3308 2nd St · Lubbock, TX 79415

$120,000

3 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 2 Days on market

Built 1947 6,500 sqft lot

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Why this score? — see what drove the D+ 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 +18.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible opportunity to acquire a turn-key, remodeled 6-property rental portfolio offering immediate cash flow and minimal future CapEx. Five homes are fully remodeled and tenant-occupied with updated interiors, solid rental history, and proven performance. One property is recently remodeled and move-in ready for lease-up or owner use. Each home features updated flooring, modern kitchens and baths, fresh paint, and improved mechanicals. Perfect for out-of-state investors, 1031 exchange buyers, or anyone looking for stable, low-maintenance rentals from day one. Portfolio can be purchased only as a package—no individual sales. Financials, rent rolls, and additional details available upon request.

Key facts

• Central heat
• Electric range
• Functional layout

Tags

• CENTRAL HEAT
• CENTRAL AIR
• DRIVEWAY PARKING
• ELECTRIC RANGE
• FUNCTIONAL LAYOUT
• NEAR TEXAS TECH UNIVERSITY

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public maintained asphalt city street access
• Home design: Single-family residence; Residential property; Updated/remodeled
• Construction: Slab foundation; Composition roof; Construction materials listed as unknown; Built area above grade: 1,088
• Exterior features: Fenced backyard; No additional exterior amenities listed

Interior

• Kitchen: Range; Refrigerator
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (13.1% below list).
• Recommended offer: $104k (13.1% below list) — sets the bar for 1% rule.

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-, schools D+, 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.
• Market conditions: 110 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 34% of the median local income ($36k/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 $830 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,306 (13.1% below list)

Questions for the listing agent

1. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-12,307
• Equity at exit: $17,892

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-1,684
• Equity at exit: $10,375

Cash invested: $33,600 (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 79415

• Home prices YoY: -20.1%
• Active inventory: 110
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,043 high
• Mortgage (P&I): −$629
• Tax from tax record: −$32 /mo · $381/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $113

Break-even live

Break-even rent $900

Max offer price $120,000

Occupancy floor 84%

Sensitivity live

Price	-10% $181	-5% $147	+0% $113	+5% $79	+10% $45
Rent	-10% $31	-5% $72	+0% $113	+5% $154	+10% $195
Rate	-1.0pp $173	-0.5pp $143	base $113	+0.5pp $82	+1.0pp $50

