1905 W Morton St #19 · Denison, TX 75020

$138,500

2 bd · 1.5 ba · 1,008 sqft · Townhouse public records · 22 Days on market

Built 1962 1,873 sqft lot Est $140k · at est. $50/mo HOA · 4% of rent

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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 +13.2/30.0
• ARV discount +8.0/15.0
• 1% rule +4.8/10.0
• DSCR +4.0/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity to purchase fully remodeled 3 bedroom, 1.5 bath Townhome with private fenced patio including storage shed (one of 4 units available). All electric, central HVAC, 2 assigned parking spaces. Owner Financing.

Key facts

• $50 HOA
• 2 parking spots
• Built 1962

Property features AI

Finance

• Other: County: Grayson; Country: United States; Geocode confidence: High; Latitude/Longitude available
• Financial info: No second mortgage; Loan type: Treat as clear
• HOA & community: Mandatory association (PINES HOA); HOA fee $50 monthly; Association covers grounds maintenance and management fees

Exterior

• Parking: Assigned carport with 2 spaces; No covered garage spaces
• Utilities: City water; City sewer; Not in a municipal utility district
• Home design: Townhouse (residential); Two levels; Property is not attached; Smart home features present
• Construction: Built in 1962
• Exterior features: Lot less than 0.5 acre; Subdivision: Wagner Place Unit 1; Directions: Best to use GPS

Interior

• Kitchen: Dishwasher
• Bedrooms: Primary bedroom on level 2 (9 x 8); Second bedroom on level 2 (9 x 7)
• Bathrooms: One full bathroom; One half bathroom
• Interior features: Pantry; Walk-in closet(s); One living area; One dining area; Three total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $138k.

Deal economics

• At list price, monthly cash flow is $-2 ($-22/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (2.2% below list).
• Recommended offer: $135k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.8% in Denison — 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 73/100 on livability (#221 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Denison ISD (urban): math 43% / reading 44% proficiency, ranked #315 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mayes El (math 42% / reading 42%, grade F, #1,335 of 4,322 statewide, top 33%, 471 students, 64% FRL).
• Market conditions: Rents flat; 485 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $958 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,452 (2.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $140,112
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1905 W Morton St #17	0.01mi	2/1.5	1,008 (0%)	6mo	$70,000	$69	95
1905 W Morton St #6	0.02mi	3/1.5 (+1)	1,080 (+7%)	2mo	$135,000	$125	80
1905 W Morton St #7	0.02mi	3/1.5 (+1)	1,080 (+7%)	4mo	$149,900	$139	79
1905 W Morton St #14	0.04mi	2/1.5	972 (-4%)	23mo	$142,000	$146	73

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 · 0.05% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.32×
• Total profit: $-26,376
• Equity at exit: $20,651

10-year hold

• IRR: -22.6%
• Equity multiple: 0.02×
• Total profit: $-37,858
• Equity at exit: $11,975

Cash invested: $38,780 (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 75020

• Rents YoY: 0.1%
• Active inventory: 485
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$726
• Tax from tax record: −$238 /mo · $2,855/yr
• Insurance: −$58
• HOA: −$50
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $-2

