1520 24th Pl · Lubbock, TX 79411

$38,000

3 bd · 2.0 ba · 1,560 sqft · SingleFamily public records · 40 Days on market

Built 1947 6,500 sqft lot $24/sqft · 68% below area ↓ 21% since listing

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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
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

N E W heat and air unit /less than 6 mo carpet is 1 1/2 year / cook top new about 1 1/2 tr CK 4 flood area

Key facts

• 6,500 sq ft lot
• Built 1947
• Listed 40 days

Property features AI

Exterior

• Parking: Paved parking
• Home design: Single-family residence; Residential property; Fixer condition
• Construction: Masonite and other exterior materials; Composition roof; Pillar/post/pier foundation; Built area approximately 1,560 above grade
• Exterior features: No specific exterior features listed; Asphalt road access

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central electric cooling
• Interior features: Fireplace (1); Other interior features

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $37k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bean El Gr 01 To 05 (math 26% / reading 25%, grade F, #2,982 of 4,322 statewide, top 70%, 349 students, 96% FRL); Slaton Middle (math 13% / reading 16%, grade F, #1,583 of 1,662 statewide, top 96%, 355 students, 96% FRL); Monterey H S (math 28% / reading 37%, grade F, #1,029 of 1,632 statewide, top 64%, 2,114 students, 72% FRL) — zoned schools average 88% FRL vs 60% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 38% district-wide (-13 pts) — the specific schools serving this property underperform the Lubbock ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.9%/yr); 97 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/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 $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $11k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; flood insurance adds $427/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $36,860 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 3.19% ✓
• Cap rate: 25.04%
• Cash-on-cash: 66.95%
• DSCR: 3.98
• GRM: 2.6

CMA / ARV

• ARV (median comp): $117,519
• List price: $38,000
• Delta: -67.66%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.87% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.33×
• Total profit: $3,464
• Equity at exit: $5,666

10-year hold

• IRR: 16.0%
• Equity multiple: 2.19×
• Total profit: $12,641
• Equity at exit: $3,286

Cash invested: $10,640 (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 79411

• Home prices YoY: -10.5%
• Rents YoY: 1.9%
• Active inventory: 97
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,214 high
• Mortgage (P&I): −$199
• Tax from tax record: −$150 /mo · $1,803/yr
• Insurance: −$16
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $167

Break-even live

Break-even rent $1,002

Max offer price $38,000

Occupancy floor 81%

Sensitivity live

Price	-10% $296	-5% $178	+0% $167	+5% $156	+10% $146
Rent	-10% $71	-5% $119	+0% $167	+5% $215	+10% $263
Rate	-1.0pp $186	-0.5pp $177	base $167	+0.5pp $157	+1.0pp $147

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1517 25th St Lubbock, TX	3.0	2.0	1514	$1,095	$0.72	23d	1	0.12mi
1716 24th St Lubbock, TX	4.0	2.0	1742	$1,850	$1.06	45d	1	0.20mi
1610 28th St Unit A Lubbock, TX	2.0	2.0	1060	$750	$0.71	15d	1	0.26mi
1904 24th St Lubbock, TX	3.0	1.0	1172	$1,100	$0.94	45d	1	0.28mi
1901 26th St Lubbock, TX	2.0	1.0	1142	$950	$0.83	23d	1	0.31mi
1915 26th St Lubbock, TX	3.0	1.0	1221	$1,100	$0.90	45d	1	0.37mi
1912 21st St Lubbock, TX	3.0	2.0	1473	$1,025	$0.70	45d	1	0.39mi
1920 27th St Unit 1 Lubbock, TX	3.0	3.0	1366	$1,500	$1.10	45d	1	0.40mi
1912 20th St Unit A Lubbock, TX	3.0	2.0	1590	$1,000	$0.63	23d	1	0.42mi
2009 23rd St Lubbock, TX	3.0	1.0	1615	$1,249	$0.77	45d	1	0.44mi
2113 22nd St Lubbock, TX	2.0	1.0	1404	$850	$0.61	23d	1	0.53mi
2118 24th St Lubbock, TX	3.0	1.0	1435	$1,000	$0.70	23d	1	0.54mi
2104 20th St Lubbock, TX	4.0	2.0	1796	$1,700	$0.95	23d	1	0.55mi
2119 25th St Lubbock, TX	3.0	1.5	1184	$1,200	$1.01	45d	1	0.55mi
2109 20th St Lubbock, TX	3.0	2.0	1391	$1,200	$0.86	45d	1	0.56mi
1922 18th St Lubbock, TX	3.0	1.0	1136	$1,050	$0.92	23d	1	0.57mi
2115 27th St Unit A Lubbock, TX	2.0	1.0	1148	$875	$0.76	23d	1	0.57mi
1909 16th St Lubbock, TX	4.0	2.0	1312	$1,600	$1.22	23d	1	0.61mi
2124 20th St Lubbock, TX	3.0	2.0	1481	$1,150	$0.78	15d	1	0.63mi
2201 28th St Lubbock, TX	3.0	1.0	1246	$995	$0.80	23d	1	0.65mi
2220 25th St Lubbock, TX	4.0	1.0	1077	$695	$0.65	23d	1	0.67mi
2003 32nd St Unit A Lubbock, TX	2.0	2.0	1228	$1,150	$0.94	45d	1	0.68mi
2106 32nd St Lubbock, TX	3.0	1.0	1398	$925	$0.66	45d	1	0.71mi
2106 32nd St Lubbock, TX	3.0	1.0	1398	$695	$0.50	23d	1	0.71mi
2123 18th St Lubbock, TX	3.0	2.0	1328	$949	$0.71	15d	1	0.74mi
2220 29th St Lubbock, TX	3.0	2.0	2032	$1,300	$0.64	45d	1	0.76mi
2311 25th St Lubbock, TX	4.0	2.0	1400	$1,400	$1.00	23d	1	0.76mi
2119 32nd St Lubbock, TX	2.0	1.0	1055	$950	$0.90	45d	1	0.77mi
2103 33rd St Lubbock, TX	2.0	1.0	1075	$700	$0.65	15d	1	0.78mi
1919 34th St Lubbock, TX	2.0	2.0	1463	$1,100	$0.75	15d	1	0.81mi
2122 16th St Lubbock, TX	2.0	2.0	1295	$1,025	$0.79	45d	1	0.84mi
1220 Broadway St Unit 1704 Lubbock, TX	2.0	2.0	1098	$999	$0.91	45d	1	0.84mi
1220 Broadway St Lubbock, TX	1.0–2.0	1.0–2.0	932	$1,500	$1.61	15d	7	0.84mi
2403 22nd Pl Lubbock, TX	2.0	1.0	1066	$900	$0.84	23d	1	0.84mi
2404 25th St Lubbock, TX	3.0	2.0	1292	$1,395	$1.08	23d	1	0.85mi
2119 15th St Lubbock, TX	3.0	2.0	1600	$1,400	$0.88	45d	1	0.85mi
2402 21st St Lubbock, TX	3.0	1.0	1453	$1,500	$1.03	45d	1	0.86mi
2319 28th St Lubbock, TX	4.0	2.0	2146	$1,650	$0.77	23d	1	0.86mi
2404 27th St Lubbock, TX	4.0	2.0	1250	$1,349	$1.08	45d	1	0.87mi
2211 33rd St Unit A Lubbock, TX	3.0	1.5	1293	$1,200	$0.93	45d	1	0.89mi

