4423 31st St · Lubbock, TX 79410

$179,000

4 bd · 2.0 ba · 2,003 sqft · MultiFamily public records · 34 Days on market

Built 1960 9,425 sqft lot

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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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent multi-family investment located near the Medical District and Maxey Park. This 2,003 sq. ft. duplex (Sides A & B) consists of two 2-bedroom, 1-bathroom units. Each unit includes a dedicated carport and essential appliances. Strong location with high walkability scores and proximity to Texas Tech University. Perfect for a 1031 exchange or investors looking for diversified income in a stable, central neighborhood. Monthly rent: side A - $885 side B - $885. Leased through: side A - 06/30/2026 side B - 07/31/2026

Key facts

• Medical district
• Dedicated carport
• 9,425 sq ft lot

Tags

• MULTI-FAMILY INVESTMENT
• MEDICAL DISTRICT
• DEDICATED CARPORT
• HIGH WALKABILITY SCORES
• STABLE CENTRAL NEIGHBORHOOD

Property features AI

Exterior

• Parking: Carport (1 space); Off-street parking
• Utilities: Paved city street access; Publicly maintained road
• Home design: Duplex residential income property; Single-story; Slab foundation
• Construction: Brick construction; Composition roof; Built on slab foundation
• Exterior features: Awning-covered front porch; Fenced yard; Other exterior features

Interior

• Kitchen: Dishwasher; Other kitchen appliance(s)
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central air; Electric cooling; Ceiling fans
• Interior features: Ceiling fans

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $174k (3.0% below list) — sets the bar for market timing.

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-, 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.
• Zoned schools: Overton El (math 22% / reading 27%, grade F, #3,052 of 4,322 statewide, top 74%, 277 students, 84% FRL); Mackenzie Middle (math 19% / reading 27%, grade F, #1,327 of 1,662 statewide, top 81%, 515 students, 88% FRL); Coronado H S (math 34% / reading 38%, grade F, #930 of 1,632 statewide, top 57%, 1,960 students, 66% FRL) — zoned schools average 79% FRL vs 60% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 110 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $2,259/mo this rent would consume 61% of the median local household income ($45k/yr) (locally 1068% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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 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.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.70%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.4% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.21×
• Total profit: $10,404
• Equity at exit: $26,689

10-year hold

• IRR: 16.8%
• Equity multiple: 2.53×
• Total profit: $76,812
• Equity at exit: $15,477

Cash invested: $50,120 (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 79410

• Home prices YoY: -20.8%
• Rents YoY: 5.4%
• Active inventory: 110
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,259 high
• Mortgage (P&I): −$939
• Tax from tax record: −$241 /mo · $2,892/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $530

Break-even live

Break-even rent $1,588

Max offer price $179,000

Occupancy floor 72%

Sensitivity live

Price	-10% $632	-5% $581	+0% $530	+5% $480	+10% $429
Rent	-10% $352	-5% $441	+0% $530	+5% $620	+10% $709
Rate	-1.0pp $621	-0.5pp $576	base $530	+0.5pp $484	+1.0pp $437

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,258
Total (2 units)			$2,259

