640-642-644-646 Fallow Dr · Venus, TX 76084

$829,000

8 bd · 7.2 ba · 4,889 sqft · MultiFamily · 131 Days on market

Built 2023 Good condition 7,841 sqft lot $170/sqft · 7% above area Est $774k · 7% over $150/mo HOA · 8% of rent ↓ 2% since listing

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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 +13.4/30.0
• Appreciation +8.7/10.0
• Schools +4.8/10.0
• ARV discount +4.3/15.0
• 1% rule +4.0/10.0
• DSCR +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +3.1/5.0

Multi-family units

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

Listing remarks MLS

Prime investment opportunity that won't last long! This turnkey Class-A fourplex built in 2023, is located in Venus' highly sought-after Heritage Hills neighborhood, zoned to highly rated Midlothian Schools. Ideally situated just 30 minutes from both Dallas and Fort Worth, this fully stabilized opportunity features four units, a larger 3-bed 2-bath flat on the ground floor, a modern 2-bed 2-bath flat on the second floor and two townhouse-style 2-bed 1.5-bath units. Each unit has a dedicated one-car garage. The interiors boast high-end finishes throughout, including granite kitchen countertops with a tiled backsplash, recessed and pendant lighting over the breakfast bar, upscale wood-look plank tile flooring, upgraded carpet, and a luxurious walk-in master shower. All units are currently leased to long-term tenants at $1,795, $1,695, $1,595, and $1,495 per month, respectively, supported by a strong operating history, a low 2.4% tax rate, and affordable HOA dues of $ 1,500 per year. With major economic drivers such as the $1.6B Google Data Centers project and two nearby hospitals, plus excellent property management in place and willing to stay on, this asset is primed for continued growth. Ask about available DSCR financing with a 10-year interest-only option to maximize your cash flow.

Key facts

• 7,841 sq ft lot
• 4 garage spots
• Built 2023

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.8-bath units multifamily listed at $829k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $14 ($163/yr) — positive. Per door: $3/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $746k (10.0% below list).
• Recommended offer: $730k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.0% in Venus — 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 70/100 on livability (#356 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D+, amenities F, commute F.
• Midlothian ISD (suburban): math 53% / reading 52% proficiency, ranked #94 of 826 in TX (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 428 active listings in the ZIP; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• At $7,459/mo this rent would consume 88% of the median local household income ($102k/yr) (locally 70% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $66k of equity ($6k loan paydown + $61k appreciation (7.3% local appreciation)).
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.3% appreciation + 2.4% rent growth), your $232k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$106k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($730k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $729,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.90% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 9.3

CMA / ARV

• ARV (median comp): $773,941
• List price: $829,000
• Delta: 7.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
649-655 Harvest Moon Dr	0.06mi	9/7.0 (+1)	4,889 (0%)	12mo	$839,000	$172	82
641-647 Harvest Moon Dr	0.05mi	9/7.0 (+1)	4,889 (0%)	13mo	$830,000	$170	81
716-722 Fallow Dr	0.05mi	9/7.0 (+1)	4,889 (0%)	18mo	$830,000	$170	77
649-651-653-655 Wheatfield Dr	0.08mi	9/7.0 (+1)	4,889 (0%)	22mo	$839,900	$172	72
625-627-629-631 Wheatfield Dr	0.10mi	9/7.0 (+1)	4,889 (0%)	24mo	$825,000	$169	70
608-614 Fallow Dr	0.05mi	9/7.0 (+1)	5,510 (+13%)	8mo	$839,000	$152	64
740-742-744-746 Fallow Dr	0.48mi	9/7.0 (+1)	4,889 (0%)	10mo	$830,000	$170	63

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

Projected returns pro-forma

7.32% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 18.3%
• Equity multiple: 2.30×
• Total profit: $302,402
• Equity at exit: $591,922

10-year hold

• IRR: 17.2%
• Equity multiple: 4.74×
• Total profit: $868,238
• Equity at exit: $1,140,553

