4500 Spanish Trce Unit 4 · Wichita Falls, TX 76310

$121,900

2 bd · 1.0 ba · 909 sqft · SingleFamily · 89 Days on market

Built 1969 Fair condition $134/sqft · 17% below area Est $146k · 17% under $15/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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Rent growth +4.5/5.0
• DSCR +3.8/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Take a second look! This charming, low-maintenance 2 bed, 1 bath condo has recently received even more updates and is ready to impress. The seller has refreshed the kitchen, installed new light fixtures throughout, and completed several additional improvements that give the home a fresh, updated feel. Enjoy a cozy fireplace, private courtyard, covered carport with storage, and access to the community pool. Additional updates include a new electrical panel, new carpet in both bedrooms and hallway, and a new primary bedroom window. The fireplace and chimney have also been professionally cleaned and inspected.

Key facts

• Community pool
• New carpet
• New electrical panel

Tags

• PRIVATE COURTYARD
• COMMUNITY POOL
• NEW ELECTRICAL PANEL
• NEW CARPET
• NEW PRIMARY BEDROOM WINDOW
• FIREPLACE AND CHIMNEY CLEANED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-15 ($-180/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (12.5% below list).
• Recommended offer: $107k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.8% in Wichita Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+, crime 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.
• Zoned schools: Jefferson El (math 27% / reading 27%, grade F, #2,791 of 4,322 statewide, top 68%, 382 students, 63% FRL); Mcniel Middle (math 39% / reading 37%, grade F, #717 of 1,662 statewide, top 44%, 1,106 students, 49% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 293 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent is only 16% 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 $843 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major 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 $106,632 (12.5% 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. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.87% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 9.5

CMA / ARV

• ARV (median comp): $146,324
• List price: $121,900
• Delta: -16.69%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4302 Columbia Rd	0.70mi	2/1.0	1,003 (+10%)	0mo	$56,999	$57	50
2944 Lavell Ave	1.96mi	2/1.0	961 (+6%)	20mo	$100,000	$104	39
2954 Lavell Ave	1.91mi	2/1.0	729 (-20%)	5mo	$114,500	$157	36
4631 Tradewinds Rd	1.46mi	3/1.0 (+1)	962 (+6%)	42mo	$87,000	$90	30
4419 Randel Dr	1.21mi	3/2.0 (+1)	1,124 (+24%)	1mo	$179,900	$160	30
4661 Briarwood Dr	0.67mi	3/2.0 (+1)	1,116 (+23%)	11mo	$149,500	$134	26
1 Daisy Cir	1.02mi	3/2.0 (+1)	1,165 (+28%)	7mo	$157,900	$136	25
4 Blue Star Ct	1.52mi	3/2.0 (+1)	1,156 (+27%)	8mo	$194,900	$169	24
4721 Matterhorn	0.62mi	2/2.0	1,111 (+22%)	30mo	$179,000	$161	22
4304 Faith Rd	2.03mi	3/1.0 (+1)	1,058 (+16%)	41mo	$120,000	$113	15
4614 Jennings Ave	1.45mi	3/1.5 (+1)	1,108 (+22%)	40mo	$143,500	$130	13
4434 Hughes Ddrive	1.32mi	3/2.0 (+1)	1,180 (+30%)	44mo	$210,000	$178	11

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 · 7.83% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.55×
• Total profit: $-15,250
• Equity at exit: $18,176

10-year hold

• IRR: 3.4%
• Equity multiple: 1.30×
• Total profit: $10,236
• Equity at exit: $10,540

Cash invested: $34,132 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 1 under contract
• Months of supply: 60.0 mo (2%/mo absorbed)
• Median asking: $139,900 ($136/sqft)
• Median days on market: 33 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: +18.7% above current asking $/sqft

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

ZIP-level market 76310

• Home prices YoY: -25.9%
• Rents YoY: 7.8%
• Active inventory: 293
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,066 high
• Mortgage (P&I): −$639
• Tax est. 1.5%: −$152 /mo · $1,828/yr
• Insurance: −$51
• HOA: −$15
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-15

