Max offer price $140,000

Occupancy floor 68%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,968
Total (2 units)			$1,968

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
526 Wilkes St Wharton, TX	2.0	1.0	950	$1,000	$1.05	44d	1	1.12mi

Listing history 29 events

1. 2026-06-19
   days on market $140,000 Active 137 DOM
2. 2026-06-18
   days on market $140,000 Active 136 DOM
3. 2026-06-17
   days on market $140,000 Active 135 DOM
4. 2026-06-16
   days on market $140,000 Active 134 DOM
5. 2026-06-15
   days on market $140,000 Active 133 DOM
6. 2026-06-14
   days on market $140,000 Active 131 DOM
7. 2026-06-12
   days on market $140,000 Active 130 DOM
8. 2026-06-09
   days on market $140,000 Active 127 DOM
9. 2026-06-08
   days on market $140,000 Active 126 DOM
10. 2026-06-07
    days on market $140,000 Active 125 DOM
11. 2026-06-07
    days on market $140,000 Active 124 DOM
12. 2026-06-02
    days on market $140,000 Active 120 DOM
13. 2026-06-01
    days on market $140,000 Active 119 DOM
14. 2026-05-31
    days on market $140,000 Active 118 DOM
15. 2026-05-30
    days on market $140,000 Active 117 DOM
16. 2026-05-14
    listed $800
17. 2026-02-02
    listed $150,000 Active 633-char remark

    Show marketing remark (633 chars)

    This duplex is situated on a residential lot within the city limits of Wharton and features two separate units under one roof. The structure is a single-story building with a traditional layout, each unit offering its own private entry. The exterior includes a combination of siding materials, a pitched roofline, and a standard driveway approach from W Burleson Street. The lot provides a front yard area with additional open space toward the rear of the property. The surrounding neighborhood consists of single-family homes and small multifamily structures with convenient access to local schools, parks, and community amenities.

18. 2025-12-17
    historical $800
19. 2025-12-03
    listed $800
20. 2025-06-30
    historical $850
21. 2025-06-27
    listed $850
22. 2024-11-18
    historical
23. 2024-10-03
    price $159,000
24. 2024-09-04
    price $169,000
25. 2023-12-07
    listed $175,000 Active
26. 2013-03-15
    soldstatus Sold
27. 2013-03-07
    status Pending
28. 2013-02-21
    historical
29. 2013-01-14
    listed $79,900

ⓘ 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: $2,666 · $222/mo
• Projected year-2 tax: $2,666 · $222/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $23,616
• − Mortgage interest: −$7,842
• − Property taxes: −$2,666
• − Insurance: −$700
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − Depreciation: −$4,073
• Taxable income: $4,556
• Est. tax owed @ 24.0%: −$1,094
• After-tax cash flow: $5,387/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: Wharton ISD
• NCES district ID: 4845380
• Math proficiency: 28% ▼ -3.00%
• Reading proficiency: 31% ▬ 0.00%
• Median HH income: $38,558
• Composite: 24.69/100
• National rank: #7617
• State rank: #651 of 826 in TX

Livability — Wharton

• Score: 65/100
• State rank: #693
• US rank: #12966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wharton, TX
• Population (ZIP): 14,129

Population outlook (Wharton County) Hauer SSP2

• Today (2025): 42,448 people
• By 2030: 42,726 · +0.7%
• By 2040: 43,042 · +1.4%
• By 2050: 43,368 · +2.2%
• By 2075: 44,962 · +5.9%
• By 2100: 44,510 · +4.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 38% White 36% Black 22% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 33% Puerto Rican 1%
• Common ancestry: Scottish 2% Danish 2% Serbian 2%
• Foreign-born: 7% · Canada
• Languages at home: 81% English-only · Spanish 17% Other Indo-European 1%

Political lean MEDSL · Wharton

• 2024 margin: Solid R (+51.8) · D 23.8% · R 75.6%
• 2008→2024 swing: -20.7pp toward R · 2008: -31.2pp · 2024: -51.8pp
• All cycles: 2024: R+51.8 2020: R+43.1 2016: R+40.2 2012: R+39.1 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.29%
• Current HPI: 186.7798
• 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

+87.7% since first listed

14 events — show timeline

• 2026-05-14 Listed for Rent $800 HARMLS
• 2026-02-02 Listed $150,000 HARMLS
• 2025-12-17 Rental Removed $800 HARMLS
• 2025-12-03 Listed for Rent $800 HARMLS
• 2025-06-30 Rental Removed $850 HARMLS
• 2025-06-27 Listed for Rent $850 HARMLS
• 2024-11-18 Listing Removed — HARMLS
• 2024-10-03 Price Changed $159,000 HARMLS
• 2024-09-04 Price Changed $169,000 HARMLS
• 2023-12-07 Listed $175,000 HARMLS
• 2013-03-15 Sold (MLS) — HARMLS
• 2013-03-07 Pending — HARMLS
• 2013-02-21 Listing Removed — HARMLS
• 2013-01-14 Listed $79,900 HARMLS

Property tax history

+6.1%/yr

Latest (2025): $2,666 · -3.5% YoY. Source: county tax records.