122 N Washington St · San Angelo, TX 76901

$185,900

None bd · None ba · 1,408 sqft · MultiFamily public records · 20 Days on market

Built 1958 7,797 sqft lot Est $182k · at est.

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Why this score? — see what drove the C+ 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 +21.5/30.0
• Appreciation +10.0/10.0
• DSCR +6.9/10.0
• ARV discount +6.4/15.0
• 1% rule +6.0/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Duplex near Central HIgh School. Each side is a 1bedroom/1bathroom with CHCA. 1 side is rented for 795.00, the other is rented for 750.00

Key facts

• 7,797 sq ft lot
• Built 1958
• Listed 19 days

Property features AI

Exterior

• Parking: No designated parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Residential income property (duplex); Single-story
• Exterior features: Composition roof; Paved public-maintained city street frontage; Zoned for residential use

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Hardwood; Other
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Laminate counters; Ceiling fans; Electric water heater; Smoke detectors
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $186k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $186k).
• Recommended offer: $183k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.8% in San Angelo — 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 (#199 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• San Angelo ISD (urban): math 27% / reading 33% proficiency, ranked #627 of 826 in TX (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcgill El (math 42% / reading 42%, grade F, #1,335 of 4,322 statewide, top 33%, 306 students, 79% FRL); Lone Star Middle (math 28% / reading 32%, grade F, #1,056 of 1,662 statewide, top 65%, 903 students, 63% FRL); Central H S (math 22% / reading 43%, grade F, #1,029 of 1,632 statewide, top 64%, 3,065 students, 48% FRL).
• Market conditions: Rents rising fast (+5.8%/yr); 331 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 233 units permitted in Tom Green County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Tom Green County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 5.8% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($183k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,111 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. 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 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: 1.10% ✓
• Cap rate: 8.09%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $181,632
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 N Van Buren St	0.49mi	—/—	1,430 (+2%)	10mo	$185,000	$129	66
7 - 1005 Rio Grande St	0.03mi	—/—	1,552 (+10%)	19mo	$130,000	$84	66
1532 W Ave D	0.64mi	—/—	1,440 (+2%)	12mo	$208,000	$144	57

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

Projected returns pro-forma

10.0% appreciation · 5.78% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 3.40×
• Total profit: $124,978
• Equity at exit: $167,473

10-year hold

• IRR: 27.0%
• Equity multiple: 8.06×
• Total profit: $367,552
• Equity at exit: $361,163

Cash invested: $52,052 (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 76901

• Home prices YoY: 6.4%
• Rents YoY: 5.8%
• Active inventory: 331
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,048 high
• Mortgage (P&I): −$975
• Tax from tax record: −$286 /mo · $3,437/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $279

Break-even live

Break-even rent $1,695

Max offer price $185,900

Occupancy floor 81%

Sensitivity live

Price	-10% $384	-5% $332	+0% $279	+5% $227	+10% $174
Rent	-10% $117	-5% $198	+0% $279	+5% $360	+10% $441
Rate	-1.0pp $373	-0.5pp $326	base $279	+0.5pp $231	+1.0pp $182

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,048
Total (2 units)			$2,048

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: $46,475
• Closing costs: $5,577
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 N Jefferson St #210 San Angelo, TX	3.0	3.0	1706	$1,600	$0.94	21d	1	0.23mi
902 Shiloh St Unit RE-908-C San Angelo, TX	2.0	1.5	925	$1,175	$1.27	44d	1	0.33mi
902 Shiloh St Unit RE-908-16 San Angelo, TX	2.0	1.0	875	$1,125	$1.29	44d	1	0.33mi
711 N Monroe St San Angelo, TX	3.0	1.0	1345	$1,500	$1.12	44d	1	0.56mi
1835 Willow St San Angelo, TX	3.0	1.0	1267	$1,750	$1.38	44d	1	0.70mi
706 W 16th St San Angelo, TX	3.0	2.0	1298	$1,590	$1.22	21d	1	0.87mi
540 W 16th St San Angelo, TX	3.0	2.0	1090	$1,364	$1.25	44d	1	0.93mi
209 West Avenue C Unit A San Angelo, TX	2.0	2.0	1100	$1,400	$1.27	44d	1	0.98mi
1222 S Abe St Unit CK-03 San Angelo, TX	2.0	1.5	1007	$1,425	$1.42	44d	1	1.00mi
810 W 19th St San Angelo, TX	3.0	2.0	1090	$1,249	$1.15	21d	1	1.06mi
2102 Webster St San Angelo, TX	3.0	1.0	1233	$1,750	$1.42	44d	1	1.08mi
2505 W Harris Ave San Angelo, TX	2.0	2.0	1582	$1,300	$0.82	44d	1	1.14mi
1725 West Avenue M Unit M San Angelo, TX	2.0	1.0	1202	$1,350	$1.12	21d	1	1.14mi
2430 Rio Grande St San Angelo, TX	3.0	1.0	1200	$1,395	$1.16	44d	1	1.15mi
212 Koberlin St San Angelo, TX	2.0	2.0	925	$945	$1.02	44d	1	1.27mi
1929 Raney St San Angelo, TX	1.0–2.0	1.0–2.0	765	$1,000	$1.31	21d	4	1.35mi
1905 Meadowbrook Dr San Angelo, TX	3.0	2.0	1184	$1,400	$1.18	44d	1	1.41mi
2630 Waco St San Angelo, TX	3.0	2.0	1024	$1,600	$1.56	21d	1	1.44mi
2102 Raney St San Angelo, TX	3.0	1.0	1040	$1,295	$1.25	21d	1	1.44mi
1320 Orient St San Angelo, TX	3.0	2.0	1298	$1,595	$1.23	21d	1	1.47mi
2629 Forest Park Ave San Angelo, TX	3.0	2.0	1336	$1,895	$1.42	44d	1	1.50mi

