11219 Fm 317

Athens, TX 75778

$275,000D-

3 bd · 2.0 ba · 1,344 sqft · Built 2025 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,317/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-860/mo
• Annual: $-10,316/yr
• Cap rate: 2.54%
• Cash-on-cash: -13.40%
• DSCR: 0.40
• 1% rule: 0.48%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $275k.
• At list price, monthly cash flow is $-860 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (45.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (52.1% below list).
• It's been on market 44 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (52.1% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (4.6% local appreciation)).
• Location reads 72/100 on livability (#241 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, commute F.
• Brownsboro ISD (rural): math 42% / reading 46% proficiency, ranked #290 of 826 in TX (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brownsboro El (math 32% / reading 37%, grade F, #1,995 of 4,322 statewide, top 50%, 429 students, 66% FRL).
• Market conditions: 109 active listings in the ZIP; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.