203 N Adams St · San Angelo, TX 76901

$185,000

3 bd · 2.0 ba · 1,224 sqft · SingleFamily public records · 214 Days on market

Built 1947 6,969 sqft lot $151/sqft · 23% above area Est $218k · 15% under

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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 +14.3/15.0
• Appreciation +10.0/10.0
• Cash flow +6.8/30.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• 1% rule +2.8/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0

Listing remarks MLS

Nice 3/2 family home, centrally located. Large living/dining room. Big kitchen with pass through to breakfast bar. Split bedrooms, Nice deck in back. Take a look.

Key facts

• Centrally located
• Big kitchen
• Split bedrooms

Tags

• CENTRALLY LOCATED
• LARGE LIVING DINING ROOM
• BIG KITCHEN
• BREAKFAST BAR
• SPLIT BEDROOMS
• DECK IN BACK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (22.2% below list).
• Recommended offer: $134k (27.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 73/100 on livability (#199 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, amenities F.
• San Angelo ISD (urban): math 27% / reading 33% proficiency, ranked #627 of 826 in TX (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 331 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 66% of comp listings sitting > 30 days — soft ceiling on asking rent; 233 units permitted in Tom Green County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Tom Green County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• 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 $133,826 (27.7% 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 214 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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 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: 0.78% ✗
• Cap rate: 4.41%
• Cash-on-cash: -6.71%
• DSCR: 0.70
• GRM: 10.7

CMA / ARV

• ARV (median comp): $217,946
• List price: $185,000
• Delta: -15.12%
• 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
215 N Bishop St	0.07mi	3/1.0	1,336 (+9%)	7mo	$140,000	$105	72
314 N Jefferson St	0.13mi	2/1.5 (-1)	1,344 (+10%)	7mo	$199,500	$148	65
915 Guadalupe St	0.20mi	3/1.5	1,400 (+14%)	1mo	$169,999	$121	64
1315 Pecos St	0.15mi	2/1.0 (-1)	1,100 (-10%)	7mo	$137,500	$125	61
1710 W Ave H	0.68mi	3/1.0	1,244 (+2%)	8mo	$169,500	$136	55
121 S Tyler St	0.65mi	3/1.0	1,303 (+6%)	0mo	$189,900	$146	55
1951 W Twohig Ave	0.69mi	2/2.0 (-1)	1,292 (+6%)	4mo	$190,000	$147	51
312 N Milton St	0.44mi	2/2.0 (-1)	1,080 (-12%)	6mo	$165,000	$153	50
1024 N Bishop St	0.58mi	3/1.0	1,070 (-13%)	1mo	$135,000	$126	47
909 N Bishop St	0.48mi	2/1.0 (-1)	1,096 (-10%)	5mo	$63,500	$58	47
1913 W Twohig Ave	0.67mi	3/1.5	1,106 (-10%)	7mo	$169,000	$153	44
402 Westland Ave	0.72mi	2/1.0 (-1)	1,070 (-13%)	7mo	$147,500	$138	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.78% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.67×
• Total profit: $86,554
• Equity at exit: $166,663

10-year hold

• IRR: 19.3%
• Equity multiple: 6.39×
• Total profit: $279,009
• Equity at exit: $359,414

Cash invested: $51,800 (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 76901

• Home prices YoY: 6.4%
• Rents YoY: 5.8%
• Active inventory: 331
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,439 high
• Mortgage (P&I): −$970
• Tax from tax record: −$379 /mo · $4,547/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $-290

Break-even live

Break-even rent $1,805

Max offer price $133,826

Occupancy floor —

Sensitivity live

Price	-10% $-185	-5% $-237	+0% $-290	+5% $-342	+10% $-394
Rent	-10% $-403	-5% $-347	+0% $-290	+5% $-233	+10% $-176
Rate	-1.0pp $-197	-0.5pp $-243	base $-290	+0.5pp $-338	+1.0pp $-386

