421 & 423 N Carl St · Sherman, TX 75092

$275,000

4 bd · 4.0 ba · 2,529 sqft · MultiFamily · 143 Days on market

Built 1960 Good condition 2,614 sqft lot $109/sqft · 21% below area Est $348k · 21% under ↓ 22% since listing

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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 +19.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Condition / age +3.8/5.0
• Schools +3.5/10.0
• Livability +3.1/5.0
• Rent growth +1.9/5.0
• 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 MLS

Updated Duplex, Turnkey income producer, or owner occupied investment. This duplex sits at the end of a quiet street and features two spacious, recently updated units—each with 2 bedrooms, 2 bathrooms, fireplace, kitchen, and an attached garage. Thoughtful updates throughout offer modern finishes and low maintenance living. Perfect for investors or owner occupiers who want to live in one unit and rent the other. Current owner has not rented the units, so no tenant history is available. Convenient location near medical services, shopping, and schools makes this property highly marketable. Strong long term potential. Schedule a showing today.

Key facts

• Quiet street
• Two spacious units
• Updated duplex

Tags

• UPDATED DUPLEX
• QUIET STREET
• TWO SPACIOUS UNITS
• MODERN FINISHES
• LOW MAINTENANCE LIVING
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $275k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive. Per door: $154/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.8% in Sherman — 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 61/100 on livability (#1,027 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, amenities F.
• Sherman ISD (urban): math 31% / reading 37% proficiency, ranked #546 of 826 in TX (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wakefield El (math 32% / reading 32%, grade F, #2,268 of 4,322 statewide, top 55%, 325 students, 98% FRL); Piner Middle (math 31% / reading 41%, grade F, #805 of 1,662 statewide, top 50%, 818 students, 75% FRL); Sherman H S (math 28% / reading 44%, grade F, #930 of 1,632 statewide, top 57%, 2,155 students, 70% FRL) — zoned schools average 81% FRL vs 60% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.4%/yr); 764 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $2k of loan paydown is wiped out by about $8k 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 143 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $65k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $348,392
• List price: $275,000
• Delta: -21.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1825 N Highland Ave	1.01mi	4/3.5	2,523 (-0%)	1mo	$389,000	$154	62
808 S Austin St	0.86mi	4/3.0	2,615 (+3%)	1mo	$239,810	$92	55
624 Westwood Dr	0.29mi	3/2.0 (-1)	2,104 (-17%)	0mo	$400,000	$190	48
2813 Dolomite Dr	1.49mi	4/3.0	2,713 (+7%)	1mo	$469,370	$173	48
2223 Rannoch St	1.10mi	4/2.5	2,357 (-7%)	1mo	$331,979	$141	47
2609 Fair Oaks Cir	1.23mi	3/2.5 (-1)	2,672 (+6%)	1mo	$499,000	$187	44
522 Castle Rd	1.20mi	4/3.0	2,274 (-10%)	1mo	$330,000	$145	43
2101 Rannoch St	1.00mi	4/3.0	2,260 (-11%)	1mo	$343,569	$152	42
2231 Rannoch St	1.12mi	4/3.0	2,059 (-19%)	3mo	$324,860	$158	34
1805 Skyline Dr	1.36mi	4/2.0	1,943 (-23%)	2mo	$349,900	$180	31
1824 N Binkley St	1.01mi	4/2.0	2,006 (-21%)	2mo	$245,000	$122	30
1116 N Grant Dr	1.06mi	3/2.0 (-1)	1,923 (-24%)	3mo	$225,000	$117	25

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.57×
• Total profit: $-33,120
• Equity at exit: $41,003

10-year hold

• IRR: -8.4%
• Equity multiple: 0.54×
• Total profit: $-35,099
• Equity at exit: $23,777

Cash invested: $77,000 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $425,000 ($157/sqft)
• Median days on market: 58 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -12.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 75092

• Rents YoY: -2.4%
• Active inventory: 764
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $2,795 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $308

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,796
Total (2 units)			$2,795

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 84%

Sensitivity live

Price	-10% $498	-5% $403	+0% $308	+5% $213	+10% $118
Rent	-10% $87	-5% $197	+0% $308	+5% $418	+10% $528
Rate	-1.0pp $446	-0.5pp $378	base $308	+0.5pp $236	+1.0pp $164

