210 Floyd St St

Boling, TX 77420

$87,000B+

3 bd · 2.0 ba · 1,178 sqft · Built 1996 · Manufactured · Pending · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,787/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $744/mo
• Annual: $8,932/yr
• Cap rate: 17.48%
• Cash-on-cash: 39.94%
• DSCR: 2.78
• 1% rule: 2.05%
• Cash to close: $24,360

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $87k.
• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• It's been on market 224 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($601 loan paydown + $3k appreciation (3.4% local appreciation)).
• Location reads 57/100 on livability (#1,236 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Boling ISD (rural): math 39% / reading 42% proficiency, ranked #411 of 826 in TX (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 28 active listings in the ZIP; 191 units permitted in Wharton County in 2024 (45 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $43k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.