756-752 Stribling Cir

Azle, TX 76020

$350,000B-

3 bd · 2.0 ba · 1,191 sqft · Built 2003 · MultiFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,364/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$359
• HOA: −$0
• Vac / Maint / Mgmt: −$916
• Net cashflow: $1,253/mo
• Annual: $15,039/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.35%
• DSCR: 1.68
• 1% rule: 1.25%
• Cash to close: $98,000

Investor read

• This is a 3 × 3-bed/2-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 20 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#267 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: schools C-, health & safety D+, amenities F.
• Azle ISD (suburban): math 37% / reading 43% proficiency, ranked #351 of 826 in TX (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 596 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.6% vs local median 3.1% in Azle — 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.
• At $4,364/mo this rent would consume 60% of the median local household income ($87k/yr) (locally 433% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.