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: $68,750
• Closing costs: $8,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 N Ricketts St Sherman, TX	3.0	2.0	1211	$1,550	$1.28	93d	1	0.18mi
930 W Freeman St Sherman, TX	3.0	2.0	1222	$1,499	$1.23	70d	1	0.18mi
207 N Highland Ave Sherman, TX	2.0	1.0	1175	$1,300	$1.11	93d	1	0.19mi
914 W Washington St Unit F Sherman, TX	2.0	1.5	1287	$1,165	$0.91	93d	1	0.23mi
524-526 N Woods St Sherman, TX	3.0	2.0	1454	$1,445	$0.99	93d	1	0.25mi
906 W Houston St Sherman, TX	2.0	1.0	989	$1,175	$1.19	93d	1	0.28mi
103 S Highland Ave Sherman, TX	3.0	3.0	1766	$1,950	$1.10	93d	1	0.29mi
908 W Houston St Sherman, TX	2.0	1.0	989	$1,299	$1.31	70d	1	0.29mi
1108 W Houston St Sherman, TX	2.0	1.5	2123	$1,150	$0.54	93d	1	0.30mi
1402 Hillcrest Dr Sherman, TX	3.0	1.5	1216	$1,595	$1.31	93d	1	0.32mi
106 N McKown Ave Sherman, TX	2.0	1.0	1066	$1,050	$0.98	70d	1	0.34mi
817 W Lamar St Sherman, TX	3.0	2.0	1074	$1,495	$1.39	93d	1	0.35mi
814 W College St Sherman, TX	2.0	2.0	1100	$1,150	$1.05	93d	1	0.39mi
324 Tolbert Ave Sherman, TX	3.0	2.5	1700	$1,650	$0.97	93d	1	0.39mi
114 S Holly Ave Sherman, TX	3.0	1.5	1440	$1,195	$0.83	93d	1	0.42mi
822 W Fischer St Sherman, TX	3.0	1.0	1256	$1,350	$1.07	70d	1	0.43mi
820 N Sam Rayburn Fwy Unit 204 Sherman, TX	2.0	1.5	1027	$1,350	$1.31	93d	1	0.46mi
907 W Birge St Sherman, TX	2.0	2.0	952	$1,100	$1.16	93d	1	0.51mi
1014 W Belden St Sherman, TX	3.0	2.0	1573	$1,599	$1.02	70d	1	0.60mi
221 Archer Dr Sherman, TX	1.0–3.0	1.0–2.0	1000	$1,124	$1.12	70d	9	0.63mi
1920 W Shields Dr Sherman, TX	1.0–2.0	1.0–2.0	800	$1,150	$1.44	70d	2	0.65mi
120 S Crockett St Unit 201 Sherman, TX	3.0	1.5	3000	$2,000	$0.67	93d	1	0.68mi
120 S Crockett St Sherman, TX	3.0	2.0	3000	$2,000	$0.67	93d	1	0.68mi
415 Archer Dr Sherman, TX	1.0	1.0	720	$850	$1.18	93d	1	0.72mi
815 N Travis St Sherman, TX	3.0	2.0	1536	$1,550	$1.01	70d	1	0.74mi
620 N Walnut St Sherman, TX	2.0	1.0	1100	$1,050	$0.95	93d	1	0.75mi
1800 W Washington St Sherman, TX	1.0–3.0	1.0–2.0	918	$872	$0.95	70d	77	0.75mi
422 S Crockett St Sherman, TX	1.0	1.0	—	$950	—	93d	1	0.76mi
1420 Park Pl Sherman, TX	2.0	1.0	800	$1,000	$1.25	93d	1	0.79mi
1420 Park Pl Unit 001 Sherman, TX	2.0	1.0	800	$1,050	$1.31	70d	1	0.79mi
1404 Park Pl Sherman, TX	3.0	2.0	1150	$1,400	$1.22	93d	1	0.79mi
1505 Park Pl Sherman, TX	3.0	2.0	1645	$1,675	$1.02	93d	1	0.82mi
1704 W Birge St Unit Lease Sherman, TX	3.0	2.0	1942	$1,750	$0.90	93d	1	0.83mi
1312 N Travis St Sherman, TX	3.0	1.5	1086	$1,325	$1.22	93d	1	0.85mi
830 S Lyon St Sherman, TX	2.0	1.0	784	$1,095	$1.40	93d	1	0.86mi
1712 W Birge St Sherman, TX	3.0	2.0	1260	$1,695	$1.35	93d	1	0.87mi
1706 N Ricketts St Sherman, TX	3.0	2.0	1106	$1,600	$1.45	70d	1	0.90mi
1200 W Taylor St Sherman, TX	1.0–2.0	1.0–2.0	814	$849	$1.04	70d	42	0.91mi
1811 W College St Sherman, TX	3.0	1.0	1150	$1,395	$1.21	93d	1	0.91mi
1803 Park Pl Unit NA Sherman, TX	3.0	2.0	2700	$1,695	$0.63	93d	1	0.93mi