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3315 Amherst St Lubbock, TX	2.0	1.0	950	$875	$0.92	22d	1	0.18mi
3207 Amherst St Lubbock, TX	3.0	1.0	1020	$1,200	$1.18	44d	1	0.20mi
3510 4th St Lubbock, TX	3.0	2.0	1438	$1,600	$1.11	14d	1	0.31mi
3114 Baylor St Lubbock, TX	2.0	1.5	1411	$1,150	$0.82	44d	1	0.41mi
2805 1st Pl Lubbock, TX	2.0	1.0	730	$895	$1.23	22d	1	0.50mi
2803 2nd St Lubbock, TX	2.0	1.0	784	$800	$1.02	44d	1	0.50mi
2906 Cornell St Lubbock, TX	2.0	1.0	920	$875	$0.95	14d	1	0.63mi
3307 Erskine St Lubbock, TX	3.0	1.0	1120	$1,000	$0.89	22d	1	0.73mi
2613 Auburn St Lubbock, TX	2.0	1.0	978	$875	$0.89	44d	1	0.74mi
2709 Cornell St Lubbock, TX	3.0	2.0	1140	$1,050	$0.92	22d	1	0.78mi
2512 1st St Lubbock, TX	2.0	1.0	1050	$900	$0.86	14d	1	0.85mi
701 N Indiana Ave Lubbock, TX	1.0–2.0	1.0–2.0	675	$850	$1.26	22d	1	0.95mi
2715 Fordham St Unit 7 Lubbock, TX	2.0	2.0	1100	$1,150	$1.05	44d	1	0.98mi
3318 Itasca St Lubbock, TX	3.0	1.5	1068	$950	$0.89	14d	1	1.01mi
3119 Jarvis St Lubbock, TX	3.0	2.0	1352	$1,025	$0.76	14d	1	1.05mi
1415 N Knoxville Ave Lubbock, TX	3.0–4.0	2.0	1291	$934	$0.72	14d	1	1.12mi
114 Avenue V Lubbock, TX	2.0	1.0	728	$750	$1.03	44d	1	1.25mi
2409 13th St Unit 8 Lubbock, TX	3.0	2.0	1200	$1,100	$0.92	44d	1	1.30mi
4103 17th St Unit A Lubbock, TX	2.0	1.0	996	$675	$0.68	22d	1	1.38mi
2315 13th St Lubbock, TX	2.0	1.0	825	$995	$1.21	44d	1	1.38mi
4108 18th St Unit Lo Lubbock, TX	2.0	2.0	1171	$1,249	$1.07	14d	1	1.42mi
301 Avenue U Lubbock, TX	1.0–2.0	1.0	625	$875	$1.40	14d	4	1.42mi
2316 15th St Lubbock, TX	2.0	1.0	960	$795	$0.83	22d	1	1.44mi
4206 17th St Unit 3 Lubbock, TX	2.0	1.0	800	$895	$1.12	22d	1	1.45mi
2317 15th St Lubbock, TX	2.0	1.0	900	$1,000	$1.11	44d	1	1.45mi
4124 18th St Lubbock, TX	2.0	1.0	1020	$925	$0.91	44d	1	1.47mi
3701 Clovis Rd Lubbock, TX	1.0–2.0	1.0–2.0	833	$1,400	$1.68	14d	19	1.48mi
1619 University Ave Unit 8 Lubbock, TX	2.0	2.0	900	$700	$0.78	44d	1	1.48mi

Listing history 3 events

1. 2026-06-18
   days on market $120,000 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   listed $120,000 Active 1 DOM

ⓘ 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: $381 · $32/mo
• Projected year-2 tax: $2,196 · $183/mo
• Expected delta: +$1,815/yr (+$151/mo · 476.2%)

ⓘ 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 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: $12,517
• − Mortgage interest: −$6,722
• − Property taxes: −$381
• − Insurance: −$600
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$3,491
• Taxable loss: −$680
• Est. tax savings @ 24.0%: +$163
• After-tax cash flow: $1,519/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): 15,794
• Household income: $36,468
• Rent vs Own: 62.9% rent · 37.1% own
• Severe rent burden: 1287.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 59% White 26% Two or more races 19% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 49%
• Common ancestry: Italian 1% Serbian 1% Estonian 1%
• Foreign-born: 15% · Canada, China
• Languages at home: 57% English-only · Spanish 36% Other Indo-European 4% Arabic 1%

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: ▼ -41.79%
• Current HPI: 165.7933
• Rent YoY: —
• 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

+95.1% since first listed

12 events — show timeline

• 2026-06-16 Listed $120,000 LARMLS
• 2026-02-06 Sold (MLS) — LARMLS
• 2025-12-31 Pending — LARMLS
• 2025-10-17 Price Changed $95,500 LARMLS
• 2025-10-13 Price Changed $1,200,000 LARMLS
• 2025-09-09 Relisted — LARMLS
• 2025-08-26 Pending — LARMLS
• 2025-06-23 Listed $1,400,000 LARMLS
• 2021-08-10 Listed $62,500 LARMLS
• 2021-03-09 Listed $61,500 LARMLS
• 2011-06-02 Sold (Public Records) — Public Records
• 2006-12-06 Sold (Public Records) — Public Records

Property tax history

-6.7%/yr

Latest (2025): $381 · +16.9% YoY. Source: county tax records.