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4428 33rd St Lubbock, TX	3.0	1.5	1685	$1,375	$0.82	44d	1	0.11mi
4430 33rd St Lubbock, TX	3.0	2.0	1402	$1,100	$0.78	44d	1	0.11mi
4702 31st St Lubbock, TX	3.0	2.0	1600	$1,450	$0.91	44d	1	0.21mi
4606 35th St Lubbock, TX	4.0	2.0	1684	$1,800	$1.07	44d	1	0.26mi
4801 36th St Lubbock, TX	3.0	2.0	1424	$1,275	$0.90	22d	1	0.47mi
2409 Utica Ave Lubbock, TX	3.0	1.5	1693	$1,400	$0.83	22d	1	0.49mi
3812 36th St Unit A Lubbock, TX	3.0	2.0	1458	$1,500	$1.03	22d	1	0.65mi
5003 35th St Lubbock, TX	3.0	2.0	1501	$1,550	$1.03	14d	1	0.66mi
4315 41st St Lubbock, TX	3.0	2.0	1558	$1,450	$0.93	22d	1	0.68mi
3807 26th St Lubbock, TX	3.0	2.0	1410	$1,500	$1.06	14d	1	0.69mi
3813 25th St Lubbock, TX	4.0	2.0	1467	$1,400	$0.95	14d	1	0.70mi
4310 42nd St Lubbock, TX	3.0	2.0	1754	$1,700	$0.97	44d	1	0.71mi
4211 41st St Lubbock, TX	4.0	2.0	1960	$1,599	$0.82	44d	1	0.72mi
4619 43rd St Lubbock, TX	3.0	1.0	1404	$1,500	$1.07	44d	1	0.79mi
3712 37th St Lubbock, TX	4.0	2.0	1672	$2,100	$1.26	44d	1	0.79mi
4803 43rd St Lubbock, TX	3.0	2.0	1412	$1,200	$0.85	22d	1	0.84mi
4819 44th St Lubbock, TX	3.0	2.0	1412	$1,300	$0.92	44d	1	0.94mi
4109 18th St Lubbock, TX	4.0	2.0	1516	$1,799	$1.19	44d	1	0.99mi
3604 24th St Lubbock, TX	4.0	3.0	2038	$2,300	$1.13	22d	1	0.99mi
4602 50th St Lubbock, TX	1.0–3.0	1.0–2.5	1080	$1,368	$1.27	14d	9	1.08mi
5220 41st St Lubbock, TX	3.0	2.0	1536	$1,400	$0.91	22d	1	1.13mi
5318 39th St Lubbock, TX	3.0	2.0	1736	$1,375	$0.79	14d	1	1.13mi
3612 44th St Lubbock, TX	3.0	2.0	1675	$1,850	$1.10	44d	1	1.16mi
3708 46th St Lubbock, TX	3.0	2.0	2378	$1,750	$0.74	14d	1	1.18mi
5017 46th St Lubbock, TX	3.0	2.0	1753	$1,600	$0.91	44d	1	1.18mi
4903 17th St Lubbock, TX	3.0	2.0	1907	$1,900	$1.00	14d	1	1.18mi
4814 16th St Lubbock, TX	3.0	2.0	1636	$1,795	$1.10	14d	1	1.18mi
4803 15th St Lubbock, TX	4.0	2.0	2369	$2,500	$1.06	44d	1	1.19mi
3408 38th St Lubbock, TX	3.0	2.0	1927	$1,895	$0.98	44d	1	1.19mi
3404 25th St #3 Lubbock, TX	4.0	4.5	2234	$2,400	$1.07	22d	1	1.20mi
3712 47th St Lubbock, TX	3.0	2.0	1767	$1,400	$0.79	22d	1	1.22mi
3319 26th St Lubbock, TX	3.0	2.0	1520	$1,500	$0.99	44d	1	1.22mi
5406 36th St Lubbock, TX	3.0	2.0	1400	$695	$0.50	44d	1	1.28mi
3302 28th St Lubbock, TX	3.0	2.5	1660	$1,725	$1.04	22d	1	1.30mi
4314 52nd St Unit A Lubbock, TX	3.0	2.0	1863	$1,400	$0.75	22d	1	1.31mi
3404 42nd St Lubbock, TX	3.0	2.0	1475	$1,500	$1.02	44d	1	1.32mi
4210 52nd St Lubbock, TX	3.0	2.0	1715	$1,575	$0.92	14d	1	1.34mi
5211 17th St Lubbock, TX	4.0	2.0	2316	$2,000	$0.86	44d	1	1.36mi
4821 13th St Lubbock, TX	4.0	2.0	2679	$2,200	$0.82	44d	1	1.37mi
5415 42nd St Lubbock, TX	3.0	2.0	1417	$1,450	$1.02	22d	1	1.37mi

Listing history 18 events

1. 2026-06-18
   days on market $179,000 Active 34 DOM
2. 2026-06-17
   days on market $179,000 Active 33 DOM
3. 2026-06-16
   days on market $179,000 Active 32 DOM
4. 2026-06-15
   days on market $179,000 Active 31 DOM
5. 2026-06-14
   days on market $179,000 Active 29 DOM
6. 2026-06-13
   days on market $179,000 Active 28 DOM
7. 2026-06-10
   days on market $179,000 Active 26 DOM
8. 2026-06-09
   days on market $179,000 Active 25 DOM
9. 2026-06-08
   days on market $179,000 Active 24 DOM
10. 2026-06-07
    days on market $179,000 Active 23 DOM
11. 2026-06-05
    days on market $179,000 Active 20 DOM
12. 2026-06-03
    days on market $179,000 Active 19 DOM
13. 2026-06-02
    days on market $179,000 Active 18 DOM
14. 2026-06-01
    days on market $179,000 Active 17 DOM
15. 2026-05-31
    days on market $179,000 Active 16 DOM
16. 2026-05-30
    days on market $179,000 Active 15 DOM
17. 2026-05-15
    listed $179,000 Active 532-char remark
18. 2026-04-01
    price $179,900

ⓘ 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: $2,892 · $241/mo
• Projected year-2 tax: $3,276 · $273/mo
• Expected delta: +$384/yr (+$32/mo · 13.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°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: $27,108
• − Mortgage interest: −$10,027
• − Property taxes: −$2,892
• − Insurance: −$895
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$5,207
• Taxable income: $3,750
• Est. tax owed @ 24.0%: −$900
• After-tax cash flow: $5,464/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): 10,137
• Household income: $44,537
• Rent vs Own: 67.7% rent · 32.3% own
• Severe rent burden: 1068.0

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: White 55% Hispanic / Latino 33% Two or more races 15% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 6% · China, Canada, Vietnam
• Languages at home: 80% English-only · Spanish 15% Chinese 2% Vietnamese 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: ▼ -71.78%
• Current HPI: 272.7482
• Rent YoY: ▲ 5.40%
• 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

-0.5% since first listed

2 events — show timeline

• 2026-05-15 Listed $179,000 LARMLS
• 2026-04-01 Price Changed $179,900 LARMLS

Property tax history

+4.5%/yr

Latest (2025): $2,892 · -2.6% YoY. Source: county tax records.