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 Shiloh St Unit RE-908-C San Angelo, TX	2.0	1.5	925	$1,175	$1.27	44d	1	0.32mi
902 Shiloh St Unit RE-908-16 San Angelo, TX	2.0	1.0	875	$1,125	$1.29	44d	1	0.32mi
121 N Van Buren St Unit A San Angelo, TX	2.0	1.0	715	$1,095	$1.53	22d	1	0.42mi
711 N Monroe St San Angelo, TX	3.0	1.0	1345	$1,500	$1.12	44d	1	0.45mi
1835 Willow St San Angelo, TX	3.0	1.0	1267	$1,750	$1.38	44d	1	0.58mi
212 S Fillmore St Unit B San Angelo, TX	2.0	1.0	800	$999	$1.25	44d	1	0.86mi
706 W 16th St San Angelo, TX	3.0	2.0	1298	$1,590	$1.22	22d	1	0.86mi
2065 Live Oak St San Angelo, TX	2.0	1.0	720	$950	$1.32	44d	1	0.90mi
540 W 16th St San Angelo, TX	3.0	2.0	1090	$1,364	$1.25	44d	1	0.94mi
2102 Webster St San Angelo, TX	3.0	1.0	1233	$1,750	$1.42	44d	1	0.97mi
810 W 19th St San Angelo, TX	3.0	2.0	1090	$1,249	$1.15	22d	1	1.03mi
2430 Rio Grande St San Angelo, TX	3.0	1.0	1200	$1,395	$1.16	44d	1	1.05mi
1222 S Abe St Unit CK-02 San Angelo, TX	2.0	1.5	837	$1,200	$1.43	44d	1	1.08mi
1222 S Abe St Unit CK-03 San Angelo, TX	2.0	1.5	1007	$1,425	$1.42	44d	1	1.08mi
209 West Avenue C Unit A San Angelo, TX	2.0	2.0	1100	$1,400	$1.27	44d	1	1.09mi
2425 Waco St San Angelo, TX	4.0	1.0	1225	$1,395	$1.14	44d	1	1.11mi
1725 West Avenue M Unit M San Angelo, TX	2.0	1.0	1202	$1,350	$1.12	22d	1	1.13mi
705 Childress St San Angelo, TX	2.0	1.0	872	$1,400	$1.61	44d	1	1.15mi
1929 Raney St San Angelo, TX	1.0–2.0	1.0–2.0	765	$1,000	$1.31	22d	4	1.24mi
1818 S Lincoln St San Angelo, TX	2.0	1.0–2.0	555	$1,199	$2.16	22d	19	1.29mi
1905 Meadowbrook Dr San Angelo, TX	3.0	2.0	1184	$1,400	$1.18	44d	1	1.31mi
2630 Waco St San Angelo, TX	3.0	2.0	1024	$1,600	$1.56	22d	1	1.32mi
2102 Raney St San Angelo, TX	3.0	1.0	1040	$1,295	$1.25	22d	1	1.34mi
212 Koberlin St San Angelo, TX	2.0	2.0	925	$945	$1.02	44d	1	1.37mi
2629 Forest Park Ave San Angelo, TX	3.0	2.0	1336	$1,895	$1.42	44d	1	1.38mi
134 E 11th St San Angelo, TX	3.0	2.0	872	$1,025	$1.18	44d	1	1.38mi
2804 Abilene St San Angelo, TX	3.0	2.0	1304	$1,550	$1.19	44d	1	1.45mi
302 Allen St #18 San Angelo, TX	2.0	1.0	780	$2,000	$2.56	22d	1	1.49mi
302 Allen St San Angelo, TX	2.0	1.0	780	$950	$1.22	22d	1	1.50mi

