2222 Speight Ave · Waco, TX 76706

$115,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 135 Days on market

Built 1940 9,104 sqft lot $144/sqft · 19% below area Est $178k · 36% under

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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 +18.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +5.7/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special! This 800 sq ft home offers 2 bedrooms and 1 bathroom with strong potential in a convenient location. Selling as-is, this property is within walking distance of the OG George's, just minutes from Baylor University, HEB, popular restaurants, and the Magnolia Silos, making it ideal for a rental, flip, or short-term investment. The home features a covered outdoor seating area in the backyard adding post-renovation appeal, perfect for relaxing or entertaining. Don’t miss your chance to invest in Waco!

Key facts

• Convenient location
• 9,104 sq ft lot
• Built 1940

Tags

• CONVENIENT LOCATION
• COVERED OUTDOOR SEATING AREA
• POST-RENOVATION APPEAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.9% in Waco — 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 (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bell'S Hill El (math 31% / reading 31%, grade F, #2,429 of 4,322 statewide, top 57%, 760 students, 96% FRL); Cesar Chavez Middle (math 16% / reading 24%, grade F, #1,428 of 1,662 statewide, top 87%, 840 students, 94% FRL); University H S (math 39% / reading 31%, grade F, #954 of 1,632 statewide, top 59%, 1,678 students, 89% FRL).
• Market conditions: Rents rising (+1.9%/yr); 318 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• This rent runs 35% of the median local income ($42k/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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $10k; list at $115k implies a 1050% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1940 — 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 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 7.8

CMA / ARV

• ARV (median comp): $178,388
• List price: $115,000
• Delta: -35.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1927 S 20th St	0.36mi	2/1.5	796 (-0%)	2mo	$199,000	$250	79
1925 S 20th St	0.35mi	2/1.5	790 (-1%)	2mo	$199,000	$252	78
1701 S 29th St	0.49mi	2/1.0	810 (+1%)	8mo	$95,000	$117	68
1919 S 20a St	0.33mi	3/1.0 (+1)	816 (+2%)	10mo	$134,900	$165	68
916 S 20th St	0.48mi	2/1.0	812 (+2%)	9mo	$119,500	$147	68
1509 Baylor Ave	0.54mi	2/1.0	822 (+3%)	5mo	$145,000	$176	66
1629 S 29th St	0.50mi	2/1.0	808 (+1%)	20mo	$83,000	$103	59
2512 Burnett Ave	0.67mi	2/1.0	792 (-1%)	23mo	$119,900	$151	48
1106 S 15th St	0.65mi	3/1.0 (+1)	916 (+14%)	2mo	$110,000	$120	39

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

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.60×
• Total profit: $-12,759
• Equity at exit: $17,147

10-year hold

• IRR: -3.5%
• Equity multiple: 0.78×
• Total profit: $-7,175
• Equity at exit: $9,943

Cash invested: $32,200 (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 76706

• Home prices YoY: -29.1%
• Rents YoY: 1.9%
• Active inventory: 318
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,227 high
• Mortgage (P&I): −$603
• Tax from tax record: −$205 /mo · $2,458/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $113

Break-even live

Break-even rent $1,083

Max offer price $115,000

Occupancy floor 86%

Sensitivity live

Price	-10% $178	-5% $146	+0% $113	+5% $81	+10% $48
Rent	-10% $16	-5% $65	+0% $113	+5% $162	+10% $210
Rate	-1.0pp $171	-0.5pp $142	base $113	+0.5pp $83	+1.0pp $53

