640-644 Wheatfield · Venus, TX 76084

$678,000

12 bd · 7.5 ba · 3,864 sqft · MultiFamily public records · 66 Days on market

Built 2023 Good condition 8,124 sqft lot $175/sqft · 6% below area Est $767k · 12% under $63/mo HOA · 3% of rent ↓ 7% 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).

• ARV discount +12.7/15.0
• Cash flow +10.0/30.0
• Appreciation +8.7/10.0
• 1% rule +4.8/10.0
• Schools +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +3.1/5.0
• DSCR +2.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

******PRICE ALERT******Modern Luxury meets smart investment. This stunning Full Duplex offers two spacious residences, each featuring 4 bedrooms, 2.5 baths, and a bright open floor plan designed for contemporary living. Enjoy granite countertops, sleek finishes and generous living spaces that flow effortlessly to private fenced backyards which is perfect for relaxing or entertaining. Whether you're looking to live in one side and have immediate rental income from the other, or add a strong performer to your portfolio, this property delivers style, space, and opportunity in one beautiful package.

Key facts

• Granite countertops
• 8,124 sq ft lot
• Garage

Tags

• PRIVATE FENCED BACKYARDS
• GRANITE COUNTERTOPS
• BRIGHT OPEN FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3 × 4.0-bed/2.5-bath units multifamily listed at $678k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-404 ($-5k/yr) — negative. Per door: $-135/mo.
• To cash-flow at today's rent, offer at most $607k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $663k (2.2% below list).
• Recommended offer: $607k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 3.0% in Venus — 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 70/100 on livability (#356 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D+, amenities F, commute F.
• Midlothian ISD (suburban): math 53% / reading 52% proficiency, ranked #94 of 826 in TX (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 426 active listings in the ZIP; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• At $6,629/mo this rent would consume 78% of the median local household income ($102k/yr) (locally 70% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $54k of equity ($5k loan paydown + $50k appreciation (7.3% local appreciation)).
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$87k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($637k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price.

Recommended offer $606,696 (10.5% 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 66 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.98% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.55%
• DSCR: 0.89
• GRM: 8.5

CMA / ARV

• ARV (median comp): $766,696
• List price: $678,000
• Delta: -11.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

7.32% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 2.16×
• Total profit: $221,102
• Equity at exit: $484,105

10-year hold

• IRR: 15.7%
• Equity multiple: 4.45×
• Total profit: $654,050
• Equity at exit: $932,804

Cash invested: $189,840 (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 76084

• Home prices YoY: 2.1%
• Rents YoY: 2.4%
• Active inventory: 426
• Price-to-rent: 25.6×

Monthly cashflow live

• Estimated rent: $6,629 high
• Mortgage (P&I): −$3,556
• Tax from tax record: −$1,740 /mo · $20,874/yr
• Insurance: −$282
• HOA: −$63
• Vacancy / Maint / Mgmt: −$1,392
• Net cashflow: $-404

Break-even live

Break-even rent $7,140

Max offer price $606,696

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-212	+0% $-404	+5% $-596	+10% $-787
Rent	-10% $-927	-5% $-665	+0% $-404	+5% $-142	+10% $120
Rate	-1.0pp $-62	-0.5pp $-231	base $-404	+0.5pp $-579	+1.0pp $-758

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

Units	Beds	Baths	Est. rent
▸ 3× units	4.0	2.5	$6,630
Total (3 units)			$6,629

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: $169,500
• Closing costs: $20,340
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $63 · $756/yr

Listing history 19 events

1. 2026-06-18
   days on market $678,000 Active 66 DOM
2. 2026-06-17
   days on market $678,000 Active 65 DOM
3. 2026-06-16
   days on market $678,000 Active 64 DOM
4. 2026-06-15
   days on market $678,000 Active 63 DOM
5. 2026-06-13
   days on market $678,000 Active 61 DOM
6. 2026-06-09
   days on market $678,000 Active 57 DOM
7. 2026-06-08
   days on market $678,000 Active 56 DOM
8. 2026-06-07
   days on market $678,000 Active 55 DOM
9. 2026-06-04
   days on market $678,000 Active 52 DOM
10. 2026-06-03
    days on market $678,000 Active 51 DOM
11. 2026-06-02
    days on market $678,000 Active 50 DOM
12. 2026-06-01
    days on market $678,000 Active 49 DOM
13. 2026-05-31
    days on market $678,000 Active 48 DOM
14. 2026-04-29
    price $678,000 602-char remark

