2802 Wenonah Ave · Wichita Falls, TX 76309

$49,400

2 bd · 1.0 ba · 1,104 sqft · SingleFamily public records · 141 Days on market

Built 1947 $45/sqft · 49% below area Est $97k · 49% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with potential! This 3 bed, 1 bath fixer-upper is a blank canvas for your next flip or rental project. Bring your vision & tools, home needs updating & TLC throughout, but it's ready for you to work your magic. Features a carport & gated front yard for added privacy, plus a double gate to the alley for easy access. Bonus: a shop with electricity & a garage door, perfect for storage, workspace, or equipment. Solar equipment is present on site for future potential. Sold as-is. Priced to sell!

Key facts

• Gated front yard
• Double gate
• Carport

Tags

• CARPORT
• GATED FRONT YARD
• DOUBLE GATE
• SHOP WITH ELECTRICITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 4.7% in Wichita Falls — 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.

Location & tenants

• Location reads 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.3%/yr); 129 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $342 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 3.0% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,472 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
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: 2.08% ✓
• Cap rate: 16.25%
• Cash-on-cash: 35.56%
• DSCR: 2.58
• GRM: 4.0

CMA / ARV

• ARV (median comp): $97,123
• List price: $49,400
• Delta: -49.14%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3105 Grant St	0.38mi	2/1.0	988 (-10%)	4mo	$115,000	$116	61
2801 Sherman Rd	0.12mi	2/1.0	966 (-12%)	16mo	$25,000	$26	60
3010 Hollywood Ave	0.43mi	2/1.0	944 (-14%)	3mo	$117,500	$124	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.2%
• Equity multiple: 2.70×
• Total profit: $23,581
• Equity at exit: $7,366

10-year hold

• IRR: 46.5%
• Equity multiple: 6.72×
• Total profit: $79,070
• Equity at exit: $4,271

Cash invested: $13,832 (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 76309

• Rents YoY: 8.3%
• Active inventory: 129
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,027 high
• Mortgage (P&I): −$259
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $410

Break-even live

Break-even rent $508

Max offer price $49,400

Occupancy floor 55%

Sensitivity live

Price	-10% $438	-5% $424	+0% $410	+5% $396	+10% $382
Rent	-10% $329	-5% $369	+0% $410	+5% $450	+10% $491
Rate	-1.0pp $435	-0.5pp $422	base $410	+0.5pp $397	+1.0pp $384

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: $12,350
• Closing costs: $1,482
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2812 Avenue R Unit R Wichita Falls, TX	2.0	1.0	1044	$925	$0.89	45d	1	0.25mi
2204 Tilden St Unit A Wichita Falls, TX	3.0	2.0	872	$930	$1.07	45d	1	0.62mi
2500 Taylor St Unit 2500 Taylor A Wichita Falls, TX	2.0	1.0	910	$800	$0.88	45d	1	0.63mi
2912 Avenue L Unit L Wichita Falls, TX	2.0	1.0	1104	$895	$0.81	45d	1	0.63mi
3706 Seymour Rd Wichita Falls, TX	1.0–3.0	1.0–2.5	1100	$1,188	$1.08	45d	13	0.68mi
2003 Buchanan St Wichita Falls, TX	3.0	2.0	1118	$1,100	$0.98	45d	1	0.83mi
2304 Avenue K Wichita Falls, TX	3.0	2.0	1040	$1,050	$1.01	45d	1	0.88mi
1901 Wenonah Ave Unit B Wichita Falls, TX	2.0	1.0	946	$1,000	$1.06	45d	1	0.98mi
1813 Polk St Wichita Falls, TX	3.0	2.0	1090	$1,364	$1.25	45d	1	1.06mi
1515 Fillmore St Wichita Falls, TX	3.0	2.0	909	$1,225	$1.35	45d	1	1.24mi
2006 Bell St Wichita Falls, TX	3.0	1.0	1120	$1,000	$0.89	45d	1	1.25mi
2130 Avenue K Wichita Falls, TX	3.0	2.0	1090	$1,390	$1.28	45d	1	1.28mi
1507 Polk St Wichita Falls, TX	3.0	1.0	1316	$1,050	$0.80	45d	1	1.33mi
1901 Giddings St Wichita Falls, TX	3.0	2.0	909	$1,175	$1.29	45d	1	1.39mi

Listing history 7 events

1. 2026-04-20
   price $49,400 536-char remark

   Show marketing remark (536 chars)

   Investor special with potential! This 3 bed, 1 bath fixer-upper is a blank canvas for your next flip or rental project. Bring your vision & tools, home needs updating & TLC throughout, but it's ready for you to work your magic. Features a carport & gated front yard for added privacy, plus a double gate to the alley for easy access. Bonus: a shop with electricity & a garage door, perfect for storage, workspace, or equipment. Solar equipment is present on site for future potential. Sold as-is. Priced to sell!

2. 2026-01-06
   listed $49,900 Active 536-char remark

   Show marketing remark (536 chars)

   Investor special with potential! This 3 bed, 1 bath fixer-upper is a blank canvas for your next flip or rental project. Bring your vision & tools, home needs updating & TLC throughout, but it's ready for you to work your magic. Features a carport & gated front yard for added privacy, plus a double gate to the alley for easy access. Bonus: a shop with electricity & a garage door, perfect for storage, workspace, or equipment. Solar equipment is present on site for future potential. Sold as-is. Priced to sell!

3. 2023-10-24
   soldstatus Closed 54-char remark

   Show marketing remark (54 chars)

   "Needs work" special! Get it while it lasts.

4. 2023-09-11
   historical 54-char remark

   Show marketing remark (54 chars)

   "Needs work" special! Get it while it lasts.

5. 2023-08-16
   listed $39,000 Active 54-char remark

   Show marketing remark (54 chars)

   "Needs work" special! Get it while it lasts.

6. 2022-07-27
   soldstatus
7. 2022-07-20
   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: $1,464 · $122/mo
• Projected year-2 tax: $1,464 · $122/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,327
• − Mortgage interest: −$2,767
• − Property taxes: −$1,464
• − Insurance: −$247
• − Repairs & maintenance: −$986
• − Management: −$986
• − Depreciation: −$1,437
• Taxable income: $4,439
• Est. tax owed @ 24.0%: −$1,065
• After-tax cash flow: $3,853/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: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 13,395
• Household income: $54,159
• Rent vs Own: 42.7% rent · 57.3% own
• Severe rent burden: 469.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 58% Hispanic / Latino 29% Two or more races 12% Black 6% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 82% English-only · Spanish 15% Vietnamese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.35%
• Current HPI: 137.2935
• Rent YoY: ▲ 8.33%
• Metro: Wichita Falls, 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

+26.7% since first listed

7 events — show timeline

• 2026-04-20 Price Changed $49,400 WFAOR
• 2026-01-06 Listed $49,900 WFAOR
• 2023-10-24 Sold (MLS) — WFAOR
• 2023-09-11 Delisted — WFAOR
• 2023-08-16 Listed $39,000 WFAOR
• 2022-07-27 Sold (Public Records) — Public Records
• 2022-07-20 Sold (Public Records) — Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,464 · -5.8% YoY. Source: county tax records.