1815 W Avenue K · San Angelo, TX 76901

$199,250

None bd · None ba · 1,278 sqft · MultiFamily public records · 18 Days on market

Built 1948 7,492 sqft lot Est $184k · 8% 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 +19.1/30.0
• Appreciation +10.0/10.0
• DSCR +6.0/10.0
• 1% rule +5.6/10.0
• Rent growth +3.9/5.0
• ARV discount +3.8/15.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex in Santa Rita neighborhood. Each side is 2/1. Each has separate back yard & covered parking. 1 side is leased for 950.00 per month, and the other side is currently being marketed.

Key facts

• Separate back yard
• Covered parking
• Duplex

Tags

• DUPLEX
• SEPARATE BACK YARD
• COVERED PARKING

Property features AI

Exterior

• Parking: Carport; Detached carport; Off-street parking; 2 carport spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Duplex (residential income); One level
• Construction: Composition roof
• Exterior features: Chain link and privacy fencing; Paved city street frontage; Public maintained road

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Hardwood; Other
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s)
• Interior features: Laminate counters; Ceiling fans; Smoke detector(s)
• Laundry & utility: In-unit laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive. Per door: $106/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.

Location & tenants

• 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: Santa Rita El (math 67% / reading 57%, grade B, #321 of 4,322 statewide, top 8%, 371 students, 40% FRL); Lone Star Middle (math 28% / reading 32%, grade F, #1,056 of 1,662 statewide, top 65%, 903 students, 63% FRL); Central H S (math 22% / reading 43%, grade F, #1,029 of 1,632 statewide, top 64%, 3,065 students, 48% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: Rents rising fast (+5.8%/yr); 331 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).
• This rent runs 37% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Tom Green County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 5.8% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $196,261 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.06% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $184,032
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1532 W Ave D	0.39mi	—/—	1,440 (+13%)	12mo	$208,000	$144	51
121 N Van Buren St	0.73mi	—/—	1,430 (+12%)	10mo	$185,000	$129	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.78% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 3.30×
• Total profit: $128,206
• Equity at exit: $179,500

10-year hold

• IRR: 25.9%
• Equity multiple: 7.83×
• Total profit: $380,927
• Equity at exit: $387,099

Cash invested: $55,790 (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 76901

• Home prices YoY: 6.4%
• Rents YoY: 5.8%
• Active inventory: 331
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,120 high
• Mortgage (P&I): −$1,045
• Tax from tax record: −$335 /mo · $4,017/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $212

Break-even live

Break-even rent $1,852

Max offer price $199,250

Occupancy floor 85%

Sensitivity live

Price	-10% $325	-5% $269	+0% $212	+5% $156	+10% $99
Rent	-10% $45	-5% $128	+0% $212	+5% $296	+10% $380
Rate	-1.0pp $312	-0.5pp $263	base $212	+0.5pp $160	+1.0pp $108

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,120
Total (2 units)			$2,120

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: $49,812
• Closing costs: $5,978
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1725 West Avenue M Unit M San Angelo, TX	2.0	1.0	1202	$1,350	$1.12	22d	1	0.16mi
2505 W Harris Ave San Angelo, TX	2.0	2.0	1582	$1,300	$0.82	45d	1	0.67mi
2013 Rosemont Dr San Angelo, TX	3.0	2.0	1400	$2,100	$1.50	22d	1	0.77mi
2430 Rio Grande St San Angelo, TX	3.0	1.0	1200	$1,395	$1.16	45d	1	0.80mi
210 N Jefferson St #210 San Angelo, TX	3.0	3.0	1706	$1,600	$0.94	22d	1	0.90mi
1222 S Abe St Unit CK-03 San Angelo, TX	2.0	1.5	1007	$1,425	$1.42	45d	1	0.98mi
1835 Willow St San Angelo, TX	3.0	1.0	1267	$1,750	$1.38	45d	1	1.04mi
2756 Sac Ave San Angelo, TX	3.0	1.0	1461	$1,650	$1.13	45d	1	1.07mi
711 N Monroe St San Angelo, TX	3.0	1.0	1345	$1,500	$1.12	45d	1	1.14mi
3344 Trinity Ave San Angelo, TX	3.0	2.0	1545	$1,900	$1.23	22d	1	1.17mi
3207 Trinity Ave San Angelo, TX	3.0	2.0	1536	$1,995	$1.30	45d	1	1.21mi
902 Shiloh St Unit RE-908-C San Angelo, TX	2.0	1.5	925	$1,175	$1.27	45d	1	1.30mi
902 Shiloh St Unit RE-908-16 San Angelo, TX	2.0	1.0	875	$1,125	$1.29	45d	1	1.30mi
209 West Avenue C Unit A San Angelo, TX	2.0	2.0	1100	$1,400	$1.27	45d	1	1.31mi
2630 Waco St San Angelo, TX	3.0	2.0	1024	$1,600	$1.56	22d	1	1.32mi
2548 A and M Ave San Angelo, TX	3.0	1.5	1092	$1,500	$1.37	22d	1	1.34mi
2102 Webster St San Angelo, TX	3.0	1.0	1233	$1,750	$1.42	45d	1	1.42mi
2804 Abilene St San Angelo, TX	3.0	2.0	1304	$1,550	$1.19	45d	1	1.44mi
66 West Avenue U Unit G San Angelo, TX	2.0	2.0	1156	$1,900	$1.64	45d	1	1.46mi
2431 College Hills Blvd San Angelo, TX	1.0–3.0	1.0–2.0	1025	$1,254	$1.22	22d	17	1.49mi
1320 Orient St San Angelo, TX	3.0	2.0	1298	$1,595	$1.23	22d	1	1.49mi

