Red 64 Plan · Cleburne, TX 76033

$99,995

4 bd · 2.0 ba · 1,564 sqft · Manufactured · 184 Days on market

Good 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-designed 4-bedroom, 2-bath manufactured home offers 1,536 square feet of comfortable, functional living space that actually works for real life. The open-concept kitchen, dining, and living room create a bright, connected central area that's ideal for everyday living and entertaining without feeling cramped. A dedicated laundry room keeps noise and clutter out of the main living spaces, helping the home stay organized and tidy. Both the primary en suite and the main bathroom feature dual vanities, making mornings easier and shared spaces more practical. The bedrooms are well-proportioned, offering flexibility for family, guests, or a home office setup. Outside, a nicely sized, inviting porch provides the perfect spot to relax or cook out, with plenty of room for a Blackstone or pellet grill-the kind of space people actually use, not just look at. Overall, this home balances openness with smart separation and delivers comfort without wasted square footage.

Key facts

• Open concept kitchen
• Dual vanities
• Inviting porch

Tags

• OPEN CONCEPT KITCHEN
• DEDICATED LAUNDRY ROOM
• DUAL VANITIES
• INVITING PORCH

🏗️ 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 $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.6% vs local median 3.6% in Cleburne — 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 68/100 on livability (#460 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, amenities F.
• Cleburne ISD (town): math 34% / reading 33% proficiency, ranked #537 of 826 in TX (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 660 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,995 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.28% ✓
• Cap rate: 19.59%
• Cash-on-cash: 47.48%
• DSCR: 3.11
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 41.4%
• Equity multiple: 2.70×
• Total profit: $47,715
• Equity at exit: $14,910

10-year hold

• IRR: 46.2%
• Equity multiple: 4.81×
• Total profit: $106,753
• Equity at exit: $8,646

Cash invested: $27,999 (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 76033

• Rents YoY: -0.8%
• Active inventory: 660
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,277 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $1,108

Break-even live

Break-even rent $875

Max offer price $99,995

Occupancy floor 46%

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: $24,999
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Park Blvd Cleburne, TX	3.0–4.0	2.0–3.0	1456	$2,595	$1.78	1d	22	0.22mi
1410 Hyde Park Blvd Cleburne, TX	3.0	2.0	1528	$2,111	$1.38	1d	1	0.60mi
1404 Chaucer Dr Cleburne, TX	4.0	2.0	1797	$2,895	$1.61	1d	1	0.76mi
1203 Stonelake Dr Cleburne, TX	3.0	2.0	1550	$2,000	$1.29	5d	1	0.83mi
1211 Larkspur Ln Cleburne, TX	3.0	2.0	1797	$2,250	$1.25	1d	1	0.95mi

Listing history 14 events

1. 2026-06-18
   days on market $99,995 Active 184 DOM
2. 2026-06-17
   days on market $99,995 Active 183 DOM
3. 2026-06-16
   days on market $99,995 Active 182 DOM
4. 2026-06-15
   days on market $99,995 Active 181 DOM
5. 2026-06-13
   days on market $99,995 Active 179 DOM
6. 2026-06-09
   days on market $99,995 Active 175 DOM
7. 2026-06-08
   days on market $99,995 Active 174 DOM
8. 2026-06-07
   days on market $99,995 Active 173 DOM
9. 2026-06-04
   days on market $99,995 Active 170 DOM
10. 2026-06-03
    days on market $99,995 Active 169 DOM
11. 2026-06-02
    days on market $99,995 Active 168 DOM
12. 2026-06-01
    days on market $99,995 Active 167 DOM
13. 2026-05-31
    days on market $99,995 Active 166 DOM
14. 2025-12-17
    listed $99,995 Active 979-char remark

    Show marketing remark (979 chars)

    This well-designed 4-bedroom, 2-bath manufactured home offers 1,536 square feet of comfortable, functional living space that actually works for real life. The open-concept kitchen, dining, and living room create a bright, connected central area that's ideal for everyday living and entertaining without feeling cramped. A dedicated laundry room keeps noise and clutter out of the main living spaces, helping the home stay organized and tidy. Both the primary en suite and the main bathroom feature dual vanities, making mornings easier and shared spaces more practical. The bedrooms are well-proportioned, offering flexibility for family, guests, or a home office setup. Outside, a nicely sized, inviting porch provides the perfect spot to relax or cook out, with plenty of room for a Blackstone or pellet grill-the kind of space people actually use, not just look at. Overall, this home balances openness with smart separation and delivers comfort without wasted square footage.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,324
• − Mortgage interest: −$5,601
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$2,186
• − Management: −$2,186
• − Depreciation: −$2,909
• Taxable income: $12,442
• Est. tax owed @ 24.0%: −$2,986
• After-tax cash flow: $10,308/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 · 12 photos

Good 80/100 None rehab

This well-maintained 4-bedroom, 2-bath manufactured home offers a comfortable and functional living space with modern amenities and a good condition score.

Value-add opportunities

• Resale Painting the exterior — Fresh paint can enhance curb appeal and home value
• Resale Landscaping improvements — Enhanced landscaping can attract more buyers
• Both Updating light fixtures — Modern light fixtures can improve both the aesthetic and energy efficiency of the home

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior — Fresh paint can enhance curb appeal and home value ↑
• Resale Landscaping improvements — Enhanced landscaping can attract more buyers ↑
• Both Updating light fixtures — Modern light fixtures can improve both the aesthetic and energy efficiency of the home ↑

ⓘ 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: Cleburne ISD
• NCES district ID: 4814310
• Math proficiency: 34% ▼ -2.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $48,788
• Composite: 29.0/100
• National rank: #6618
• State rank: #537 of 826 in TX

Livability — Cleburne

• Score: 68/100
• State rank: #460
• US rank: #9292

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Johnson County · 147,987 people
• City population: 29,538
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 29,538
• Household income: $76,292
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 927.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 179,678 people
• By 2030: 189,208 · +5.3%
• By 2040: 207,261 · +15.4%
• By 2050: 223,064 · +24.1%
• By 2075: 259,979 · +44.7%
• By 2100: 275,395 · +53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 26% Two or more races 15% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Slovak 2% Italian 2% Portuguese 1%
• Foreign-born: 8% · Canada, Guatemala, Vietnam
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -47.5pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+53.0 2016: R+58.3 2012: R+55.6 2008: R+47.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.75%
• Current HPI: 246.0029
• Rent YoY: ▼ -0.83%
• Metro: Dallas-Fort Worth-Arlington, 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

1 event — show timeline

• 2025-12-17 Listed $99,995 Zillow