6102 Spahn St · Midland, TX 79706

$325,000

3 bd · 2.0 ba · 1,803 sqft · SingleFamily public records · 15 Days on market

Built 2014 6,229 sqft lot Est $326k · at est. $30/mo HOA · 1% 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 +11.5/30.0
• ARV discount +7.7/15.0
• Livability +4.0/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Rent growth +3.2/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Stop the car! This is pride in ownership you can't miss, so make this gorgeous home yours. Immaculate home, beautiful yard, covered patio, mature trees. All information herein is deemed reliable but not guaranteed. Buyer to verify all Schools, Taxes, boundary lines and zoning.

Key facts

• Covered patio
• Mature trees
• 6,229 sq ft lot

Tags

• COVERED PATIO
• MATURE TREES

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $360 (about $30/month)

Exterior

• Parking: 2 total parking spaces; 2 covered spaces; 2-car attached garage with garage door opener; Parking pad
• Utilities: Public water; Public sewer; Propane
• Home design: Single-family residence; Residential property
• Construction: Brick veneer construction; Composition roof; Slab foundation; Built area approximately 1,803
• Exterior features: Landscaped lot; Wood fencing; Paved road access; Solar panels

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Garbage disposal; Gas water heater
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Window blinds; Wood-burning fireplace in the living room
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (17.4% below list).
• Recommended offer: $268k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.7% in Midland — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Barbara Yarbrough El (math 43% / reading 33%, grade F, #1,709 of 4,322 statewide, top 40%, 750 students, 42% FRL); Alamo J H (math 23% / reading 32%, grade F, #1,156 of 1,662 statewide, top 71%, 865 students, 62% FRL); Midland H S (math 37% / reading 7%, grade F, #1,366 of 1,632 statewide, top 84%, 2,492 students, 44% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: Rents rising (+2.8%/yr); 380 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 5→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $268,411 (17.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.40%
• DSCR: 0.94
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $326,343
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6803 Hall Of Fame Blvd	0.58mi	3/2.0	2,070 (+15%)	1mo	$375,000	$181	48

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 · 2.75% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.34×
• Total profit: $-60,076
• Equity at exit: $48,459

10-year hold

• IRR: -11.9%
• Equity multiple: 0.30×
• Total profit: $-63,660
• Equity at exit: $28,100

Cash invested: $91,000 (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 79706

• Rents YoY: 2.8%
• Active inventory: 380
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,684 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$357 /mo · $4,283/yr
• Insurance: −$135
• HOA: −$30
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $-106

Break-even live

Break-even rent $2,819

Max offer price $306,230

Occupancy floor 99%

Sensitivity live

Price	-10% $78	-5% $-14	+0% $-106	+5% $-198	+10% $-290
Rent	-10% $-318	-5% $-212	+0% $-106	+5% $0	+10% $106
Rate	-1.0pp $57	-0.5pp $-24	base $-106	+0.5pp $-190	+1.0pp $-276