Listing history 14 events

1. 2026-06-17
   status $199,250 Pending 18 DOM
2. 2026-06-17
   days on market $199,250 Active 18 DOM
3. 2026-06-16
   days on market $199,250 Active 17 DOM
4. 2026-06-15
   days on market $199,250 Active 16 DOM
5. 2026-06-14
   days on market $199,250 Active 14 DOM
6. 2026-06-13
   days on market $199,250 Active 13 DOM
7. 2026-06-10
   days on market $199,250 Active 11 DOM
8. 2026-06-09
   days on market $199,250 Active 10 DOM
9. 2026-06-08
   days on market $199,250 Active 9 DOM
10. 2026-06-07
    days on market $199,250 Active 8 DOM
11. 2026-06-02
    days on market $199,250 Active 3 DOM
12. 2026-06-01
    days on market $199,250 Active 2 DOM
13. 2026-05-31
    remarks 188-char remark
14. 2026-05-31
    listed $199,250 Active 1 DOM

ⓘ 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: $4,017 · $335/mo
• Projected year-2 tax: $4,017 · $335/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,440
• − Mortgage interest: −$11,161
• − Property taxes: −$4,017
• − Insurance: −$996
• − Repairs & maintenance: −$2,035
• − Management: −$2,035
• − Depreciation: −$5,796
• Taxable loss: −$601
• Est. tax savings @ 24.0%: +$144
• After-tax cash flow: $2,690/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: San Angelo ISD
• NCES district ID: 4838700
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $43,501
• Composite: 25.56/100
• National rank: #7427
• State rank: #627 of 826 in TX

Livability — San Angelo

• Score: 73/100
• State rank: #199
• US rank: #5030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Angelo, TX
• County: Tom Green County · 113,188 people
• City population: 81,357
• Metro: San Angelo, TX
• Population (ZIP): 31,831
• Household income: $69,450
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 1034.0

Population outlook (Tom Green County) Hauer SSP2

• Today (2025): 135,110 people
• By 2030: 144,090 · +6.6%
• By 2040: 162,561 · +20.3%
• By 2050: 182,158 · +34.8%
• By 2075: 232,274 · +71.9%
• By 2100: 268,218 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (55%)
• Race & ethnicity: White 55% Hispanic / Latino 41% Two or more races 17% Black 2%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Lithuanian 3% Slovak 3% Iranian 1%
• Foreign-born: 5% · Canada
• Languages at home: 77% English-only · Spanish 21% German/W. Germanic 1%

Political lean MEDSL · Tom Green

• 2024 margin: Solid R (+48.0) · D 25.5% · R 73.5% · Other 1.0%
• 2008→2024 swing: -6.3pp toward R · 2008: -41.7pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+44.4 2016: R+47.9 2012: R+47.9 2008: R+41.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 47.96%
• Current HPI: 798.58
• Rent YoY: ▲ 5.78%
• Metro: San Angelo, 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

3 events — show timeline

• 2026-05-31 Listed $199,250 SAAR TX
• 2014-04-17 Sold (Public Records) — Public Records
• 2006-12-22 Sold (Public Records) — Public Records

Property tax history

+4.8%/yr

Latest (2025): $4,017 · +14.5% YoY. Source: county tax records.