134 Browning Ct

Carter, TX 76082

$255,000D+

4 bd · 2.0 ba · 2,128 sqft · Built 2002 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,257/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$431
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $15/mo
• Annual: $174/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.24%
• DSCR: 1.01
• 1% rule: 0.89%
• Cash to close: $71,400

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $255k.
• At list price, monthly cash flow is $15 ($174/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (11.5% below list).
• It's been on market 30 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (11.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Weatherford ISD (town): math 39% / reading 44% proficiency, ranked #321 of 826 in TX (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wright El (math 32% / reading 32%, grade F, #2,268 of 4,322 statewide, top 55%, 575 students, 56% FRL); Tison Middle (math 37% / reading 43%, grade F, #646 of 1,662 statewide, top 40%, 879 students, 46% FRL); Weatherford H S (math 33% / reading 53%, grade F, #713 of 1,632 statewide, top 44%, 2,525 students, 40% FRL).
• Market conditions: 528 active listings in the ZIP; solid renter incomes; 437 units permitted in Parker County in 2024 (0 in 5+ unit buildings).
• Parker County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 17y 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.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 2.5% in Carter — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.