Break-even live

Break-even rent $1,085

Max offer price $119,725

Occupancy floor 96%

Sensitivity live

Price	-10% $69	-5% $27	+0% $-15	+5% $-57	+10% $-99
Rent	-10% $-99	-5% $-57	+0% $-15	+5% $27	+10% $69
Rate	-1.0pp $46	-0.5pp $16	base $-15	+0.5pp $-47	+1.0pp $-79

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: $30,475
• Closing costs: $3,657
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4540 Barnett Rd Wichita Falls, TX	1.0	1.0	585	$740	$1.26	0d	1	0.35mi
4709 Coronado Ave Wichita Falls, TX	1.0	1.0	750	$699	$0.93	10d	1	0.58mi
4709 Coronado Ave Wichita Falls, TX	1.0	1.0	750	$699	$0.93	51d	1	0.58mi
4709 Coronado Ave Wichita Falls, TX	2.0	1.0	750	$799	$1.07	49d	1	0.58mi
5210 Tower Dr Wichita Falls, TX	1.0	1.0	700	$715	$1.02	21d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	1.0	1.5	910	$775	$0.85	184d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	3.0	2.0	1100	$1,100	$1.00	22d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	2.0	2.0	1100	$1,100	$1.00	15d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	1.0	1.0	745	$730	$0.98	12d	1	0.78mi
4507 Coronado Ave Unit 8A Wichita Falls, TX	1.0	1.0	700	$800	$1.14	10d	1	0.81mi
4800 Brookdale Dr Wichita Falls, TX	1.0–3.0	1.0–2.0	770	$873	$1.13	0d	6	0.97mi
5313 Langford Ln Wichita Falls, TX	3.0	2.0	1092	$1,650	$1.51	0d	1	1.02mi
4137 Beard Ave Wichita Falls, TX	3.0	1.5	1025	$1,475	$1.44	10d	1	1.41mi
4111 McGaha Ave Wichita Falls, TX	3.0	2.0	1025	$1,125	$1.10	184d	1	1.49mi

Property features AI

Finance

• Other: Property listed as residential, zoned for multi-family residentialSubdivision: Spanish Trace
• HOA & community: Homeowners association with an annual fee of $175 (about $14.58/month)

Exterior

• Home design: Condo/TownhouseSingle-story
• Construction: Brick constructionSlab foundationComposition roof
• Exterior features: Fenced yardIn-ground private pool

Interior

• Kitchen: DishwasherDisposalElectric cooktopMicrowaveRefrigerator
• Flooring: CarpetTile
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Walk-in closetsWood-burning fireplace in living room