    Show marketing remark (602 chars)

    ******PRICE ALERT******Modern Luxury meets smart investment. This stunning Full Duplex offers two spacious residences, each featuring 4 bedrooms, 2.5 baths, and a bright open floor plan designed for contemporary living. Enjoy granite countertops, sleek finishes and generous living spaces that flow effortlessly to private fenced backyards which is perfect for relaxing or entertaining. Whether you're looking to live in one side and have immediate rental income from the other, or add a strong performer to your portfolio, this property delivers style, space, and opportunity in one beautiful package.

15. 2026-04-13
    listed $699,000 Active 602-char remark

    Show marketing remark (602 chars)

    ******PRICE ALERT******Modern Luxury meets smart investment. This stunning Full Duplex offers two spacious residences, each featuring 4 bedrooms, 2.5 baths, and a bright open floor plan designed for contemporary living. Enjoy granite countertops, sleek finishes and generous living spaces that flow effortlessly to private fenced backyards which is perfect for relaxing or entertaining. Whether you're looking to live in one side and have immediate rental income from the other, or add a strong performer to your portfolio, this property delivers style, space, and opportunity in one beautiful package.

16. 2026-02-27
    historical
17. 2026-01-05
    price $709,000
18. 2025-11-04
    listed $729,000 Active
19. 2023-12-28
    soldstatus

ⓘ 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: $20,874 · $1,740/mo
• Projected year-2 tax: $20,874 · $1,740/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $79,548
• − Mortgage interest: −$37,979
• − Property taxes: −$20,874
• − Insurance: −$3,390
• − Repairs & maintenance: −$6,364
• − Management: −$6,364
• − HOA: −$756
• − Depreciation: −$19,724
• Taxable loss: −$15,902
• Est. tax savings @ 24.0%: +$3,817
• After-tax cash flow: $-1,027/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 · 1 photo

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for value-add improvements.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in common areas — Improves aesthetics and adds value
• Both New kitchen appliances — Enhances functionality and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in common areas — Improves aesthetics and adds value ↑
• Both New kitchen appliances — Enhances functionality and adds 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: Midlothian ISD
• NCES district ID: 4830600
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $85,068
• Composite: 48.22/100
• National rank: #2165
• State rank: #94 of 826 in TX

Livability — Venus

• Score: 70/100
• State rank: #356
• US rank: #7724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Venus, TX
• County: Johnson County · 147,987 people
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 14,097
• Household income: $102,115
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 70.0

Population outlook (Ellis County) Hauer SSP2

• Today (2025): 194,556 people
• By 2030: 209,679 · +7.8%
• By 2040: 238,837 · +22.8%
• By 2050: 265,451 · +36.4%
• By 2075: 326,571 · +67.9%
• By 2100: 362,156 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 30% Two or more races 24% Black 11% Asian 1%
• Hispanic origin (detail): Mexican 25% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 18% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Ellis

• 2024 margin: Solid R (+31.1) · D 34.0% · R 65.1%
• 2008→2024 swing: +11.2pp toward D · 2008: -42.2pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+34.1 2016: R+45.4 2012: R+47.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.32%
• Current HPI: 355.74
• Rent YoY: ▲ 2.39%
• Metro: Dallas-Fort Worth-Arlington, 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

-7.0% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $678,000 NTREIS
• 2026-04-13 Listed $699,000 NTREIS
• 2026-02-27 Listing Removed — NTREIS
• 2026-01-05 Price Changed $709,000 NTREIS
• 2025-11-04 Listed $729,000 NTREIS
• 2023-12-28 Sold (Public Records) — Public Records

Property tax history

+348.9%/yr

Latest (2025): $20,874 · +6.9% YoY. Source: county tax records.