Listing history 22 events

1. 2026-06-19
   days on market $185,000 Active 214 DOM
2. 2026-06-18
   days on market $185,000 Active 213 DOM
3. 2026-06-17
   days on market $185,000 Active 212 DOM
4. 2026-06-16
   days on market $185,000 Active 211 DOM
5. 2026-06-15
   days on market $185,000 Active 210 DOM
6. 2026-06-14
   days on market $185,000 Active 208 DOM
7. 2026-06-13
   days on market $185,000 Active 207 DOM
8. 2026-06-10
   days on market $185,000 Active 205 DOM
9. 2026-06-09
   days on market $185,000 Active 204 DOM
10. 2026-06-09
    price $185,000 Active 203 DOM
11. 2026-06-08
    days on market $196,000 Active 203 DOM
12. 2026-06-07
    days on market $196,000 Active 202 DOM
13. 2026-06-02
    days on market $196,000 Active 197 DOM
14. 2026-05-31
    days on market $196,000 Active 195 DOM
15. 2026-05-30
    days on market $196,000 Active 194 DOM
16. 2026-05-04
    price $196,000 162-char remark

    Show marketing remark (162 chars)

    Nice 3/2 family home, centrally located. Large living/dining room. Big kitchen with pass through to breakfast bar. Split bedrooms, Nice deck in back. Take a look.

17. 2026-01-06
    price $199,000 162-char remark

    Show marketing remark (162 chars)

    Nice 3/2 family home, centrally located. Large living/dining room. Big kitchen with pass through to breakfast bar. Split bedrooms, Nice deck in back. Take a look.

18. 2025-11-18
    listed $203,000 Active 162-char remark

    Show marketing remark (162 chars)

    Nice 3/2 family home, centrally located. Large living/dining room. Big kitchen with pass through to breakfast bar. Split bedrooms, Nice deck in back. Take a look.

19. 2024-10-30
    historical $1,400
20. 2024-09-25
    listed $1,400
21. 2024-09-16
    historical $1,400
22. 2024-07-19
    listed $1,400

ⓘ 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: $4,547 · $379/mo
• Projected year-2 tax: $4,547 · $379/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% 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: $17,263
• − Mortgage interest: −$10,363
• − Property taxes: −$4,547
• − Insurance: −$925
• − Repairs & maintenance: −$1,381
• − Management: −$1,381
• − Depreciation: −$5,382
• Taxable loss: −$6,716
• Est. tax savings @ 24.0%: +$1,612
• After-tax cash flow: $-1,864/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.

Schools (NCES district)

• District: San Angelo ISD
• NCES district ID: 4838700
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $43,501
• Composite: 25.56/100
• National rank: #7427
• State rank: #627 of 826 in TX

Livability — San Angelo

• Score: 73/100
• State rank: #199
• US rank: #5030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Angelo, TX
• County: Tom Green County · 113,188 people
• City population: 81,357
• Metro: San Angelo, TX
• Population (ZIP): 31,831
• Household income: $69,450
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 1034.0

Population outlook (Tom Green County) Hauer SSP2

• Today (2025): 135,110 people
• By 2030: 144,090 · +6.6%
• By 2040: 162,561 · +20.3%
• By 2050: 182,158 · +34.8%
• By 2075: 232,274 · +71.9%
• By 2100: 268,218 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (55%)
• Race & ethnicity: White 55% Hispanic / Latino 41% Two or more races 17% Black 2%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Lithuanian 3% Slovak 3% Iranian 1%
• Foreign-born: 5% · Canada
• Languages at home: 77% English-only · Spanish 21% German/W. Germanic 1%

Political lean MEDSL · Tom Green

• 2024 margin: Solid R (+48.0) · D 25.5% · R 73.5% · Other 1.0%
• 2008→2024 swing: -6.3pp toward R · 2008: -41.7pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+44.4 2016: R+47.9 2012: R+47.9 2008: R+41.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 47.96%
• Current HPI: 798.58
• Rent YoY: ▲ 5.78%
• Metro: San Angelo, 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

+13900.0% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $196,000 SAAR TX
• 2026-01-06 Price Changed $199,000 SAAR TX
• 2025-11-18 Listed $203,000 SAAR TX
• 2024-10-30 Rental Removed $1,400 SAARTX
• 2024-09-25 Listed for Rent $1,400 SAARTX
• 2024-09-16 Rental Removed $1,400 SAARTX
• 2024-07-19 Listed for Rent $1,400 SAARTX

Property tax history

+8.2%/yr

Latest (2025): $4,547 · +24.2% YoY. Source: county tax records.