Break-even live

Break-even rent $1,357

Max offer price $138,172

Occupancy floor 95%

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1905 W Morton St #20 Denison, TX	2.0	1.5	1008	$1,250	$1.24	43d	1	0.02mi
1721 W Walker St Denison, TX	2.0	1.0	1322	$1,400	$1.06	43d	1	0.23mi
1731 W Elm St Denison, TX	3.0	2.0	1200	$1,550	$1.29	21d	1	0.30mi
1731 W Elm St Denison, TX	3.0	2.0	1200	$1,575	$1.31	43d	1	0.30mi
1701 W Elm St Denison, TX	2.0	1.0	800	$900	$1.12	21d	1	0.35mi
1703 W Elm St Denison, TX	2.0	1.0	800	$875	$1.09	21d	1	0.36mi
1602 W Elm St Denison, TX	3.0	2.0	1141	$1,495	$1.31	43d	1	0.39mi
102 Lum Ln Unit 101 Denison, TX	3.0	2.0	1158	$1,600	$1.38	43d	1	0.52mi
1326 W Sears St Denison, TX	2.0	1.0	1318	$1,350	$1.02	21d	1	0.54mi
1829 Ridgewood Rd Denison, TX	3.0	1.0	1040	$1,100	$1.06	43d	1	0.65mi
108 N Eddy Ave Denison, TX	1.0	1.0	882	$1,100	$1.25	43d	1	0.68mi
1231 W Main St Denison, TX	2.0	1.5	1203	$1,575	$1.31	21d	1	0.68mi
1035-1033 Ray Dr Denison, TX	3.0	3.0	1328	$1,450	$1.09	43d	1	0.69mi
1016 W Gandy St #4 Denison, TX	2.0	1.5	1000	$1,100	$1.10	43d	1	0.84mi
1131 W Owing St Denison, TX	3.0	2.0	1135	$1,695	$1.49	43d	1	0.86mi
1004 W Gandy St Denison, TX	3.0	1.0	1250	$1,299	$1.04	21d	1	0.86mi
731 Layne Dr Denison, TX	3.0	2.0	1215	$1,600	$1.32	44d	1	0.90mi
1120 W Owing St Denison, TX	3.0	2.0	1090	$1,225	$1.12	21d	1	0.90mi
1311 W Day St Denison, TX	2.0	1.0	1188	$1,050	$0.88	21d	1	0.97mi
3050 Viking St Denison, TX	1.0–2.0	1.0–2.0	887	$1,450	$1.63	21d	11	1.00mi
2824 W Crawford St Denison, TX	1.0–2.0	1.0	825	$999	$1.21	21d	2	1.03mi
731 W Morton St Denison, TX	3.0	2.0	1298	$1,500	$1.16	43d	1	1.05mi
731 W Bond St Denison, TX	3.0	2.0	1297	$1,595	$1.23	21d	1	1.05mi
727 W Johnson St Unit A Denison, TX	3.0	2.5	1238	$1,450	$1.17	43d	1	1.07mi
820 W Crawford St Denison, TX	2.0	1.0	996	$1,250	$1.26	21d	1	1.09mi
1022 W Shepherd St #1022 Denison, TX	3.0	2.5	1322	$1,450	$1.10	21d	1	1.10mi
817 W Owing St Denison, TX	1.0	1.0	700	$800	$1.14	21d	1	1.12mi
715 W Chestnut St Denison, TX	2.0	2.0	1273	$1,300	$1.02	43d	1	1.15mi
617 W Gandy St Unit 3 Denison, TX	2.0	2.0	750	$1,200	$1.60	43d	1	1.18mi
921 W Day St Denison, TX	3.0	2.0	1212	$1,500	$1.24	43d	1	1.20mi
1011 S Perry Ave Denison, TX	2.0	2.0	1079	$1,350	$1.25	43d	1	1.21mi
613 W Elm St Unit 613 Denison, TX	3.0	2.0	1375	$1,525	$1.11	44d	1	1.21mi
626 W Chestnut St Denison, TX	2.0	1.0	1132	$1,300	$1.15	21d	1	1.22mi
527 W Walker St Denison, TX	3.0	2.0	1300	$1,675	$1.29	43d	1	1.24mi
1207 Bruce Dr Denison, TX	3.0	2.0	1298	$1,540	$1.19	43d	1	1.24mi
626 W Crawford St Unit 101 Denison, TX	2.0	2.0	950	$950	$1.00	21d	1	1.25mi
1238 Carla St Denison, TX	3.0	1.5	1172	$1,350	$1.15	43d	1	1.26mi
610 W Owing St Denison, TX	3.0	2.0	1108	$1,395	$1.26	43d	1	1.30mi
410 S Mirick Ave Denison, TX	3.0	2.0	1100	$1,300	$1.18	43d	1	1.36mi
411 S Fannin Ave #411 Denison, TX	3.0	2.5	1322	$1,450	$1.10	21d	1	1.41mi