Listing history 24 events

1. 2026-06-22
   statusdays on market $38,000 Pending 40 DOM
2. 2026-06-18
   days on market $38,000 Active 38 DOM
3. 2026-06-17
   days on market $38,000 Active 37 DOM
4. 2026-06-16
   days on market $38,000 Active 36 DOM
5. 2026-06-15
   days on market $38,000 Active 35 DOM
6. 2026-06-14
   days on market $38,000 Active 33 DOM
7. 2026-06-13
   days on market $38,000 Active 32 DOM
8. 2026-06-10
   days on market $38,000 Active 30 DOM
9. 2026-06-09
   days on market $38,000 Active 29 DOM
10. 2026-06-08
    days on market $38,000 Active 28 DOM
11. 2026-06-07
    days on market $38,000 Active 27 DOM
12. 2026-06-05
    days on market $38,000 Active 24 DOM
13. 2026-06-03
    days on market $38,000 Active 23 DOM
14. 2026-06-02
    days on market $38,000 Active 22 DOM
15. 2026-06-01
    days on market $38,000 Active 21 DOM
16. 2026-05-31
    days on market $38,000 Active 20 DOM
17. 2026-05-30
    days on market $38,000 Active 19 DOM
18. 2026-05-11
    listed $38,000 Active 423-char remark
19. 2026-01-05
    listed $50,000 Active
20. 2025-07-14
    soldstatus
21. 2018-03-26
    soldstatus
22. 2018-03-23
    soldstatus

    Show marketing remark (135 chars)

    N E W heat and air unit /less than 6 mo carpet is 1 1/2 year / cook top new about 1 1/2 tr CK 4 flood area

23. 2017-08-07
    listed $48,000

    Show marketing remark (135 chars)

    N E W heat and air unit /less than 6 mo carpet is 1 1/2 year / cook top new about 1 1/2 tr CK 4 flood area

24. 2002-10-29
    soldstatus

ⓘ 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: $1,803 · $150/mo
• Projected year-2 tax: $1,803 · $150/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 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,567
• − Mortgage interest: −$2,129
• − Property taxes: −$1,803
• − Insurance: −$5,308
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$1,105
• Taxable income: $1,891
• Est. tax owed @ 24.0%: −$454
• After-tax cash flow: $1,551/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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 6,865
• Household income: $47,634
• Rent vs Own: 72.5% rent · 27.5% own
• Severe rent burden: 777.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 50% White 39% Two or more races 10% Black 9% Native American 2%
• Hispanic origin (detail): Mexican 37% Cuban 2%
• Common ancestry: Slovak 3% Italian 2% Portuguese 2%
• Foreign-born: 8% · Canada
• Languages at home: 64% English-only · Spanish 35%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.58%
• Current HPI: 210.495
• Rent YoY: ▲ 1.87%
• Metro: Lubbock, 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

-20.8% since first listed

8 events — show timeline

• 2026-06-20 Pending — LARMLS
• 2026-05-11 Listed $38,000 LARMLS
• 2026-01-05 Listed $50,000 LARMLS
• 2025-07-14 Sold (Public Records) — Public Records
• 2018-03-26 Sold (Public Records) — Public Records
• 2018-03-23 Sold (MLS) — LARMLS
• 2017-08-07 Listed $48,000 LARMLS
• 2002-10-29 Sold (Public Records) — Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,803 · -11.7% YoY. Source: county tax records.