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1901 Dutton Ave Waco, TX	2.0	1.0	864	$1,400	$1.62	15d	1	0.40mi
2100 S 19th St Waco, TX	1.0	1.0	684	$1,300	$1.90	22d	1	0.49mi
700 S 24th St Unit 1 Waco, TX	2.0	1.0	812	$1,200	$1.48	22d	1	0.62mi
1508 S 13th St Waco, TX	1.0–2.0	1.0	775	$895	$1.15	15d	1	0.70mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,337	$1.31	15d	2	0.73mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,350	$1.32	22d	2	0.73mi
1214 Baylor Ave Waco, TX	1.0–2.0	1.0–2.0	736	$1,095	$1.49	45d	2	0.74mi
1214 Baylor Ave Waco, TX	2.0	2.0	832	$1,020	$1.23	22d	1	0.74mi
1214 Baylor Ave Waco, TX	1.0–2.0	1.0–2.0	832	$945	$1.14	15d	2	0.74mi
1421 S 12th St Waco, TX	2.0	2.0	928	$985	$1.06	15d	3	0.74mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$992	$1.05	15d	33	0.77mi
1120 James Ave Unit Brownstone 205 Waco, TX	1.0	1.0	650	$795	$1.22	22d	1	0.80mi
1348 S 12th St Waco, TX	2.0	2.0	958	$1,300	$1.36	22d	1	0.81mi
3200 Belmont Dr Unit 3228 Waco, TX	2.0	2.0	995	$1,500	$1.51	15d	1	0.82mi
1300 S 11th St Waco, TX	2.0	2.5	1083	$1,209	$1.12	15d	14	0.89mi
1911 S 8th St Waco, TX	2.0	1.0	798	$1,198	$1.50	22d	1	1.08mi
2005 S 8th St Waco, TX	1.0–2.0	1.0–2.0	685	$1,000	$1.46	15d	2	1.11mi
1726 Austin Ave Unit 210 Waco, TX	1.0	1.0	660	$2,095	$3.17	45d	1	1.13mi
1726 Austin Ave Unit 208 Waco, TX	1.0	1.0	560	$1,895	$3.38	45d	1	1.13mi
1923 Austin Ave Waco, TX	1.0	1.0	785	$1,200	$1.53	22d	1	1.14mi
1923 Austin Ave Apt 7104 Waco, TX	1.0	1.0	785	$1,100	$1.40	45d	1	1.14mi
1918 S 8th St Waco, TX	3.0	2.0	1061	$1,200	$1.13	22d	1	1.14mi
700 S Valley Mills Dr Waco, TX	1.0–2.0	1.0–1.5	850	$995	$1.17	15d	2	1.18mi
600 Bagby Ave Waco, TX	2.0	2.0–2.5	1102	$1,496	$1.36	22d	2	1.21mi
3717 Charlton Ave Waco, TX	2.0	1.0	870	$1,195	$1.37	45d	1	1.22mi
715 Cleveland Ave Waco, TX	1.0–3.0	1.0–3.0	845	$1,436	$1.70	15d	23	1.25mi
3447 Pewitt Dr Waco, TX	2.0	1.0	907	$1,350	$1.49	15d	1	1.31mi
3411 Pewitt Dr #3413 Waco, TX	2.0	1.0	1000	$1,350	$1.35	22d	1	1.32mi
3430 Pewitt Dr Waco, TX	2.0	1.0	916	$1,150	$1.26	45d	1	1.34mi
1625 Columbus Ave Unit A Waco, TX	1.0	1.0	550	$700	$1.27	45d	1	1.34mi
1800 S 5th St Waco, TX	2.0	2.0	900	$1,240	$1.38	22d	1	1.34mi
709 S 6th St Waco, TX	1.0	1.0	655	$925	$1.41	22d	1	1.36mi
412 University St Waco, TX	2.0	1.0	864	$1,895	$2.19	22d	1	1.37mi
3812 Hiland Dr Waco, TX	3.0	1.0	1124	$995	$0.89	15d	1	1.38mi
410 Daughtrey Ave Waco, TX	1.0	2.0	897	$1,000	$1.11	22d	1	1.41mi
2812 W Waco Dr Unit 15 Waco, TX	1.0	1.0	580	$950	$1.64	22d	1	1.41mi
4009 James Ave Waco, TX	3.0	1.0	1056	$1,495	$1.42	22d	1	1.48mi
615 N 23rd St Waco, TX	2.0	1.0	900	$1,275	$1.42	22d	1	1.50mi

Listing history 27 events

1. 2026-06-21
   days on market $115,000 Active 135 DOM
2. 2026-06-18
   days on market $115,000 Active 132 DOM
3. 2026-06-17
   days on market $115,000 Active 131 DOM
4. 2026-06-16
   days on market $115,000 Active 130 DOM
5. 2026-06-15
   remarks 558-char remark
6. 2026-06-15
   days on market $115,000 Active 129 DOM
7. 2026-06-14
   days on market $115,000 Active 127 DOM
8. 2026-06-13
   days on market $115,000 Active 126 DOM
9. 2026-06-10
   days on market $115,000 Active 124 DOM
10. 2026-06-09
    days on market $115,000 Active 123 DOM
11. 2026-06-08
    days on market $115,000 Active 122 DOM
12. 2026-06-07
    days on market $115,000 Active 121 DOM
13. 2026-06-05
    days on market $115,000 Active 118 DOM
14. 2026-06-03
    days on market $115,000 Active 117 DOM
15. 2026-06-02
    days on market $115,000 Active 116 DOM
16. 2026-06-01
    days on market $115,000 Active 115 DOM
17. 2026-05-31
    days on market $115,000 Active 114 DOM
18. 2026-05-30
    days on market $115,000 Active 113 DOM
19. 2026-05-05
    price $115,000 526-char remark

