239-241 E Craven Ave · Lacy-Lakeview, TX 76705

$231,250

2 bd · 1.0 ba · 2,104 sqft · MultiFamily public records · 12 Days on market

Built 2004 7,492 sqft lot

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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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investment Opportunity - Duplex in Lacy Lakeview, Waco Area Don't miss this fantastic duplex in the heart of Lacy Lakeview, offering two spacious 3-bedroom, 2-bathroom units — ideal for investors or owner-occupants looking to offset their mortgage. Each unit features a comfortable, functional layout with plenty of living space to attract quality tenants. Residents will love the convenience of off-street parking and a fenced backyard — sought-after extras that set this property apart. Situated with easy access to major highways, everything the Waco area has to offer is just minutes away, including a thriving downtown, the iconic Magnolia Silos, and an ever-growing lineup of re

Key facts

• Off-street parking
• Fenced backyard
• New roof

Tags

• DUPLEX IN LACY LAKEVIEW
• OFF-STREET PARKING
• FENCED BACKYARD
• EASY ACCESS TO MAJOR HIGHWAYS
• BAYLOR UNIVERSITY NEARBY
• NEW ROOF

Property features AI

Finance

• Financial info: Accepts Cash, Conventional, FHA, and Other financing
• HOA & community: No homeowners association

Exterior

• Parking: Asphalt driveway with off-street parking (no garage or covered/carport spaces)
• Utilities: City water; City sewer; Electricity connected; Individual water meter; Phone available; Underground utilities
• Home design: Single-family residence; Residential property; Built in 2004; One story
• Construction: Brick construction; Shingle roof; Slab foundation
• Exterior features: Chain link fencing; Asphalt driveway; Off-street parking

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: 6 bedrooms; Primary bedroom on main level with ensuite bath and walk-in closet
• Flooring: Tile flooring
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Cable TV available; High-speed internet available; Other interior features; Two living areas; Two dining areas; One level
• Laundry & utility: Full-size washer/dryer area; Washer hookup; Electric dryer hookup; Utility room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $231k.

Deal economics

• At list price, monthly cash flow is $813 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $231k).
• Cap rate 10.5% vs local median 5.1% in Lacy-Lakeview — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Connally ISD (suburban): math 16% / reading 25% proficiency, ranked #781 of 826 in TX (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Connally El (math 13% / reading 22%, grade F, #3,805 of 4,322 statewide, top 89%, 374 students, 87% FRL) — zoned schools average 87% FRL vs 68% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.2%/yr); 297 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $2,957/mo this rent would consume 61% of the median local household income ($58k/yr) (locally 668% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $65k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,250

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.28% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.08%
• DSCR: 1.67
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.18×
• Total profit: $11,976
• Equity at exit: $34,480

10-year hold

• IRR: 13.5%
• Equity multiple: 2.04×
• Total profit: $67,602
• Equity at exit: $19,994

Cash invested: $64,750 (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 76705

• Home prices YoY: -29.6%
• Rents YoY: 2.2%
• Active inventory: 297
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,957 high
• Mortgage (P&I): −$1,213
• Tax from tax record: −$213 /mo · $2,562/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $813

Break-even live

Break-even rent $1,927

Max offer price $231,250

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,956
Total (2 units)			$2,957

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: $57,812
• Closing costs: $6,938
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 S Barbara St Waco, TX	3.0	2.0	1722	$2,300	$1.34	13d	1	0.74mi
209 S Rita St Waco, TX	3.0	2.0	1692	$1,575	$0.93	13d	1	0.92mi

Listing history 10 events

1. 2026-06-09
   status $231,250 Pending 12 DOM
2. 2026-06-08
   days on market $231,250 Active 12 DOM
3. 2026-06-07
   days on market $231,250 Active 11 DOM
4. 2026-06-05
   days on market $231,250 Active 8 DOM
5. 2026-06-02
   days on market $231,250 Active 6 DOM
6. 2026-06-01
   days on market $231,250 Active 5 DOM
7. 2026-05-31
   days on market $231,250 Active 4 DOM
8. 2026-05-30
   days on market $231,250 Active 3 DOM
9. 2026-05-26
   listed $231,250 Active
10. 2011-03-01
    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: $2,562 · $213/mo
• Projected year-2 tax: $4,232 · $353/mo
• Expected delta: +$1,670/yr (+$139/mo · 65.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,484
• − Mortgage interest: −$12,954
• − Property taxes: −$2,562
• − Insurance: −$1,156
• − Repairs & maintenance: −$2,839
• − Management: −$2,839
• − Depreciation: −$6,727
• Taxable income: $6,408
• Est. tax owed @ 24.0%: −$1,538
• After-tax cash flow: $8,224/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: Connally ISD
• NCES district ID: 4814970
• Math proficiency: 16% ▼ -10.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $35,388
• Composite: 16.9/100
• National rank: #9141
• State rank: #781 of 826 in TX

Livability — Lacy-Lakeview

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lacy-Lakeview, TX
• County: McLennan County · 213,088 people
• City population: 31,616
• Metro: Waco, TX
• Population (ZIP): 31,616
• Household income: $58,236
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 668.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 32% Two or more races 20% Black 18% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 24% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.45%
• Current HPI: 217.9429
• Rent YoY: ▲ 2.20%
• Metro: Waco, 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

2 events — show timeline

• 2026-05-26 Listed $231,250 NTREIS
• 2011-03-01 Sold (Public Records) — Public Records

Property tax history

-1.7%/yr

Latest (2025): $2,562 · -34.6% YoY. Source: county tax records.