4500 Spanish Trce Unit 4 · Wichita Falls, TX 76310

$119,900

2 bd · 1.0 ba · 909 sqft · SingleFamily · 74 Days on market

Built 1969 Fair condition $132/sqft · 25% below area Est $160k · 25% under $15/mo HOA · 1% of rent

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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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for low-maintenance living! This 2 bed, 1 bath condo offers a functional layout with a cozy living area, fireplace, and private courtyard. Well cared for and ready for your personal touch. Includes 1 covered carport with storage and access to the community pool. HOA is $175/month and covers exterior maintenance, water, sewer, roof (recently replaced), mowing, trash, and pool upkeep. Great place to live or invest!

Key facts

• Community pool
• Covered carport
• Private courtyard

Tags

• PRIVATE COURTYARD
• COMMUNITY POOL
• COVERED CARPORT
• RECENTLY REPLACED ROOF

🏷️ Possibly a rental listed for sale. The $119,900 price doesn't fit this home's estimated sale value (~$159,764) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.7% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.8%/yr); 151 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent is only 18% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.00% ✓
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• GRM: 8.3

CMA / ARV

• ARV (median comp): $159,764
• List price: $119,900
• Delta: -24.95%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.83% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.81×
• Total profit: $-6,426
• Equity at exit: $17,877

10-year hold

• IRR: 9.8%
• Equity multiple: 1.93×
• Total profit: $31,148
• Equity at exit: $10,367

Cash invested: $33,572 (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 76310

• Home prices YoY: -25.9%
• Rents YoY: 7.8%
• Active inventory: 151
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$15
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $107

Break-even live

Break-even rent $1,068

Max offer price $119,900

Occupancy floor 86%

Sensitivity live

Price	-10% $190	-5% $149	+0% $107	+5% $66	+10% $25
Rent	-10% $12	-5% $60	+0% $107	+5% $155	+10% $203
Rate	-1.0pp $168	-0.5pp $138	base $107	+0.5pp $76	+1.0pp $45

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4540 Barnett Rd Wichita Falls, TX	1.0	1.0	585	$740	$1.26	44d	1	0.35mi
5210 Tower Dr Wichita Falls, TX	1.0	1.5	910	$775	$0.85	44d	1	0.78mi
5313 Langford Ln Wichita Falls, TX	3.0	2.0	1092	$1,650	$1.51	44d	1	1.02mi
4111 McGaha Ave Wichita Falls, TX	3.0	2.0	1025	$1,125	$1.10	44d	1	1.49mi

HOA detail

• Monthly dues: $15 · $180/yr
• Likely covers: watersewertrashexterior maint.pool

Listing history 17 events

1. 2026-06-19
   days on market $119,900 Active 74 DOM
2. 2026-06-18
   days on market $119,900 Active 73 DOM
3. 2026-06-17
   days on market $119,900 Active 72 DOM
4. 2026-06-16
   days on market $119,900 Active 71 DOM
5. 2026-06-15
   days on market $119,900 Active 70 DOM
6. 2026-06-14
   days on market $119,900 Active 68 DOM
7. 2026-06-13
   days on market $119,900 Active 67 DOM
8. 2026-06-10
   days on market $119,900 Active 65 DOM
9. 2026-06-09
   days on market $119,900 Active 64 DOM
10. 2026-06-08
    days on market $119,900 Active 63 DOM
11. 2026-06-07
    days on market $119,900 Active 62 DOM
12. 2026-06-05
    days on market $119,900 Active 59 DOM
13. 2026-06-02
    days on market $119,900 Active 57 DOM
14. 2026-06-01
    days on market $119,900 Active 56 DOM
15. 2026-05-31
    days on market $119,900 Active 55 DOM
16. 2026-05-30
    days on market $119,900 Active 54 DOM
17. 2026-04-07
    listed $119,900 Active 434-char remark

    Show marketing remark (434 chars)

    Great opportunity for low-maintenance living! This 2 bed, 1 bath condo offers a functional layout with a cozy living area, fireplace, and private courtyard. Well cared for and ready for your personal touch. Includes 1 covered carport with storage and access to the community pool. HOA is $175/month and covers exterior maintenance, water, sewer, roof (recently replaced), mowing, trash, and pool upkeep. Great place to live or invest!

ⓘ 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 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $14,446
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − HOA: −$180
• − Depreciation: −$3,488
• Taxable loss: −$648
• Est. tax savings @ 24.0%: +$156
• After-tax cash flow: $1,444/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

Fair 45/100 Cosmetic rehab

This property offers a functional layout with a cozy living area and private courtyard. It is in fair condition with some cosmetic updates needed to enhance its value.

Repairs flagged

• Minor kitchen cabinets — dated and could be replaced
• Minor bathroom fixtures — dated and could be updated
• Minor exterior paint — some peeling
• Minor interior paint — peeling in some areas

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets — modernizes the space and increases value
• Both update bathroom fixtures — modernizes the space and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and could be replaced	Minor	$500–3,000
bathroom fixtures · dated and could be updated	Minor	$500–3,000
exterior paint · some peeling	Minor	$500–3,000
interior paint · peeling in some areas	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets — modernizes the space and increases value ↑
• Both update bathroom fixtures — modernizes the space and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 19,029
• Household income: $82,183
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 263.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 13% Two or more races 10% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.37%
• Current HPI: 176.0321
• Rent YoY: ▲ 7.83%
• Metro: Wichita Falls, 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

• 2026-04-07 Listed $119,900 WFAOR