HOA detail

• Monthly dues: $50 · $600/yr
• Likely covers: electricparking

Listing history 28 events

1. 2026-06-19
   days on market $138,500 Active 22 DOM
2. 2026-06-18
   days on market $138,500 Active 21 DOM
3. 2026-06-17
   days on market $138,500 Active 20 DOM
4. 2026-06-16
   days on market $138,500 Active 19 DOM
5. 2026-06-15
   days on market $138,500 Active 18 DOM
6. 2026-06-14
   days on market $138,500 Active 16 DOM
7. 2026-06-13
   days on market $138,500 Active 15 DOM
8. 2026-06-10
   days on market $138,500 Active 13 DOM
9. 2026-06-09
   days on market $138,500 Active 12 DOM
10. 2026-06-08
    days on market $138,500 Active 11 DOM
11. 2026-06-07
    days on market $138,500 Active 10 DOM
12. 2026-06-05
    days on market $138,500 Active 7 DOM
13. 2026-06-03
    days on market $138,500 Active 6 DOM
14. 2026-06-02
    days on market $138,500 Active 5 DOM
15. 2026-06-01
    days on market $138,500 Active 4 DOM
16. 2026-05-31
    days on market $138,500 Active 3 DOM
17. 2026-05-30
    days on market $138,500 Active 2 DOM
18. 2026-05-26
    listed $138,500 Active
19. 2026-01-31
    historical
20. 2026-01-08
    listed $135,000 Active
21. 2023-03-14
    soldstatus
22. 2022-07-05
    soldstatus
23. 2022-07-01
    soldstatus Closed 217-char remark

    Show marketing remark (217 chars)

    Opportunity to purchase fully remodeled 3 bedroom, 1.5 bath Townhome with private fenced patio including storage shed (one of 4 units available). All electric, central HVAC, 2 assigned parking spaces. Owner Financing.

24. 2022-05-23
    status Pending 217-char remark

    Show marketing remark (217 chars)

    Opportunity to purchase fully remodeled 3 bedroom, 1.5 bath Townhome with private fenced patio including storage shed (one of 4 units available). All electric, central HVAC, 2 assigned parking spaces. Owner Financing.

25. 2022-05-23
    listed $134,750 Active 217-char remark

    Show marketing remark (217 chars)

    Opportunity to purchase fully remodeled 3 bedroom, 1.5 bath Townhome with private fenced patio including storage shed (one of 4 units available). All electric, central HVAC, 2 assigned parking spaces. Owner Financing.

26. 2015-05-01
    soldstatus Sold
27. 2015-02-20
    status Pending
28. 2015-01-10
    listed $40,000 Active

ⓘ 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: $2,855 · $238/mo
• Projected year-2 tax: $2,855 · $238/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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,254
• − Mortgage interest: −$7,758
• − Property taxes: −$2,855
• − Insurance: −$692
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − HOA: −$600
• − Depreciation: −$4,029
• Taxable loss: −$2,281
• Est. tax savings @ 24.0%: +$547
• After-tax cash flow: $525/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: Denison ISD
• NCES district ID: 4816710
• Math proficiency: 43% ▼ -7.00%
• Reading proficiency: 44% ▼ -3.00%
• Median HH income: $41,650
• Composite: 36.6/100
• National rank: #4629
• State rank: #315 of 826 in TX

Livability — Denison

• Score: 73/100
• State rank: #221
• US rank: #5428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Denison, TX
• County: Grayson County · 108,053 people
• City population: 34,008
• Metro: Sherman-Denison, TX
• Population (ZIP): 24,835
• Household income: $71,605
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 997.0

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 134,540 people
• By 2030: 138,653 · +3.1%
• By 2040: 145,958 · +8.5%
• By 2050: 151,218 · +12.4%
• By 2075: 161,802 · +20.3%
• By 2100: 159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 13% Two or more races 9% Black 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 5% Serbian 2% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+54.3) · D 22.5% · R 76.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -295.96%
• Current HPI: 257.1806
• Rent YoY: ▬ 0.05%
• Metro: Sherman-Denison, 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

+246.2% since first listed

11 events — show timeline

• 2026-05-26 Listed $138,500 NTREIS
• 2026-01-31 Listing Removed — NTREIS
• 2026-01-08 Listed $135,000 NTREIS
• 2023-03-14 Sold (Public Records) — Public Records
• 2022-07-05 Sold (Public Records) — Public Records
• 2022-07-01 Sold (MLS) — NTREIS
• 2022-05-23 Pending — NTREIS
• 2022-05-23 Listed $134,750 NTREIS
• 2015-05-01 Sold (MLS) — NTREIS
• 2015-02-20 Pending — NTREIS
• 2015-01-10 Listed $40,000 NTREIS

Property tax history

+9.7%/yr

Latest (2025): $2,855 · +9.8% YoY. Source: county tax records.