Cash invested: $232,120 (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 76084

• Home prices YoY: 2.1%
• Rents YoY: 2.4%
• Active inventory: 428
• Price-to-rent: 37.0×

Monthly cashflow live

• Estimated rent: $7,459 high
• Mortgage (P&I): −$4,347
• Tax est. 1.5%: −$1,036 /mo · $12,435/yr
• Insurance: −$345
• HOA: −$150
• Vacancy / Maint / Mgmt: −$1,566
• Net cashflow: $14

Break-even live

Break-even rent $7,442

Max offer price $829,000

Occupancy floor 95%

Sensitivity live

Price	-10% $586	-5% $300	+0% $14	+5% $-273	+10% $-559
Rent	-10% $-576	-5% $-281	+0% $14	+5% $308	+10% $603
Rate	-1.0pp $431	-0.5pp $224	base $14	+0.5pp $-201	+1.0pp $-420

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.8	$7,460
Total (4 units)			$7,459

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: $207,250
• Closing costs: $24,870
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $150 · $1,800/yr

Listing history 17 events

1. 2026-06-21
   days on market $829,000 Active 131 DOM
2. 2026-06-18
   days on market $829,000 Active 128 DOM
3. 2026-06-17
   days on market $829,000 Active 127 DOM
4. 2026-06-16
   days on market $829,000 Active 126 DOM
5. 2026-06-15
   days on market $829,000 Active 125 DOM
6. 2026-06-13
   days on market $829,000 Active 123 DOM
7. 2026-06-09
   days on market $829,000 Active 119 DOM
8. 2026-06-08
   days on market $829,000 Active 118 DOM
9. 2026-06-07
   days on market $829,000 Active 117 DOM
10. 2026-06-04
    days on market $829,000 Active 114 DOM
11. 2026-06-03
    days on market $829,000 Active 113 DOM
12. 2026-06-02
    days on market $829,000 Active 112 DOM
13. 2026-06-01
    days on market $829,000 Active 111 DOM
14. 2026-05-31
    days on market $829,000 Active 110 DOM
15. 2026-04-27
    price $829,000 1305-char remark

    Show marketing remark (1305 chars)

    Prime investment opportunity that won't last long! This turnkey Class-A fourplex built in 2023, is located in Venus' highly sought-after Heritage Hills neighborhood, zoned to highly rated Midlothian Schools. Ideally situated just 30 minutes from both Dallas and Fort Worth, this fully stabilized opportunity features four units, a larger 3-bed 2-bath flat on the ground floor, a modern 2-bed 2-bath flat on the second floor and two townhouse-style 2-bed 1.5-bath units. Each unit has a dedicated one-car garage. The interiors boast high-end finishes throughout, including granite kitchen countertops with a tiled backsplash, recessed and pendant lighting over the breakfast bar, upscale wood-look plank tile flooring, upgraded carpet, and a luxurious walk-in master shower. All units are currently leased to long-term tenants at $1,795, $1,695, $1,595, and $1,495 per month, respectively, supported by a strong operating history, a low 2.4% tax rate, and affordable HOA dues of $ 1,500 per year. With major economic drivers such as the $1.6B Google Data Centers project and two nearby hospitals, plus excellent property management in place and willing to stay on, this asset is primed for continued growth. Ask about available DSCR financing with a 10-year interest-only option to maximize your cash flow.

16. 2026-04-02
    price $835,000 1305-char remark

    Show marketing remark (1305 chars)