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6020 Spahn St Midland, TX	4.0	2.0	1849	$2,800	$1.51	45d	1	0.03mi
6102 Mile High Ln Midland, TX	3.0	2.0	1763	$2,500	$1.42	45d	1	0.11mi
6011 Mile High Ln Midland, TX	3.0	2.0	1763	$2,550	$1.45	45d	1	0.13mi
5919 Mile High Ln Midland, TX	3.0	2.0	1758	$2,600	$1.48	22d	1	0.16mi
509 Wagner Dr Midland, TX	4.0	2.0	2085	$3,000	$1.44	45d	1	0.18mi
6406 Hall of Fame Blvd Midland, TX	3.0	2.0	1718	$2,850	$1.66	15d	1	0.30mi
711 Candlestick Dr Midland, TX	3.0	2.0	1512	$2,400	$1.59	22d	1	0.31mi
711 Candlestick Dr Midland, TX	3.0	2.0	1512	$2,400	$1.59	45d	1	0.31mi
303 Koufax Ct Midland, TX	4.0	2.0	2096	$2,950	$1.41	22d	1	0.34mi
619 Victory Pkwy Midland, TX	4.0	2.0	1824	$3,200	$1.75	15d	1	0.37mi
704 Nolan Ryan Dr Midland, TX	3.0	2.0	1454	$2,500	$1.72	45d	1	0.38mi
805 Nolan Ryan Dr Midland, TX	3.0	2.0	1630	$2,450	$1.50	22d	1	0.42mi
6614 Jamestown St Midland, TX	4.0	3.0	2284	$3,000	$1.31	45d	1	0.42mi
907 Candlestick Dr Midland, TX	3.0	2.0	1715	$2,500	$1.46	15d	1	0.43mi
1008 Rangers Ct Midland, TX	3.0	2.0	1662	$2,250	$1.35	15d	1	0.45mi
6418 Patriot Pkwy Midland, TX	4.0	2.0	2178	$3,200	$1.47	45d	1	0.54mi
6606 Colony Rd Midland, TX	3.0	2.0	1993	$2,600	$1.30	45d	1	0.56mi
6615 Colony Rd Midland, TX	4.0	2.0	1916	$2,900	$1.51	45d	1	0.57mi
6612 Colony Rd Midland, TX	4.0	2.5	2285	$3,300	$1.44	22d	1	0.58mi
719 Minuteman Midland, TX	4.0	2.0	2525	$2,950	$1.17	15d	1	0.72mi
5202 Ric Dr Midland, TX	3.0	2.0	1258	$1,975	$1.57	22d	1	0.89mi
7017 McPherson Ln Midland, TX	4.0	3.0	2300	$3,000	$1.30	22d	1	0.93mi
7211 Thomas Paine Rd Midland, TX	4.0	2.0	1783	$2,800	$1.57	22d	1	1.09mi
5109 Graceland Dr Unit A Midland, TX	3.0	2.0	1365	$2,250	$1.65	45d	1	1.29mi
5205 Blue Haven Dr Midland, TX	4.0	2.0	1539	$6,000	$3.90	45d	1	1.30mi
4732 Harvard Ave Midland, TX	3.0	2.0	2248	$2,600	$1.16	22d	1	1.30mi
909 Beal Pkwy Midland, TX	3.0	2.0	1670	$2,200	$1.32	22d	1	1.36mi

HOA detail

• Monthly dues: $30 · $360/yr

Listing history 12 events

1. 2026-06-19
   days on market $325,000 Active 15 DOM
2. 2026-06-18
   days on market $325,000 Active 14 DOM
3. 2026-06-17
   days on market $325,000 Active 13 DOM
4. 2026-06-16
   days on market $325,000 Active 12 DOM
5. 2026-06-15
   days on market $325,000 Active 11 DOM
6. 2026-06-14
   days on market $325,000 Active 9 DOM
7. 2026-06-13
   days on market $325,000 Active 8 DOM
8. 2026-06-10
   days on market $325,000 Active 6 DOM
9. 2026-06-09
   days on market $325,000 Active 5 DOM
10. 2026-06-08
    days on market $325,000 Active 4 DOM
11. 2026-06-07
    remarks 277-char remark
12. 2026-06-07
    listed $325,000 Active 3 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: $4,283 · $357/mo
• Projected year-2 tax: $5,948 · $496/mo
• Expected delta: +$1,664/yr (+$139/mo · 38.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 6/10 Major 5 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $32,209
• − Mortgage interest: −$18,205
• − Property taxes: −$4,283
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,577
• − Management: −$2,577
• − HOA: −$360
• − Depreciation: −$9,455
• Taxable loss: −$6,872
• Est. tax savings @ 24.0%: +$1,649
• After-tax cash flow: $374/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 34,281
• Household income: $108,059
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 303.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 13% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 43% Cuban 1%
• Common ancestry: Italian 1% Lithuanian 1% Swedish 1%
• Foreign-born: 11% · Canada
• Languages at home: 68% English-only · Spanish 30%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.42%
• Current HPI: 212.6467
• Rent YoY: ▲ 2.75%
• Metro: Midland, 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 event — show timeline

• 2026-06-04 Listed $325,000 ODMLS

Property tax history

+43.3%/yr

Latest (2025): $4,283 · -4.4% YoY. Source: county tax records.