    Show marketing remark (526 chars)

    Investor Special! This 800 sq ft home offers 2 bedrooms and 1 bathroom with strong potential in a convenient location. Selling as-is, this property is within walking distance of the OG George's, just minutes from Baylor University, HEB, popular restaurants, and the Magnolia Silos, making it ideal for a rental, flip, or short-term investment. The home features a covered outdoor seating area in the backyard adding post-renovation appeal, perfect for relaxing or entertaining. Don’t miss your chance to invest in Waco!

20. 2026-02-06
    listed $120,000 Active 526-char remark

    Show marketing remark (526 chars)

    Investor Special! This 800 sq ft home offers 2 bedrooms and 1 bathroom with strong potential in a convenient location. Selling as-is, this property is within walking distance of the OG George's, just minutes from Baylor University, HEB, popular restaurants, and the Magnolia Silos, making it ideal for a rental, flip, or short-term investment. The home features a covered outdoor seating area in the backyard adding post-renovation appeal, perfect for relaxing or entertaining. Don’t miss your chance to invest in Waco!

21. 2020-07-10
    soldstatus
22. 2020-07-08
    soldstatus 555-char remark

    Show marketing remark (555 chars)

    This adorable 2 bedroom, 1 bath home has charming features inside and out! Pretty wood laminate flooring, nice size bedrooms and spacious backyard that is great for entertaining. Enjoy the beautiful covered pergola by the fire in the backyard. Located close to many popular restaurants, Baylor University and downtown Waco. This could be the perfect starter home or great for a short term or long term rental property. All the furniture, contents and appliances in the pictures are included with the home and sold as is. A home this cute won't last long!!

23. 2020-04-22
    listed $129,900 555-char remark

    Show marketing remark (555 chars)

    This adorable 2 bedroom, 1 bath home has charming features inside and out! Pretty wood laminate flooring, nice size bedrooms and spacious backyard that is great for entertaining. Enjoy the beautiful covered pergola by the fire in the backyard. Located close to many popular restaurants, Baylor University and downtown Waco. This could be the perfect starter home or great for a short term or long term rental property. All the furniture, contents and appliances in the pictures are included with the home and sold as is. A home this cute won't last long!!

24. 2017-03-27
    soldstatus
25. 2015-10-02
    soldstatus
26. 2012-08-22
    soldstatus
27. 2009-01-20
    soldstatus $10,000

ⓘ 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: $2,458 · $205/mo
• Projected year-2 tax: $2,458 · $205/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 1/10 Low
• 🌡 Heat 7/10 Severe 6 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $14,720
• − Mortgage interest: −$6,442
• − Property taxes: −$2,458
• − Insurance: −$575
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$3,345
• Taxable loss: −$456
• Est. tax savings @ 24.0%: +$109
• After-tax cash flow: $1,468/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 41,627
• Household income: $41,656
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 3883.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 31% Two or more races 17% Black 15% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Iranian 1% Romanian 1%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.31%
• Current HPI: 230.2557
• Rent YoY: ▲ 1.86%
• Metro: Waco, 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

+1050.0% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $115,000 NTREIS
• 2026-02-06 Listed $120,000 NTREIS
• 2020-07-10 Sold (Public Records) — Public Records
• 2020-07-08 Sold (MLS) — NTREIS
• 2020-04-22 Listed $129,900 NTREIS
• 2017-03-27 Sold (Public Records) — Public Records
• 2015-10-02 Sold (Public Records) — Public Records
• 2012-08-22 Sold (Public Records) — Public Records
• 2009-01-20 Sold (Public Records) $10,000 Public Records

Property tax history

+10.7%/yr

Latest (2025): $2,458 · +19.6% YoY. Source: county tax records.