3216 Rivera Ave

El Paso, TX 79905

$590,000B-

None bd · None ba · 4,004 sqft · Built 1962 · MultiFamily · Pending · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,319/mo
• Mortgage (P&I): −$3,094
• Tax + insurance: −$781
• HOA: −$0
• Vac / Maint / Mgmt: −$1,327
• Net cashflow: $1,117/mo
• Annual: $13,402/yr
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• 1% rule: 1.07%
• Cash to close: $165,200

Investor read

• This is a 8 × 2-bed/1-bath units multifamily listed at $590k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $590k).
• It's been on market 120 days — a 9% lower offer ($537k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $537k (9.0% below list) — sets the bar for market timing.
• In year one you build about $63k of equity ($4k loan paydown + $59k appreciation (10.0% local appreciation)).
• Location reads 81/100 on livability (#23 in TX, #1,375 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+.
• El Paso ISD (urban): math 27% / reading 37% proficiency, ranked #591 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 60 active listings in the ZIP; 2,196 units permitted in El Paso County in 2024 (143 in 5+ unit buildings).
• El Paso County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $140k; list at $590k implies a 321% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $165k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.