Listing history 50 events

1. 2026-08-08
   days on market $275,000 Active 143 DOM
2. 2026-08-07
   days on market $275,000 Active 142 DOM
3. 2026-08-06
   days on market $275,000 Active 141 DOM
4. 2026-08-05
   days on market $275,000 Active 140 DOM
5. 2026-08-04
   days on market $275,000 Active 139 DOM
6. 2026-08-03
   days on market $275,000 Active 138 DOM
7. 2026-07-31
   days on market $275,000 Active 135 DOM
8. 2026-07-30
   days on market $275,000 Active 134 DOM
9. 2026-07-29
   days on market $275,000 Active 133 DOM
10. 2026-07-27
    days on market $275,000 Active 131 DOM
11. 2026-07-25
    days on market $275,000 Active 129 DOM
12. 2026-07-23
    days on market $275,000 Active 127 DOM
13. 2026-07-22
    days on market $275,000 Active 126 DOM
14. 2026-07-21
    days on market $275,000 Active 125 DOM
15. 2026-07-18
    days on market $275,000 Active 122 DOM
16. 2026-07-16
    days on market $275,000 Active 120 DOM
17. 2026-07-16
    days on market $275,000 Active 119 DOM
18. 2026-07-14
    days on market $275,000 Active 118 DOM
19. 2026-07-13
    days on market $275,000 Active 117 DOM
20. 2026-07-12
    days on market $275,000 Active 116 DOM
21. 2026-07-11
    days on market $275,000 Active 115 DOM
22. 2026-07-10
    days on market $275,000 Active 114 DOM
23. 2026-07-09
    days on market $275,000 Active 113 DOM
24. 2026-07-08
    days on market $275,000 Active 112 DOM
25. 2026-07-07
    days on market $275,000 Active 111 DOM
26. 2026-07-06
    days on market $275,000 Active 110 DOM
27. 2026-07-05
    days on market $275,000 Active 109 DOM
28. 2026-07-04
    days on market $275,000 Active 108 DOM
29. 2026-07-03
    days on market $275,000 Active 107 DOM
30. 2026-07-02
    days on market $275,000 Active 106 DOM
31. 2026-07-01
    days on market $275,000 Active 105 DOM
32. 2026-06-30
    days on market $275,000 Active 104 DOM
33. 2026-06-29
    days on market $275,000 Active 103 DOM
34. 2026-06-28
    days on market $275,000 Active 102 DOM
35. 2026-06-28
    days on market $275,000 Active 101 DOM
36. 2026-06-27
    days on market $275,000 Active 100 DOM
37. 2026-06-26
    pricestatusdays on market $275,000 Active 99 DOM
38. 2026-06-23
    days on market $330,000 Active Option Contract 96 DOM
39. 2026-06-21
    days on market $330,000 Active Option Contract 95 DOM
40. 2026-06-19
    days on market $330,000 Active Option Contract 93 DOM
41. 2026-06-18
    days on market $330,000 Active Option Contract 92 DOM
42. 2026-06-17
    days on market $330,000 Active Option Contract 91 DOM
43. 2026-06-16
    days on market $330,000 Active Option Contract 90 DOM
44. 2026-06-15
    status $330,000 Active Option Contract 89 DOM
45. 2026-06-15
    days on market $330,000 Active 89 DOM
46. 2026-06-14
    days on market $330,000 Active 87 DOM
47. 2026-06-13
    days on market $330,000 Active 86 DOM
48. 2026-06-10
    days on market $330,000 Active 84 DOM
49. 2026-06-09
    days on market $330,000 Active 83 DOM
50. 2026-06-08
    days on market $330,000 Active 82 DOM

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,540
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,683
• − Management: −$2,683
• − Depreciation: −$8,000
• Taxable loss: −$731
• Est. tax savings @ 24.0%: +$175
• After-tax cash flow: $3,866/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 75/100 Cosmetic rehab Est. rehab $12,645–$37,935 screening

This updated duplex is in good condition with recent updates, making it a turnkey income producer or owner-occupied investment.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value ↑
• Both update landscaping — improves curb appeal and rental value ↑
• Both install smart home devices — attracts tech-savvy buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 35/100

Zoned Schools

Elementary Wakefield El F TX #2,268/4,322 Nat'l #24,950/41,679 Middle Piner Middle F TX #805/1,662 Nat'l #7,206/14,009 High Sherman H S F TX #930/1,632 Nat'l #9,405/17,239

Schools (NCES district)

• District: Sherman ISD
• NCES district ID: 4840080
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $42,587
• Composite: 28.79/100
• National rank: #6665
• State rank: #546 of 826 in TX

C Composite livability gradescore 61/100

Livability — Sherman

• Score: 61/100
• State rank: #1027
• US rank: #18243

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sherman, TX
• County: Grayson County · 134,540 people
• City population: 54,936
• Metro: Sherman-Denison, TX
• Population (ZIP): 28,342
• Household income: $68,036
• Rent vs Own: 41.9% rent · 58.1% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 8% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 1%

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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: ▼ -201.47%
• Current HPI: 235.984
• Rent YoY: ▼ -2.36%
• Metro: Sherman-Denison, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

-22.4% since first listed

5 events — show timeline

• 2026-05-06 Price Changed $330,000 NTREIS
• 2026-03-18 Listed $340,000 NTREIS
• 2024-01-20 Listing Removed — NTREIS
• 2023-09-06 Price Changed $419,000 NTREIS
• 2023-07-28 Listed $425,000 NTREIS