1021 Roosevelt St Unit 1023 Roosevelt Street

Wichita Falls, TX 76301

$52,000B-

3 bd · 1.0 ba · 1,280 sqft · Built 1960 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,139/mo
• Mortgage (P&I): −$273
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $541/mo
• Annual: $6,488/yr
• Cap rate: 18.77%
• Cash-on-cash: 44.56%
• DSCR: 2.98
• 1% rule: 2.19%
• Cash to close: $14,560

Investor read

• This is a 3-bed/1.0-bath single-family listed at $52k. Condition is rated fair.
• At list price, monthly cash flow is $541 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• It's been on market 16 days — a 2% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $360 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 189 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $8k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.8% vs local median 4.5% in Wichita Falls — 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.
• This rent runs 33% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — 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 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?
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Dated appearance
• Minor: Kitchen countertops — Simple update could improve value
• Minor: Bathroom fixtures — Update could modernize space
• Moderate: Exterior siding — Weathered appearance