    Prime investment opportunity that won't last long! This turnkey Class-A fourplex built in 2023, is located in Venus' highly sought-after Heritage Hills neighborhood, zoned to highly rated Midlothian Schools. Ideally situated just 30 minutes from both Dallas and Fort Worth, this fully stabilized opportunity features four units, a larger 3-bed 2-bath flat on the ground floor, a modern 2-bed 2-bath flat on the second floor and two townhouse-style 2-bed 1.5-bath units. Each unit has a dedicated one-car garage. The interiors boast high-end finishes throughout, including granite kitchen countertops with a tiled backsplash, recessed and pendant lighting over the breakfast bar, upscale wood-look plank tile flooring, upgraded carpet, and a luxurious walk-in master shower. All units are currently leased to long-term tenants at $1,795, $1,695, $1,595, and $1,495 per month, respectively, supported by a strong operating history, a low 2.4% tax rate, and affordable HOA dues of $ 1,500 per year. With major economic drivers such as the $1.6B Google Data Centers project and two nearby hospitals, plus excellent property management in place and willing to stay on, this asset is primed for continued growth. Ask about available DSCR financing with a 10-year interest-only option to maximize your cash flow.

17. 2026-02-10
    listed $845,000 Active 1305-char remark

    Show marketing remark (1305 chars)

    Prime investment opportunity that won't last long! This turnkey Class-A fourplex built in 2023, is located in Venus' highly sought-after Heritage Hills neighborhood, zoned to highly rated Midlothian Schools. Ideally situated just 30 minutes from both Dallas and Fort Worth, this fully stabilized opportunity features four units, a larger 3-bed 2-bath flat on the ground floor, a modern 2-bed 2-bath flat on the second floor and two townhouse-style 2-bed 1.5-bath units. Each unit has a dedicated one-car garage. The interiors boast high-end finishes throughout, including granite kitchen countertops with a tiled backsplash, recessed and pendant lighting over the breakfast bar, upscale wood-look plank tile flooring, upgraded carpet, and a luxurious walk-in master shower. All units are currently leased to long-term tenants at $1,795, $1,695, $1,595, and $1,495 per month, respectively, supported by a strong operating history, a low 2.4% tax rate, and affordable HOA dues of $ 1,500 per year. With major economic drivers such as the $1.6B Google Data Centers project and two nearby hospitals, plus excellent property management in place and willing to stay on, this asset is primed for continued growth. Ask about available DSCR financing with a 10-year interest-only option to maximize your cash flow.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,508
• − Mortgage interest: −$46,437
• − Property taxes: −$12,435
• − Insurance: −$4,145
• − Repairs & maintenance: −$7,161
• − Management: −$7,161
• − HOA: −$1,800
• − Depreciation: −$24,116
• Taxable loss: −$13,747
• Est. tax savings @ 24.0%: +$3,299
• After-tax cash flow: $3,462/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This fourplex in Venus' Heritage Hills neighborhood is in excellent condition, with modern finishes and a prime location. Minor updates could further enhance its curb appeal and marketability.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet in bedrooms — Improves comfort and appearance
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet in bedrooms — Improves comfort and appearance ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Midlothian ISD
• NCES district ID: 4830600
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $85,068
• Composite: 48.22/100
• National rank: #2165
• State rank: #94 of 826 in TX

Livability — Venus

• Score: 70/100
• State rank: #356
• US rank: #7724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Venus, TX
• County: Johnson County · 147,987 people
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 14,097
• Household income: $102,115
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 70.0

Population outlook (Ellis County) Hauer SSP2

• Today (2025): 194,556 people
• By 2030: 209,679 · +7.8%
• By 2040: 238,837 · +22.8%
• By 2050: 265,451 · +36.4%
• By 2075: 326,571 · +67.9%
• By 2100: 362,156 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 30% Two or more races 24% Black 11% Asian 1%
• Hispanic origin (detail): Mexican 25% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 18% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Ellis

• 2024 margin: Solid R (+31.1) · D 34.0% · R 65.1%
• 2008→2024 swing: +11.2pp toward D · 2008: -42.2pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+34.1 2016: R+45.4 2012: R+47.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.32%
• Current HPI: 355.74
• Rent YoY: ▲ 2.39%
• Metro: Dallas-Fort Worth-Arlington, 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

-1.9% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $829,000 NTREIS
• 2026-04-02 Price Changed $835,000 NTREIS
• 2026-02-10 Listed $845,000 NTREIS