HOA detail $15/mo · $180/yr

• Likely covers: electricpool

Listing history 50 events

1. 2026-11-08
   days on market $121,900 Active 89 DOM
2. 2026-11-07
   days on market $121,900 Active 88 DOM
3. 2026-11-06
   days on market $121,900 Active 87 DOM
4. 2026-11-05
   pricedays on market $121,900 Active 86 DOM
5. 2026-11-04
   days on market $122,700 Active 85 DOM
6. 2026-11-02
   days on market $122,700 Active 83 DOM
7. 2026-11-01
   days on market $122,700 Active 82 DOM
8. 2026-10-31
   days on market $122,700 Active 81 DOM
9. 2026-10-30
   days on market $122,700 Active 80 DOM
10. 2026-10-30
    price $122,700 Active 79 DOM
11. 2026-10-29
    days on market $124,500 Active 79 DOM
12. 2026-10-28
    days on market $124,500 Active 78 DOM
13. 2026-10-27
    days on market $124,500 Active 77 DOM
14. 2026-10-26
    days on market $124,500 Active 76 DOM
15. 2026-10-25
    days on market $124,500 Active 75 DOM
16. 2026-10-24
    days on market $124,500 Active 74 DOM
17. 2026-10-23
    days on market $124,500 Active 73 DOM
18. 2026-10-22
    days on market $124,500 Active 72 DOM
19. 2026-10-21
    days on market $124,500 Active 71 DOM
20. 2026-10-20
    days on market $124,500 Active 70 DOM
21. 2026-10-19
    days on market $124,500 Active 69 DOM
22. 2026-10-18
    days on market $124,500 Active 68 DOM
23. 2026-10-17
    days on market $124,500 Active 67 DOM
24. 2026-10-16
    days on market $124,500 Active 66 DOM
25. 2026-10-15
    days on market $124,500 Active 65 DOM
26. 2026-10-14
    days on market $124,500 Active 64 DOM
27. 2026-10-13
    days on market $124,500 Active 63 DOM
28. 2026-10-12
    days on market $124,500 Active 62 DOM
29. 2026-10-11
    days on market $124,500 Active 61 DOM
30. 2026-10-10
    days on market $124,500 Active 60 DOM
31. 2026-10-09
    days on market $124,500 Active 59 DOM
32. 2026-10-08
    days on market $124,500 Active 58 DOM
33. 2026-10-08
    remarks 699-char remark
34. 2026-10-08
    price $124,500 Active 57 DOM
35. 2026-10-07
    days on market $124,700 Active 57 DOM
36. 2026-10-06
    days on market $124,700 Active 56 DOM
37. 2026-10-05
    days on market $124,700 Active 55 DOM
38. 2026-10-04
    days on market $124,700 Active 54 DOM
39. 2026-10-04
    days on market $124,700 Active 53 DOM
40. 2026-10-02
    days on market $124,700 Active 52 DOM
41. 2026-10-01
    days on market $124,700 Active 51 DOM
42. 2026-09-30
    days on market $124,700 Active 50 DOM
43. 2026-09-29
    days on market $124,700 Active 49 DOM
44. 2026-09-28
    days on market $124,700 Active 48 DOM
45. 2026-09-27
    days on market $124,700 Active 47 DOM
46. 2026-09-26
    days on market $124,700 Active 46 DOM
47. 2026-09-25
    days on market $124,700 Active 45 DOM
48. 2026-09-24
    days on market $124,700 Active 44 DOM
49. 2026-09-24
    days on market $124,700 Active 43 DOM
50. 2026-09-22
    days on market $124,700 Active 42 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 7/10 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: $12,796
• − Mortgage interest: −$6,828
• − Property taxes: −$1,828
• − Insurance: −$610
• − Repairs & maintenance: −$1,024
• − Management: −$1,024
• − HOA: −$180
• − Depreciation: −$3,546
• Taxable loss: −$2,244
• Est. tax savings @ 24.0%: +$539
• After-tax cash flow: $358/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 Est. rehab $4,545–$13,635 screening

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 ↑

ⓘ 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 32/100

Zoned Schools

Elementary Jefferson El F TX #2,791/4,322 Nat'l #28,475/41,679 Middle Mcniel Middle F TX #717/1,662 Nat'l #6,571/14,009

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

C Composite livability gradescore 69/100

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 · 129,638 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: 13% of renters

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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%

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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%
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Vietnamese 1%

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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

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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

Property features AI

Finance

• Other: Property listed as residential, zoned for multi-family residentialSubdivision: Spanish Trace
• HOA & community: Homeowners association with an annual fee of $175 (about $14.58/month)

Exterior

• Home design: Condo/TownhouseSingle-story
• Construction: Brick constructionSlab foundationComposition roof
• Exterior features: Fenced yardIn-ground private pool

Interior

• Kitchen: DishwasherDisposalElectric cooktopMicrowaveRefrigerator
• Flooring: CarpetTile
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Walk-in closetsWood-burning fireplace in living room

Price history

1 event — show timeline

• 2026-08-11 Listed $124,700 WFAOR