181 Mountain St

Cross Plains, TX 76828

$105,000C+

3 bd · 2.0 ba · 1,776 sqft · Built 2014 · Manufactured · Active · 353 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,215/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $220/mo
• Annual: $2,636/yr
• Cap rate: 8.80%
• Cash-on-cash: 8.97%
• DSCR: 1.40
• 1% rule: 1.16%
• Cash to close: $29,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $105k.
• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 353 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($726 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 68/100 on livability (#486 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, employment D, amenities F.
• Coleman ISD (town): math 42% / reading 39% proficiency, ranked #439 of 826 in TX (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 5 units permitted in Coleman County in 2024 (0 in 5+ unit buildings).
• Coleman County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $30k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 353 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.