Listing history 15 events

1. 2026-06-19
   days on market $185,900 Active 20 DOM
2. 2026-06-18
   days on market $185,900 Active 19 DOM
3. 2026-06-17
   days on market $185,900 Active 18 DOM
4. 2026-06-16
   days on market $185,900 Active 17 DOM
5. 2026-06-15
   days on market $185,900 Active 16 DOM
6. 2026-06-14
   days on market $185,900 Active 14 DOM
7. 2026-06-13
   days on market $185,900 Active 13 DOM
8. 2026-06-10
   days on market $185,900 Active 11 DOM
9. 2026-06-09
   days on market $185,900 Active 10 DOM
10. 2026-06-08
    days on market $185,900 Active 9 DOM
11. 2026-06-07
    days on market $185,900 Active 8 DOM
12. 2026-06-02
    days on market $185,900 Active 3 DOM
13. 2026-06-01
    days on market $185,900 Active 2 DOM
14. 2026-05-31
    remarks 137-char remark
15. 2026-05-31
    listed $185,900 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: $3,437 · $286/mo
• Projected year-2 tax: $3,437 · $286/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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% 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: $24,576
• − Mortgage interest: −$10,413
• − Property taxes: −$3,437
• − Insurance: −$930
• − Repairs & maintenance: −$1,966
• − Management: −$1,966
• − Depreciation: −$5,408
• Taxable income: $456
• Est. tax owed @ 24.0%: −$109
• After-tax cash flow: $3,241/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: San Angelo ISD
• NCES district ID: 4838700
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $43,501
• Composite: 25.56/100
• National rank: #7427
• State rank: #627 of 826 in TX

Livability — San Angelo

• Score: 73/100
• State rank: #199
• US rank: #5030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Angelo, TX
• County: Tom Green County · 113,188 people
• City population: 81,357
• Metro: San Angelo, TX
• Population (ZIP): 31,831
• Household income: $69,450
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 1034.0

Population outlook (Tom Green County) Hauer SSP2

• Today (2025): 135,110 people
• By 2030: 144,090 · +6.6%
• By 2040: 162,561 · +20.3%
• By 2050: 182,158 · +34.8%
• By 2075: 232,274 · +71.9%
• By 2100: 268,218 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (55%)
• Race & ethnicity: White 55% Hispanic / Latino 41% Two or more races 17% Black 2%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Lithuanian 3% Slovak 3% Iranian 1%
• Foreign-born: 5% · Canada
• Languages at home: 77% English-only · Spanish 21% German/W. Germanic 1%

Political lean MEDSL · Tom Green

• 2024 margin: Solid R (+48.0) · D 25.5% · R 73.5% · Other 1.0%
• 2008→2024 swing: -6.3pp toward R · 2008: -41.7pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+44.4 2016: R+47.9 2012: R+47.9 2008: R+41.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 47.96%
• Current HPI: 798.58
• Rent YoY: ▲ 5.78%
• Metro: San Angelo, 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

3 events — show timeline

• 2026-05-30 Listed $185,900 SAAR TX
• 2014-12-12 Sold (Public Records) — Public Records
• 2008-11-13 Sold (Public Records) — Public Records

Property tax history

+9.3%/yr

Latest (2025): $3,437 · +17.1% YoY. Source: county tax records.